Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbo

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.


Ginnie Mae to modernize its systems by 2020

Makes plans to accept digital mortgages

Ginnie Mae recently announced that it plans on giving its systems a major makeover, and hopes to complete its modernization by 2020.

The agency said its mortgage-backed securities platform, while reliable, is in need of major upgrades. Some of the plans the company has for its platform include decreasing the costs and risk to the market and the taxpayer, increasing efficiencies, improving the user experience, increasing security and safeguarding the system’s stability.

The company plans to roll out a new issuer portal, MyGinnieMae, as well as introduce a centralized help desk and replace physical authentication tokens with electronic versions for day-to-day system access.

The company explained MyGinnieMae provides enhanced security and a single entry point to all approved applications for each individual user, as well as a user registration and access request process for both the user and the approving authority. The portal will be a one-stop, full-service solution for accessing Ginnie Mae business applications.

Ginnie Mae also announced it will be developing and implementing policies, technologies and operational capabilities necessary to take in digital promissory notes and other digitized loan files.

“While we engage in the technical work necessary to promulgate the standards applicable to electronic closings, digital instruments and electronic vaults, we will also work with the housing programs we support to standardize policies and any other origination requirements for digital mortgages,” the company stated.

Ginnie Mae announced it would work closely with Fannie Mae and Freddie Mac to utilize their experience with digital mortgages.

“We believe aligning policies across federal housing programs and developing technical standards are foundational steps; they will be our priority during the initial stages of our digital collateral strategy,” Ginnie Mae stated.

In addition to upgrading its systems, Ginnie Mae also announced it plans to enhance its counterparty risk management and upgrade the safeguards against issuer failures.

Ginnie Mae said that as new opportunities arise, it intends to work actively with industry partners to capitalize on these opportunities and continue innovating.

“We aim to explore all avenues for ensuring the MBS program continues to make homeownership a reality for the millions of Americans federal housing programs serve,” the company stated.

Most Popular Articles

Mortgage forbearance drops to 4.36%, exits pick up steam

The downward trend of borrowers in forbearance picked up speed in the last week of April, falling 11 basis points to 4.36% of servicers’ portfolio volume.

May 10, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please