It used to take two to three days to secure approval for new commitment authority because the process was so paper intensive.
Now a Ginnie Mae issuer can get commitment authority approval in “five minutes” and securitize a pool the same day, according to Ginnie Mae president Ted Tozer.
The secondary market agency is moving its system applications from its old 1980s mainframe platform to a new server-based platform that is cloud-based. Ginnie calls the new platform the Integrated Pool Management System.
So far, issuers can request pool numbers, request commitment authority, transfer servicing and submit master agreements for certification and recertification via IPMS. (The first phase became operational over the weekend of Dec. 14-15.)
“This is just the first phase. Every process on our mainframe is going to be moved over to the servicers,” Tozer said in an interview. “Our goal is to make the issuer experience a lot more positive and make these transactions easier.”