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Ginnie Puts Bet On E-Commerce

In an effort to reduce the reporting burden on issuers and servicers, Ginnie Mae is in the process of significantly enhancing its electronic commerce capabilities, a senior Ginnie Mae executive told attendees at the Western States Loan Servicing Conference here.

"In 2006, Ginnie Mae will be significantly changing the way we collect data from you," said Michael Garcia, director of single-family housing at Ginnie Mae.

That timeline is subject to change, he said, noting that Ginnie Mae's information technology team is driving the initiative to overhaul its reporting systems.

That new electronic reporting system will result in business changes as well, once it is implemented, he said.

For instance, reporting of loan level data will be due on the second business day of each month rather than the 15th calendar day.

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