The Government National Mortgage Association’s issuer approval process is moving out of the analog era and into the 21st century.
Companies applying for approval to issue Ginnie Mae mortgage-backed securities will soon have to complete the process digitally.
The Washington, D.C.-based company said Wednesday that it will no longer accept paper-based applications after July 31.
Instead, prospective issuers will need to utilize the new Application Connection that will be located at www.ginniemae.gov to file applications electronically.
However, Application Connection won’t be online until Sept. 1.
A Ginnie Mae spokeswoman clarified that issuer applications will not be accepted during August.
Ginnie Mae President Ted Tozer noted in the news release that the move to digital applications is intended to improve the approval process by “creating a more efficient application process, becoming more responsive to applicant concerns and helping prospective issuers clearly understand our issuer eligibility criteria and what it means to become a participant in our program.”
Prospective issuers are encouraged to complete “Ginnie Mae 101” and “Applying to Ginnie Mae” through the Ginnie Mae Online University before starting the issuer approval application process.
Once the applicant has registered on Application Connection, the application must be completed within 30 days.
