TheMReport — News and strategies for the evolving mortgage marketplace.
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Local edition s e c on da r y m a r k e t a na ly t ic s se r v ic i ng Or ig i nat ion SECONDARY MARKET Ginnie Mae Begins First Phase in Modernizing Securitization Platform Company working to modernize platforms. Washington, D.C. // Ginnie Mae, a government corporation focused on ensuring liquidity to support mortgage lending, announced the start of the first phase in its initiative to modernize its securitization platform. The plan kicked off with the release of four new systems applications for issuers: Request for Pool Numbers, Request for Commitment Authority, Submission of Master Agreements for Certification and Recertification, and Request Transfer of Issuer Responsibility. The new applications are part of Ginnie Mae's "Integrated Pool Management System (IPMS) 62 | The M Report modernization initiative," the company said in a release. "IPMS is the foundation of our securitization platform, since it is used for Securities Issuance, Bond Administration, Data Validation, and Master Servicing," said Ginnie Mae president Ted Tozer. "So, enhancing the functionality of this system is critical toward increasing the efficiency, effectiveness, and transparency of our securitization platform." The new initiative is the latest in Ginnie Mae's efforts to upgrade its securitization platform. Future phases of the IPMS modernization initiative will include moving the GinnieNET information system within the Ginnie Mae Enterprise Portal (GMEP) and developing common user experiences across all interfaces, Ginnie Mae said. The new applications will be available to issuers via GMEP and—with the exception of pool number assignments—will be accessed through a security token, which the corporation says is better than the older, "inefficient process" used for verification. Fannie Mae's Board Elects Asset Management Veteran Diane Nordin leaves Boston post to work for the GSE. WASHINGTON, D.C. // Diane Nordin, a seasoned asset management executive, has joined Fannie Mae's board of directors, the company announced. Nordin most recently spent a year as a fellow at the Advanced Leadership Initiative at Harvard University. Before that, she worked for 20 years at Wellington Management Company, a private asset management firm, where she served as a partner from 1995 to 2011. Throughout her career there, she worked in many global leadership roles, most notably as head of fixed income, vice chair of the Compensation Committee, and audit chair of the Wellington Management Trust Company. In addition to her other work, she currently serves as a trustee of Wheaton College, where she is an Audit Committee member and chair of the Investment Committee. She is also a board member of the Vineyard Nursing Association of Martha's Vineyard, a director of the Appalachian Mountain Club, and a foundation board member of the Massachusetts College of Art and Design. "Ms. Nordin brings to the board a deep and broad understanding of the global markets and excellent fixed-income investment experience," said Philip A. Laskawy, chairman of Fannie Mae's board. "Her experience coupled with her pragmatic approach will be valuable as we continue to strengthen the company and improve the housing finance system."