Ginnie Mae sets date for issuers to use pooling module

Ginnie Mae issuers must start using a specific module in the MyGinnieMae portal when creating single-family and manufactured housing securitization pools on July 31, ending an 18-month transition period.

On that date, issuers need to use the Single Family Pool Delivery Module for manual entry submissions – or they must at least start checking their own MISMO-compliant Pool Delivery Dataset in Ginnie Mae's Validation and Testing Tool for use in the module.

For issuers undergoing the testing process, the pooling functions in the GinnieNet system that is currently being used will remain active until Dec. 1. At that point, the only acceptable method will be submitting through the SFPDM.

"This enhanced application brings new capabilities and increased insight into the progress of pool submissions through a more user-friendly interface," Sam Valverde, Ginnie Mae principal executive vice president, said in a press release. "We are engaged in a large and complex conversion and remain committed to working with our issuers to execute a smooth transition of business processes."

When it announced the transition period on Jan. 31, 2022, Ginnie Mae anticipated shutting the GinnieNet pooling capabilities after the 18 months were up.

"Since SFPDM became available in April 2022, Single Family and Manufactured Housing Issuers have continued to actively transition from GinnieNet and have securitized over $14 billion through the modernized application to date," the agency's All Participant Memorandum 23-08 noted.

The MyGinnieMae portal is part of the agency's overall effort coming from a white paper known as Ginnie Mae 2020 — the year referring to the 50th anniversary of its creation — to modernize its operations. Ginnie Mae formally known as the Government National Mortgage Association and is part of the Department of Housing and Urban Development.

This portal is designed to be a one-stop self-service shop for issuers to interface with the agency.

In the summer of 2018, Ginnie Mae brought the portal to a select number of users. A full rollout of MyGinnieMae was initiated in January 2020.