Government Mortgage Backers Look to Go Digital

According to an article in National Mortgage News, several government entities are detailing a number of programs and pilots to digitize many aspects within the mortgage process. Most notably, Ginnie Mae is looking to start a digital mortgage pilot program within the next six months and will publish a detailed plan for digitization in its upcoming Ginnie Mae 2020 Report. The report will focus on improvements in systemic liquidity from digitization, as well as changes to the acknowledgment agreement and the development of analytics associated with its net worth requirements.

The Federal Housing Administration (FHA) is looking to update its legacy mainframe system and paper-based processes, which could have a direct impact on loan costs. Michael Drayne, Senior Vice President of Issuer and Portfolio Management at Ginnie Mae, said the Agency stated, “A lot of opportunity to take risk out of the system by technology innovation.”

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