Ginnie Mae Issues 1st MBS backed by Digital Pools

Ginnie Mae reached a milestone in its Digital Collateral Program this month with issuance of the first mortgage-backed security backed by Digital Pools, consisting entirely and exclusively of eNotes.

The MBS, composed of loans closed in December, are issued as of January 1, and have coupon rates ranging from 2.50 percent to 3.50 percent. The aggregate principal value of the Digital Pools totaled approximately $24 million.

“Issuance of securities backed by Digital Pools validates the viability of the securitization model outlined in our Digital Collateral Program and sets the foundation for broader and more rapid adoption of digital mortgages, said Ginnie Mae Director of Policy and Program Development Angel Hernandez, who spearheaded Ginnie Mae’s Digital Collateral Program. This event is the culmination of efforts by numerous internal and external stakeholders in our digital initiatives, including Issuers, Document Custodians, warehouse lenders, technology providers and other industry partners.”

Seth Appleton, President of MISMO, issued the following statement in support of Ginnie Mae.

“MISMO congratulates Ginnie Mae on its recent accomplishment of issuing the first mortgage-backed security backed by digital pools based entirely on eNotes. The MERS® Registry had 462,000 eNote registrations in 2020, a 263% year over year increase. All eNotes are MISMO SMART Docs® and are based on MISMO’s industry standard. This Ginnie Mae success is an example of the growing momentum for digital mortgages and the progress we expect to see in 2021. We look forward to continuing to work with Ginnie Mae to advance adoption of digital mortgages.”

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