Ginnie Mae Goes MISMO

Posted by Orb Staff on December 13, 2010 No Comments
Categories : Residential Mortgage

Ginnie Mae has joined Fannie Mae and Freddie Mac in adopting the Mortgage Industry Standards Maintenance Organization's (MISMO) Uniform Loan Delivery Dataset (ULDD) for delivering loan information to the agencies.

Beginning Sept. 1, 2011, the government-sponsored enterprises (GSEs) will require their respective program participants to use the ULDD specifications when delivering loans to the GSEs.

The adoption of MISMO standards leads to ‘higher-quality data, less rework and lower costs for all participants,’ according to a Dec. 8 memo from Ginnie Mae President Theodore W. Tozer.

Ginnie Mae will be contacting its program participants no later than January 2011 to gather feedback on this effort before developing an implementation plan, the memo explains.

SOURCE: Ginnie Mae

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