June 21, 2024

Ginnie Mae resolves outage in part of issuer scorecard

Ginnie Mae on Monday announced that it has addressed a technical issue that had affected a portion of the single-family issuer operational performance profile.

The prepayment field, which had been displaying outdated information, is something mortgage companies that issue the mortgage-backed securities that Ginnie guarantees can expect to see updated information on it in the future.

“The single-family prepayment metric will display the most recent available data,” the government agency, which is an arm of the Department of Housing Urban Development, said in a modernization bulletin issued Monday.

Ginnie has been working on fixing an issue that impeded the feed since late July, when it first notified issuers of the issue, assuring them that it wouldn’t affect their ability to do business with the government agency or be used in enforcement actions.

Other technical issues that affected some of Ginnie Mae’s reporting in recent months include a cybersecurity concern that caused one mortgage company it works with, Mr. Cooper, to temporarily shut down some of its systems in November.

The incident “impacted Mr. Cooper’s reporting to Ginnie Mae related to certain loan activity in the November reporting period based on October loan activity and has impacted pool factor calculations,” Ginnie said at the time, referring all inquiries to the mortgage company.

Nonbank mortgage companies will be under more pressure to report large cybersecurity incidents in the future under new Federal Trade Commission rules.

Those rules will call for nondepositories to report breaches within 30 days of discovery if the incidents involved affect more than 500 people.

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