The Office of Securities Operations (OSO) is led by Senior Vice President Thomas R. Weakland.
The office manages Ginnie Mae’s day-to-day back office functions necessary to administer Ginnie Mae’s mortgage-backed securities (MBS) program. The office works closely with Ginnie Mae program offices to implement new programs and products, and has three divisions: the Operations Division, the Process & Product Division, and the Program Administration Division.
The Operations Division is responsible for managing Ginnie Mae’s back office operations, which largely includes the pooling of loans, creation of securities, investor reporting, timely payment to security holders and reporting daily, weekly and monthly disclosure information on new issuances and outstanding Ginnie Mae securities to the public.
The Process & Product Division is responsible for working closely with Ginnie Mae’s program offices in developing and implementing new securitization programs and products. The division is responsible for the ongoing analysis and enhancement to existing systems and processes, managing the collaboration with Ginnie Mae contractors to make necessary changes to Ginnie Mae’s business process and systems, and implementing business and system enhancements necessary to ensure Ginnie Mae has the capacity and flexibility to support the marketplace.
The Program Administration Division is responsible for ensuring that all system/applications used for program execution are well functioning, kept up-to-date and meet business needs. In addition, the division also directs and manages the publication and maintenance of Ginnie Mae’s policies and procedures including Ginnie Mae All Participants Memoranda (APM), MBS Guide, and the Investor Reporting Guide. These materials communicate Ginnie Mae program requirements to program participants and establish the internal controls necessary to properly administer Ginnie Mae’s mortgage-backed securities (MBS) program. The division is also integral to program development and serves in a governance role to assist in program issue identification and resolution.