This month I want to share with you another important step Ginnie Mae has taken to strengthen and improve our program to support our ongoing mission of providing affordable financing to millions of Americans, the launch of Application Connection, our new online Issuer application tool.
This marks a key milestone for Ginnie Mae as we transition from a paper-based Issuer application process to an online oriented experience.
Application Connection, which launched on September 1, 2014 and is accessed directly through Ginnie Mae’s website, provides an improved application process for prospective Ginnie Mae Issuers. This conversion to an online tool enhances the overall application experience by increasing the efficiency of the process, as well as providing increased transparency from start to finish for the applicants.
To prepare for this transition, Ginnie Mae stopped accepting paper applications on August 1, 2014. This stoppage allowed us to devote our energies and resources to the transition effort to ensure we provided a smooth and problem-free experience on day one, an experience that is easy for applicants to navigate and use. Once the transition was compete, the result was a smoother application process that provides a more efficient and responsive experience for all involved parties, most importantly the applicants.
Users of Application Connection will experience a new level of transparency that is designed to help them better understand our Issuer eligibility criteria. They can track the status of their application in real time once it’s submitted. A prospective Issuer has 30 days to complete their application once they have registered on Application Connection. Once the application is completed, applicants can check the status of the submitted materials, in real time, through the system. Our goal is to provide the highest level of transparency possible.
To ensure a smooth transition for our applicants, we developed two online courses, which we recommend all prospective applicants complete prior to accessing Application Connection. Both courses are available through Ginnie Mae’s Online University and provide applicants all they need to know about Ginnie Mae and the application process. The courses are:
Application Connection is further evidence of our commitment to not only helping to provide affordable financing to millions of Americans, but also to our commitment of partnering effectively with the private sector for the benefit of not only the nation’s economy, but the global economy as well.
We will always continue to look for ways to make Ginnie Mae a valued and critical business partner and an increasingly important component in the country’s housing finance system and the global economy.