GINNIE MAE SOFTWARE TO INCLUDE INFORMATION ON SERIAL NOTE POOLS

Washington - Ginnie Mae's pool processing software will now be able to accommodate serial note transactions, Ginnie Mae President Kevin Chavers announced today. GinnieNET 2020, the agency's specially designed software, enables Ginnie Mae securities issuers to submit pools electronically.

The innovation is another step in the agency's drive to improve its efficiency and increase its effectiveness through the development of cutting-edge technological advancements.

"Accepting serial note pools on GinnieNET moves us closer to our goal of a paperless pool processing environment," Chavers said. "It is an important part of our push to reduce unnecessary costs and regulations while better serving low- and moderate-income homebuyers."

Ginnie Mae's focus on sound management and maintaining the public trust over the last few years has afforded the agency the opportunity to implement a number of product and service enhancements that have helped the agency to become more responsive to market demands and the particular needs of individual lenders. Most recently, Ginnie Mae received a clean audit of its fiscal year 1997 financial statement by the independent accounting firm KPMG Peat Marwick LLP.

The serial note-compatible GinnieNET 2020 will be available to issuers and document custodians later this summer. After a three-month phase-in period, Ginnie Mae issuers will be able to have their serial note pools processed in a totally paperless environment, reducing pool processing time from ten to two business days for pools not requiring correction.

Technical details or additional information about GinnieNET 2020 can be obtained by logging on to Ginnie Mae's Web site: www.ginniemae.gov.