HUD No. 05-042
March 31, 2005
GINNIE MAE RELEASES RESPONSES TO ITS BUSINESS IMPROVEMENT INITIATIVE
Washington, DC, March 31, 2005 - Today, Ginnie Mae released the comments submitted to its Business Improvement Initiative, an effort to solicit feedback from its business partners. Ginnie Mae customers, investors, and members of the public submitted more than 60 suggestions ranging from changing technological processes to developing new securitization products. To review the suggestions, click here.
Executive Vice President, Michael Frenz said, "We are pleased with the large number of responses we have received. Many of our customers and industry partners responded with insightful, constructive ideas."
Ginnie Mae will spend the next several months reviewing and prioritizing the suggestions. After the review process is completed, Ginnie Mae will announce those suggestions it plans to adopt. Some suggestions, such as consolidating and standardizing Ginnie Mae's multiple reporting systems, would require a significant amount of time to implement. However, Mr. Frenz said, "The improvements that can be implemented quickly, will be."
Although Ginnie Mae is always open to suggestions from its customers, Mr. Frenz
launched this initiative last October, shortly after being promoted to EVP and
Mr. Frenz said, "I think it is important for Ginnie Mae to check with customers and make sure we are doing the best job we can. The first phase of the project, collecting the suggestions, was the easy part; now the real work, implementing the changes, begins."
Ginnie Mae is a wholly owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the mortgage-backed security (MBS), issuing the very first security in 1970. An MBS enables a mortgage lender to aggregate and sell mortgage loans as a security to investors. Our securities are the only MBS to carry the full faith and credit guaranty of the United States Government, which means that, even in difficult times, an investment in Ginnie Mae is one of the safest an investor can make.