1 Ginnie Mae Systems Overview. 2 Integrated Pool Management Concept of Operations Ginnie Mae...
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Transcript of 1 Ginnie Mae Systems Overview. 2 Integrated Pool Management Concept of Operations Ginnie Mae...
2
Integrated Pool Management Concept of Operations
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MultifamilyDatabase
Master AgreementDatabase
Other Ginnie Mae Systems
Maintained by other contractors
IPA MBSIS
GMEC
New Issuer Module
IPMS – New Pool Processing Module
PlatinumDatabase
REMICDatabase
IPMS – Pool Reporting Module
IPMS – Central Registry Module
Pool Transfer Module
Letter of Credit Module
Fed Interface Automated Clearing House
Unclaimed Funds System
GinnieNETNetwork
Ginnie MaeWebsite
Custodian
Issuer
Ginnie MaeWebsite
3
Ginnie Mae Proprietary SystemsIPMS Interfacing Modules
• New Issuer Module
• New Pool Processing Module
• Pool Reporting Module
• Central Registry Module
• MBS Factor and Tax Reporting Module
• REMIC Database Module
• Multifamily Database Module
• Pool Transfer Module
• Master Agreement Module
• Letter of Credit Module
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Other Ginnie Mae Proprietary Systems
• GinnieNET
• Unclaimed Funds System
• Ginnie Mae Web Site
• Ginnie Mae Enterprise Contact System, (“GMECS”)
• REMIC and Platinum Securities Search Pages
5
Bank of New York Proprietary SystemsInterfacing Modules
• Automated Clearing House (“ACH”)
• Fedwire Interface
6
New Issuer Module
• PC based tracking, review, and approval module for Ginnie Mae Issuer applications
•Used by Ginnie Mae staff
•Interface to IPMS is batch via Connect Direct*
• Maintenance and Upgrade
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
7
IPMS – New Pool Processing Module
• Mainframe (batch and online) application that:
– Processes pools from GinnieNET– Re-edits pools from GinnieNET– Allows data entry of manual pools– Checks Master Agreements– Checks Commitment Authority, Status, and Pool Numbers– Allows automatic and manual approval of pools– Generates Multiple Issuer Pools– Releases New Issue files to Federal Reserve– Updates Bank’s Fed Delivery System with Pool Delivery Instructions– Adds pools to Pool Reporting Module– Creates investor position on Central Registry
• Maintenance and Upgrade
8
GinnieNET
• A web based application with a dedicated network communications facility to provide Ginnie Mae Issuers and Custodians with a timely, accurate, reliable and paperless method for:
-New Pool Processing
- Investor Reporting
- Certifications• Transmissions are sent to the Pool Processing Agent (PPA), and Central Paying and Transfer Agent (CPTA) and the Mortgage-Backed Securities Administration Agent
•Interface is batch via Connect Direct*
• Maintenance and Upgrade
Ginnie MaeWebsite
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
9
Master Agreement Module
A PC based application that:
• Maintains and tracks the following Master Agreement forms:– Master Servicing Agreement– Servicer’s P&I Custodial Account– Custodial Agreement– Servicer’s T&I Custodial Account–Corporate Resolution
• Creates confirmation letters and reports• Recertifications and Document Custodian Transfers are updated from GinnieNET• Interface is batch via Connect Direct*•Maintenance and Upgrade
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
10
Multifamily Database Module
• Consists of two methods of access:
– A PC module which is updated by IPMS and shares common data with the Web application. Interface is via Connect Direct* from the mainframe
– Web application that allows brokers and the public to view and query Multifamily Mortgage Backed Securities pool information
• Maintenance and Upgrade
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
11
IPMS – Pool Reporting Module
• Mainframe (batch and online) application that:
– Processes Remaining Principal Balances (RPB)– Allows for the manual data entry of RPBs– Edits RPBs– Calculates and disseminates Factors for Ginnie Mae I, Ginnie Mae II,
and Platinum Pools– Calculates and generates Ginnie Mae I and Ginnie Mae II Guaranty Fee ACH collections– Calculates Certification Due Dates– Tracks Issuer Reassignments and Mergers– Tracks Custodian changes– Calculates Ginnie Mae II P&I collection– Calculates ARM rate changes– Maintains MBS and Multiclass pool detail– Updates Multifamily database
• Maintenance and Upgrade
12
IPMS - Central Registry Module
• Mainframe (batch and online) application that:
– Maintains all of Ginnie Mae MBS certificate/book entry positions and security holders – Allows posting of the original issuance certificates/book entry positions and the automatic validation of certificate transfers – Contains pool, investor and Issuer information– Makes P&I payments based on information in the central registry– Reconciled with the Fed nightly– Ginnie Mae’s guarantee is based on the central registry
• Maintenance and Upgrade
13
Unclaimed Funds System
PC based system that:
• Tracks all Ginnie Mae I unclaimed P&I funds received from issuers
• Tracks all Ginnie Mae II unclaimed funds from investor checks
• Updated to reflect release of funds to investors
•Maintenance and Upgrade
14
Pool Transfer Module
PC based system that:
• Processes requests from issuers for transfer of servicing rights from one Issuer to another
• Used by Ginnie Mae staff and contractor
•Interface is batch via Connect Direct*
•Maintenance and Upgrade
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
15
Letter of Credit Module
PC based application that:
• Creates, by Issuer, a report of delinquent pool final certifications and recertifications
• Calculates tolerance levels based on Ginnie Mae policy
• Reports are generated and mailed
• LOC is posted, recorded and tracked
• IPMS interface is batch via Connect Direct*
•Maintenance and Upgrade
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
16
REMIC Database Module
• Web based application which allows investors to query and view published Ginnie Mae REMIC information
• Interface is via Connect Direct* to/from IPMS
• Maintenance and Upgrade
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
17
Ginnie Mae Web Site
• Provides an additional method of communication with Ginnie Mae stakeholders
• Used to launch Multi-family Database, REMIC and Platinum Securities Search Pages
•Houses a rolling thirteen month pool RPB, principal and interest payment factor, OID and MDF data
• Maintained by Ginnie Mae’s Mortgage-Backed Securities Administration Agent
18
Ginnie Mae Enterprise Contact System(GMECS)
• Maintains all of Ginnie Mae’s contact information enterprise-wide
• Is the database of record for all contact data
• Is accessible via the internet by all systems and entities that require access to contact information
• Maintained by Ginnie Mae’s Mortgage-Backed Securities Administration Agent
Web based application that:
19
Fedwire Interface
• A Bank of New York Mellon proprietary system that is
used to create Fedwire securities transfer messages and sends delivery instructions to the Federal reserve Bank (“Fed”) for free delivery of securities settlement.
• A method of transmitting bulk data to the Fed
• Transmission is via NDM* transmissions
*NDM (“Network Data Mover”) is a software product from Sterling Commerce which facilitates mainframe file transfers
20
Automated Clearing House (ACH)
• A nationwide funds transfer network which enables participating institutions (Issuers and CPTA) to distribute electronic credit and debit entries to bank accounts and settle such entries
•IPMS interface is NDM*
*NDM (“Network Data Mover”) is a software product from Sterling Commerce which facilitates mainframe file transfers
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Function 1Process New Issuer Applications
• New applicants apply to Ginnie Mae to obtain authority to issue Ginnie Mae
Mortgage Backed Securities
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Function 1Process New Issuer Applications
New Issuer Module
• Add, update, approve and archive an application
24
Function 1Process New Issuer Applications
IPMS - New Pool Processing Module
• Add, update, and view– Issuer– Issuer status– Issuer contact information
25
Function 1Process New Issuer Applications
Source Applicant
Target Office of Mortgage Backed Securities
Inputs Application package, resumes, financial data, Data Entry sheet
Outputs Approval Letter, Secretary Memo, GinnieNET Enrollment package
Frequency Any time throughout the month
26
Function 2Request and Approve Commitment Authority
and Pool Numbers
• Approved Issuers must apply for commitment authority
• Ginnie Mae approves commitment authority requests
• Issuer must request pool numbers in advance
27
Function 2Request and Approve Commitment Authority
and Pool Numbers
• Request, process, adjust delete, close out commitments
• Adjust commitment fee
• Request and release pool numbers
IPMS - New Pool Processing Module
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Function 2Request and Approve Commitment Authority
and Pool Numbers
Source Issuer
Target Office of Program Operations and Office of Mortgage Backed Securities
Inputs Letter of Transmittal for Commitment Authority and/or Pool Numbers, Commitment to Guarantee MBS, Fees and Cash Receipt Voucher
Outputs Confirmation Letter for Commitment Approval,
Confirmation Letter for Pool Numbers Assigned
Frequency Monthly, Quarterly
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Function 3IPMS – New Pool Processing
• Certification, review and approval of loan and pool documents
• Issuance of securities
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Function 3New Pool Processing
Fedwire Securities Service
Fedwire Interface
Pool Reporting ModuleCentral Registry Module
New Pool Processing Module
Master Agreement
Module
MultifamilyModule
Ginnie MaeWebsite
Ginnie MaeWebsite
31
Function 3New Pool Processing
GinnieNET
• Add, change or delete new pools
• Manually enter or import loan details
• Apply Ginnie Mae edits before transmitting to network
• Must be authorized to submit pools to
the network
• Fingerprint verification
• Targeted Lending
• Custodian Certification
Ginnie MaeWebsite
32
Function 3New Pool Processing
Master Agreement Module
• PC based module that maintains account information for the following Master Agreements:
– Form HUD 11707– Form HUD 11709– Form HUD 11715– Form HUD 11720– Form HUD 11702
33
Function 3New Pool Processing
IPMS – New Pool Processing Module
• Allows data entry of manual pools/Update file of GinnieNET electronic pools
• Checks Master Agreements
• Checks commitment authority, issuer status, pool numbers
• Creates investor position on Central Registry
• Add new pool to Pool Reporting Module
• Release pools to Fed for delivery
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Function 3New Pool Processing
Fedwire Interface
• Batch transmission (bulk data) to the Fed
– New Pools
• Creates Fed wires with securities delivery instructions
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Function 3New Pool Processing
Federal Reserve Bank
• Process new issue bulk data file
• Update Securities Description Master file with CUSIP information
• Send broadcast to Fedwire participants advising that new issues have been added
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Function 3New Pool Processing
Multifamily Database Module
• Search for Multifamily pools by:– CUSIP Number– FHA Case Number– Pool Number
Pool type Issuer number
• Provides Multifamily pool information for Project Loan Pools
• Updated by IPMS
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Function 3IPMS – New Pool Processing
Source Issuer, Document Custodian
Target Pool Processing Agent
Inputs Pool Information, Mortgage Details. Document Custodian Certification and Agreement
Outputs Targeted Lending Loan Level Detail report, New Issue file and Delivery Instructions to the fed Wire System and updates Multifamily Database, Pool reporting and Central Registry
Frequency Daily
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Function 4Remaining Principal Balance (RPB)
Factor Reporting Processing
• Issuers report RPB for
each pool/loan package
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Function 4Remaining Principal Balance (RPB)
Factor Reporting Processing
GinnieNET
Pool Reporting Module
FTP or NDM
Ginnie MaeWebsite
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Function 4Remaining Principal Balance (RPB)
Factor Reporting ProcessingGinnieNET
• Investor Reporting Module
• Initial RPB Reporting
• All RPB corrections
• Multifamily prepayment penalties
Ginnie MaeWebsite
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Function 4Remaining Principal Balance (RPB)
Factor Reporting ProcessingIPMS – Pool Reporting Module
• Update current RPB from transmissions and GinnieNET
• Manually update RPB
• Edit RPB
• Calculate MBS and Platinum Pool factors
• Create Fed P&I Factor Files
• Disseminate MBS and Platinum Pool factors
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Source Issuer
Target Central Paying and Transfer Agent (CPTA)
Inputs Monthly RPBs from Issuers
Outputs RPBs and factors reported to FRBNY and Investors,
Issuer Statistical Reports for Ginnie Mae
Frequency Monthly
Function 4Remaining Principal Balance (RPB)
Factor Reporting Processing
43
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection Notice
• Under the Ginnie Mae I MBS Program, Issuers accounts are debited by ACH for the P&I due to the Depository
44
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection Notice
Pool Reporting Module
Fedwire Interface
Central Registry Module
FRB Automated Clearing House
Fedwire Securities Service
45
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection NoticeIPMS - Pool Reporting Module
• Calculates pool P&I
• Creates pre-collection notices based on the depository’s pro-rata
share
• Creates Fed ACH debit file
46
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection NoticeIPMS – Central Registry Module
• Maintains all outstanding MBS securities
• Nightly position reconciliation with the Depository
• Calculates Depository’s pro-rata share of the pool
• Reconciles payment with the Depository
47
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection NoticeFRB Automated Clearing House (ACH)
• ACH file transmitted to the Federal Reserve Bank via bulk data transmission
for processing
48
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection NoticeFederal Reserve Bank
• For Ginnie Mae I and Platinum
The contractor sends to FRB the P&I factor information for the Ginnie Mae I and Platinum securities with a payment date of the 15th of the month
• For Ginnie Mae II and Platinum
The contractor sends to FRB the P&I factor information for the Ginnie Mae II and Platinum securities with a payment date of the 20th of the month
49
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection NoticeFederal Reserve Bank
• On the business day before payment, contractor transmits via the Federal Reserve System ACH a pre-notification ACH settlement file for the Ginnie Mae I payment date of the 15th of the month
• FRB verifies the credit amount on the ACH file to the payment amount appearing
on the debit P&I notification advice FRB generated after processing the Ginnie Mae I P&I factor file for the payment date of the 15th of the month
50
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection NoticeFederal Reserve Bank
• FRB processes the P&I factor file and faxes an error report of factor and par balance holdings discrepancies to the contractor for their input in resolving discrepancies.
• Contractor investigates the errors and faxes their response by noon that day.
• FRB processes the changes and creates a debit reconciliation file (debit P&I notification) which is delivered to the contractor via bulk data. During the same process, the credit P&I notifications are created and delivered to the holder of record
of the securities.
51
Source Issuer
Target Central Paying and Transfer Agent (CPTA)
Inputs Monthly RPBs from Issuers
Outputs Pre-Collection notice to Issuer and ACH file to FRBNY, Factor error report, Debit P&I notification
Frequency Monthly
Function 5Ginnie Mae I Depository Payment
Calculation, ACH and Pre-Collection Notice
52
Function 6Ginnie Mae II ACH and Pre-Collection Notice
• Under the Ginnie Mae II MBS Program, Issuers are required to deposit into a custodial account funds sufficient to enable the Central Paying and Transfer Agent (CPTA) to make payments to security holders
53
Function 6Ginnie Mae II ACH and Pre-Collection Notice
Pool Reporting Module
Automated Clearing House
54
Function 6Ginnie Mae II ACH and Pre-Collection Notice
IPMS – Pool Reporting Module
• Calculates the pool P&I
• Creates pre-collection notices
• Creates and transmits ACH file
55
Function 6Ginnie Mae II ACH and Pre-Collection Notice
Automated Clearing House (ACH)
• Debit Issuers’ account and credit P&I account at the CPTA
56
Function 6Ginnie Mae II ACH and Pre-Collection Notice
Source Issuer
Target Central Paying and Transfer Agent (CPTA)
Inputs Monthly RPBs from Issuers
Outputs Pre-Collection notice and debit Issuers account via ACH
Frequency Monthly
57
Function 7Collection of Ginnie Mae I and II Guaranty Fee
Issuers are required:
– to pay a monthly guaranty fee to Ginnie Mae for each pool
– maintain accounts for guaranty fee payments
58
Function 7Collection of Ginnie Mae I and II Guaranty Fee
Pool Reporting Module
Automated Clearing House
59
Function 7Collection of Ginnie Mae I and II Guaranty Fee
IPMS – Pool Reporting Module
• Calculates the guaranty fee
for both Ginnie Mae I and Ginnie Mae II pools
• Creates ACH file
60
Function 7Collection of Ginnie Mae I and II Guaranty Fee
Automated Clearing House (ACH)
• Debits issuers’ accounts for the amount of Guaranty Fee for both Ginnie Mae I and Ginnie Mae II pools
61
Source Issuer
Target Central Paying and Transfer Agent (CPTA) and Ginnie Mae
Inputs Monthly RPBs from Issuers
Outputs Funding of ACH for Guaranty Fee payment
Frequency Monthly
Function 7Ginnie Mae II ACH and Pre-Collection Notice
62
Function 8Central Registry and Payment Functions
• Repository of all Ginnie Mae pool, security and investor data
• Under Ginnie Mae II Program, Issuers make P&I funds available to the CPTA
for payment to security holders by the 20th calendar day
• Annual tax reporting for Ginnie Mae II
• Ginnie Mae I emergency payments
63
Function 8Central Registry and Payment Functions
Automated Clearing House
Pool Reporting Module Central Registry Module
Unclaimed Funds System
64
Function 8Central Registry and Payment Functions
IPMS - Central Registry
• Calculates investor’s pro-rata share of the pool P&I
• Creates checks and vouchers
65
Function 8Central Registry and Payment Functions
Unclaimed Funds System
• Tracks payment information of un-cashed checks for both Ginnie Mae I and Ginnie Mae II investors
66
Source Pool Reporting and Central Registry
Target Security Holder
Inputs Pool factor, Security holder information, Returned P&I checks
Outputs Payment calculation for each security holder in the pool plus payment to security holder
Frequency Payment on the 15th and 20th calendar day
Function 8Central Registry and Payment Functions
67
Function 9Collection and Dissemination of Financial Data
• RPB Factor dissemination
• Monthly accounting reports (11710D) are submitted through GinnieNET
• Quarterly Issuer Certifications are submitted through GinnieNET
•Weighted average and geographic data is disseminated
68
Pool Reporting Module
MBSIS
SECTOR Inc
All other recipients
GinnieNET
Function 9Collection and Dissemination of Financial Data
Ginnie MaeWebsite
69
Function 9Collection and Dissemination of Financial Data
GinnieNET
• Form HUD 11710D and Quarterly Certifications
• Form HUD 11714 and 11714SN
• RPB Collection
Ginnie MaeWebsite
70
Function 9Collection and Dissemination of Financial Data
IPMS – Pool Reporting Module
• Maintain current and prior RPBs and factors
• Calculates weighted average and geographic data for new pools
71
Source GinnieNET, MBSIS , Pool Reporting
Target FRBNY, Broker/Dealer, Service Bureau, Wall Street
Inputs RPB, Factor calculation, data disclosure files, quarterly certifications, form HUD 11710D, form HUD 11714 and 11714SN
Outputs Factor data, data disclosure files, quarterly certifications, form HUD 11710D, form HUD 11714 and 11714SN, Fed P&I Factor Files
Frequency Bi-Monthly, monthly, quarterly
Function 9Collection and Dissemination of Financial Data
72
Function 10Transfer of Servicing
• Issuers must submit request to Ginnie Mae for transfer of servicing
• Ginnie Mae approves request and processes transfers
73
Function 10Transfer of Servicing
Pool Reporting Module
New Pool Processing ModulePool Transfer Module
74
Function 10Transfer of ServicingPool Transfer Module
• Input of Issuer request
• Calculate transfer fee
• Ginnie Mae approves request
• Creates approval letter
75
Function 10Transfer of Servicing
New Pool Processing Module
• Check transfer eligibility status of pools and Issuer
• On the transfer effective date, pools purchased are reassigned to the purchasing
Issuer’s portfolio
76
Function 10Transfer of Servicing
IPMS – Pool Reporting Module
• Reassign pools
• Calculates recertification due dates
77
Source Issuer
Target Central Paying and Transfer Agent, Ginnie Mae
Inputs Letter of request, diskette, fee
Outputs Letter of Approval, Secretary Memo, List of Pools Transferred
Frequency Anytime
Function 10Transfer of Servicing
78
Function 11Final Certification and Recertification
Letter of Credit
• Ginnie Mae requires all pools to be certified
within 12 months of pool issuance or servicing change
• Issuer must post Letter
of Credit if Issuer fails Ginnie Mae’s pool/loan threshold
79
Function 11Final Certification and Recertification
Letter of Credit
Pool Reporting Module
Letter of CreditModule
GinnieNET
Ginnie MaeWebsite
80
Function 11Final Certification and Recertification
Letter of CreditGinnieNET
• Process and submits Final Certifications and Recertifications to IPMS electronically
Ginnie MaeWebsite
81
Function 11Final Certification and Recertification
Letter of CreditIPMS – Pool Reporting Module
• Updates pool certification or recertification information
• Tracks certification delinquency status
82
Function 11Final Certification and Recertification
Letter of CreditLetter of Credit Module
• Monitors delinquent pools and loans
• Generates delinquency letters
• Calculates LOC requirements
83
Source Issuer, Document Custodian
Target Pool Processing Agent, Central Paying and Transfer Agent
Inputs Schedule of Pooled Mortgages, Pool Reporting Module
Outputs Letter of Credit, Certification Confirmation Letters, Monthly Letter of Credit Delinquency Reports
Frequency Monthly
Function 11Final Certification and Recertification
Letter of Credit
84
Function 12Certificate Transfers
• Security holder re-registration of Ginnie Mae certificate due to trade of security or loss or damaged certificate
• Deposits or withdrawal to/from the Depository
85
Function 12Certificate Transfers
Central Registry Module
Fedwire Securities Service
Fedwire Interface
86
Function 12Certificate Transfers
IPMS - Central Registry Module
• A repository of all Ginnie Mae security holders
• Contains all open and cancelled securities
87
Source Investors
Target Central Paying and Transfer Agent
Inputs Security Holder Requests, Lost Instrument Bond, Affidavit of Loss, Fee
Outputs Stop Transfer Order, Schedule of Subscribers and Ginnie Mae II Contractual Agreement, New Certificate
Frequency Daily
Function 12Certificate Transfers
88
Function 13Platinum Processing
• Issue New Platinum– Reconcile MBS collateral– Add, change, delete MBS pools
• Calculate Platinum Factors
• Update Platinum Search Page on the Web
89
Function 13Platinum Processing
Fedwire Interface
Pool Reporting Module Central Registry Module
Fedwire Securities Service
PlatinumDatabase
Ginnie MaeWebsite
90
Function 13Platinum Processing
IPMS – Pool Reporting Module
• Contains all Platinum Pools and the underlying MBS pools
• Interfaces with the Platinum Search Page on the Web
91
Function 13Platinum Processing
Federal Reserve Bank
• Maintains 20 Limited Purpose Accounts (“LPA”) to support Platinum issuance
• Fax collateral balances in the LPA to the
contractor so that Trust Receipts can be created prior to Platinum issuance
• Credits the paying agent account for the MBS pools and debit that account to pay the Platinum security holders
92
Source Depositor
Target Platinum Trustee, Platinum Administrator
Inputs Deposit Agreement, MBS Collateral, MBS Factors
Outputs Trust Receipt, PO Bond, Delivery Instructions to the Fed, Updates Central Registry
Frequency Daily after “A” factor tape
Function 13Platinum Processing
93
Function 14REMIC Information Agent
• Receive REMIC files from participants
• Update REMIC Database
•Update REMIC Search Page on the Web
• Reconcile REMIC collateral at the Depository
94
Function 14REMIC Information Agent
Fedwire Interface
Pool Reporting Module
Fedwire Securities Service
REMICDatabase
Ginnie MaeWebsite
* Via Connect Direct from mainframe, Web access
*Connect Direct is a software product from Sterling Commerce which facilitates file transfers
95
Function 14REMIC Information Agent
IPMS – Pool Reporting Module
• Contains data on all REMIC issuances
• Interfaces with the REMIC Search Page on the Web
96
Function 14REMIC Information Agent
Federal Reserve Bank
• Each trustee sends new issue and P&I factor information to the Fed
• Each trustee is responsible to fund its paying agent account by 9 am ET on payment date
• Each trustee holds underlying securities in a limited purpose account (LPA)
97
Source Trustees, Financial Printers, Accountants, Operational Financial Advisor
Target REMIC Information Agent
Inputs Factor Files, Floating Rate Reset Files, Supplemental Statements, relay Files, Offering Circular Supplement, Announcements, Financial Data Statements
Outputs REMIC Database and Web page
Frequency Monthly
Function 14REMIC Information Agent