Magazine article American Banker

Software Improves Access to Fannie Mae Loan Data

Magazine article American Banker

Software Improves Access to Fannie Mae Loan Data

Article excerpt

Software Improves Access To Fannie Mae Loan Data

The Federal National Mortgage Association announced software that it said will give lending institutions better access to mortgage information for faster turnaround on securities issuances.

The software is available to the 2,800 institutions - including 681 savings and loans and 470 commercial banks - that subscribe to Mornet, a Fannie Mae-operated communications network for issuers of mortgage-backed securities.

Mornet processes about 600,000 transactions a month and nearly all the mortgage-pool submissions that Fannie Mae receives.

First of New Generation

Using PC-based software sold by Fannie Mae, customers address Mornet to collect and analyze data and then to transfer mortgage information to Fannie Mae for securitization.

The new products are first of a new generation of software offerings, said Paul Jackson, director of Mornet. Two of the new packages allow lenders for the first time to access information in Fannie Mae's mainframe.

The new software is also easier to use than older offerings, letting users display several windows of information at a time, Fannie Mae said.

"This allows the lenders to deal with Fannie Mae in an error-free fashion, so they can turn around information faster and we can issue the mortgage-backed security faster," Mr. Jackson said.

Access to Pool Numbers

Another new offering is a service that will give lenders and investors in mortgage-backed securities computer access to the pool numbers assigned to groups of securities. …

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