Ginnie Mae has notified us and other custodians that they will begin to enforce a provision in Chapter 4 of the Ginnie Mae guide. The provision states “The Issuer may not delegate or transfer to others (through a power of attorney or otherwise) its obligation or authority to perform the following functions…(c) withdraw mortgage documents from the document custodian.”
Effectively this means that only an employee of the Ginnie Mae issuer is allowed to withdraw documents. The issuer can no longer delegate this responsibility.
To comply with this action, Cenlar must change its process and will require our Business Partner’s cooperation and compliance in this regard. Specifically, our Business Partner will be responsible for sending the 11708 Document Request Form(s) to the applicable Custodians for all Ginnie Mae loans for both Lien Release and Foreclosure related requests for original documents. Cenlar will produce the 11708 Document Request Form and include the form(s) with your daily report set delivered through FTP or Move it.
As we work toward this automated solution, should the Custodians begin to reject our 11708 forms before we are ready to implement, we may require your assistance in an interim workaround solution. We would advise you accordingly.
Cenlar has the ability to produce the 11708 forms with your digitized signature. Attached is a form that requires you to provide an authorized signature, their name and contact information. Receipt of the signature will be taken as your authorization to use it for production of the 11708. If you do not provide the signature by Friday, May 27, you must sign the Document Request forms prior to sending them to the applicable Custodians.