K
Kathleen Martin
Guest
The Ginnie Mae Innovation Lab is testing blockchain and distributed ledger technologies (DLT) to examine how they might benefit loan-level service transfers, pool issuance, loan servicing and bond management applications.
The lab, which started in 2019, also recently launched the Federal Housing Blockchain Network to collaborate across federal agencies; government entities; mortgage, servicing and investment firms; trade groups and the entire housing finance ecosystem.
The network “is a registration-based forum for U.S. housing finance technology, business, vendors, academics to collaborate and experiment with blockchain, distributed ledger, smart contract and emerging technologies,” Barbara Cooper-Jones, senior vice president of Ginnie Mae’s Office of Enterprise Data and Technology Solutions, wrote in an email to GCN. “The network uses a digital collaboration tool where people can suggest concepts and questions regarding technology applications and methods and commentary using socialization and digital crowdsourcing.”
The network plans to host technology forums, webinars, subject matter expert presentations and discussions throughout the year. Ginnie Mae, a wholly owned government corporation within the Department of Housing and Urban Development, does not currently use blockchain or distributed ledger technologies in production.
It first identified blockchain as an emerging technology that might provide an additional data security layer in 2017, and two years later, its Emerging Technology program began to research it, along with DLT and smart contracts, or automated business applications that run on the blockchain.
Now, several blockchain and DLT prototypes and experiments are under way through Ginnie Mae’s Innovation Lab.
“Information security, data provenance, lineage and legal sufficiency are among Ginnie Mae’s top priorities for considering blockchain,” Cooper-Jones said. “Blockchain may reduce the number of times information is handled, reconciled, verified and stored by each company in the U.S. housing finance ecosystem, thereby reducing cost, risk and data latency."
Continue reading: https://gcn.com/emerging-tech/2022/02/blockchain-takes-root-ginnie-mae/362477/
The lab, which started in 2019, also recently launched the Federal Housing Blockchain Network to collaborate across federal agencies; government entities; mortgage, servicing and investment firms; trade groups and the entire housing finance ecosystem.
The network “is a registration-based forum for U.S. housing finance technology, business, vendors, academics to collaborate and experiment with blockchain, distributed ledger, smart contract and emerging technologies,” Barbara Cooper-Jones, senior vice president of Ginnie Mae’s Office of Enterprise Data and Technology Solutions, wrote in an email to GCN. “The network uses a digital collaboration tool where people can suggest concepts and questions regarding technology applications and methods and commentary using socialization and digital crowdsourcing.”
The network plans to host technology forums, webinars, subject matter expert presentations and discussions throughout the year. Ginnie Mae, a wholly owned government corporation within the Department of Housing and Urban Development, does not currently use blockchain or distributed ledger technologies in production.
It first identified blockchain as an emerging technology that might provide an additional data security layer in 2017, and two years later, its Emerging Technology program began to research it, along with DLT and smart contracts, or automated business applications that run on the blockchain.
Now, several blockchain and DLT prototypes and experiments are under way through Ginnie Mae’s Innovation Lab.
“Information security, data provenance, lineage and legal sufficiency are among Ginnie Mae’s top priorities for considering blockchain,” Cooper-Jones said. “Blockchain may reduce the number of times information is handled, reconciled, verified and stored by each company in the U.S. housing finance ecosystem, thereby reducing cost, risk and data latency."
Continue reading: https://gcn.com/emerging-tech/2022/02/blockchain-takes-root-ginnie-mae/362477/
