Document custodian transfer and merger functionality moves into PDM; new user role coming
Bank of New York and Ginnie Mae officials said document custodian transfer/merger functions will move from GenieNet into PDM (MGM) with an acknowledgment step, a new 'multifamily transfer basic user' functional role, and a targeted go‑live of Jan. 17, 2025.
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Anita Patak of the Bank of New York told issuers that the document custodian transfer and merger workflow is being migrated out of GenieNet into the PDM system to let users complete transfer and merger requests end-to-end within the MGM/PDM interface. "This will optimize the merger and transfer access ... users will no longer use GenieNet for transfer and merger request," she said.
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