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Document custodian transfer and merger functionality moves into PDM; new user role coming
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Summary
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.
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.
Patak listed key changes: a transfer-request tab accessible via MGM menus; an acknowledgment screen summarizing pools being transferred to the new document custodian before submission to reduce processing errors; and a new multifamily transfer basic user functional role that can initiate, save, edit transfer/merger requests and download reports. She said the existing multifamily transfer authorized signer role remains unchanged.
The project is targeted to go live on 2025-01-17; training and an updated user manual will be posted on GinnieMae.gov and organization administrators will need to assign the new role to users initiating transfers. Patak encouraged organizations to watch for training announcements and consult the updated manual when available.
