Chemical sponsors Ginnie Remic session.

Ginnie Mae could issue its first real estate mortgage investment conduit by May 26, and Chemical Bank--acting as Ginnie's information agent--wants participants to know how to use the GNMA Remic Information Exchange before the program kicks off.

Chemical plans to conduct a half-day training session May 23 from 8:30 a.m. to noon on its information exchange system. The session will be held at Chemical's 55 Water St. facility, 13th floor executive center in New York. The system is targeted to all the players in the Ginnie Remic market, Chemical said, including brokers, dealers, investors and trustees. Representatives from Ginnie Mae and Chemical Bank will be available during the session.

The system, called gREX, is a 24-hour electronic bulletin board similar to Fannie Mae's Mornet system, and it's designed to facilitate the flow of information among all participants in the Remic program. gREX provides immediate delivery of information and enables dealers to more accurately price securities by giving up-to-the-minute details on every completed Ginnie deal. System users win have an annual $249 subscription fee with a $15 per hour network fee.

The system also acts as an information center that allows participants to store, retrieve and share details on all Ginnie Remic securities. For reservations, call (800) 234-IREX, ext. 739 by May 20.

The gREX system also provides fact sheets, relay files, PAC/TAC schedules, final offering circulars, settlement collateral listings, and monthly factor information.

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