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All ​Participant Memorandums (APMs)

APMs (All Participant Memoranda) are issued by the Office of the President (OOP) ​generally to announce policy and MBS Guide changes accessed by Issuers, Document Custodians and other participants in Ginnie Mae programs.

5 most recent APMS
5/20/2024 - APM 24-08
Mandatory Recovery Planning Requirements for Certain Issuers

Ginnie Mae is introducing recovery planning requirements for Issuers that are not subject to federal regulation by the agencies listed in Chapter 03, Part 8 §A(3)(a) whose portfolios equal or exceed a remaining principal balance (“RPB”) of $50,000,000,000 ($50 billion) at the end of the calendar year. Covered Issuers with the requisite portfolio size as of December 31, 2024 will be required to prepare and submit recovery plans to Ginnie Mae no later than June 30th, 2025 via email to GNMARecPln@hud.gov​. Ginnie Mae is making this change as part of its holistic approach to program governance to assure rapid and orderly servicing transfer in the case of an Issuer’s material distress or failure. These plans must contain all relevant material, as described in MBS Guide Appendix VI-23 of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide), including but not limited to the elements described below:

  • Corporate structure—Organizational charts; location; key personnel; contact information for the Issuer, any parent or subsidiary; mapping of critical operations and core business lines. Identification of interdependencies within the company and with material entities; counterparties that could have a material impact on business operations; and those to whom the Issuer has pledged MBS collateral and where that collateral is held.
  • Information systems--Detailed inventory and mapping of key management information systems and applications; and the process by which supervisory or regulatory agencies could access those systems and applications.
  • Recovery planning—Plan to meet the requirements of the Ginnie Mae Guaranty Agreement; Plan to unwind its Ginnie Mae MBS portfolio in a timely and efficient manner; and business continuity plans.

Covered Issuers must demonstrate that they have assessed the challenges that their organizational structure and business activities pose, and that they have taken actions to address and mitigate the related risks. Ginnie Mae will not issue any penalties or punitive actions related to information submitted in the recovery plans. All information provided in the recovery plans will be treated by Ginnie Mae as confidential and will not be publicly released.

Every two years, covered Issuers will be required to update and resubmit their recovery plans or attest that the most recently approved recovery plan remains current. These submissions are due no later than June 30th of the following calendar year. Notwithstanding this requirement, if the covered Issuer makes a material change to its recovery plan between required submissions, covered Issuers must report the change to Ginnie Mae by submitting an updated version of the entire recovery plan, with all changes highlighted, no later than 60 days after making the material change. See MBS Guide Chapter 3 Part 18, § D and Appendix VI-23 for more details.

If you have questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.

5/20/2024 - APM 24-07
Commingling Digital Collateral with Paper Collateral in Ginnie Mae Pools

In July of 2020, Ginnie Mae implemented its Digital Collateral Program Pilot to support the Department of Housing and Urban Development’s (HUD) Strategic Plan with respect to modernization and digitization of Ginnie Mae’s Mortgage-Backed Securities (MBS) program, as well as to respond to industry requests to optimize Issuer digital environments and align with current industry practices. During this time, Ginnie Mae refined processes to monitor growth in the new program and opened the program to allow any Issuer to apply to participate in June of 2022. To promote liquidity and increase participation in the Digital Collateral Program, Ginnie Mae will permit the securitization of Digital Collateral into the same pools as its traditional paper collateral (commingling) effective with June 1, 2024 issuances.

Only Issuers who are separately approved for participation in the Digital Collateral Program (eIssuers) are eligible to deliver Digital Collateral into Ginnie Mae MBS. eIssuers who wish to commingle must continue to abide by all established pooling parameters for all pooled loans, which includes additional existing parameters for eNotes within the commingled pool. In addition, as announced in Modernization Bulletin No. 34 in December 2023, all eIssuers must utilize the eNote indicator within Ginnie Mae’s pooling issuance system SFPDM to indicate whether or not a pooled loan is an eNote. Additionally, eIssuers must utilize an approved eCustodian for any pools that contain Digital Collateral.

Digital Collateral, which consists of mortgage loans where the promissory notes are Eligible eNotes, will continue to be eligible for the same pool types for which they are currently eligible, as published in Ginnie Mae’s Digital Collateral Guide, (eGuide) which is Appendix V-07 of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide). An updated eGuide reflecting this change will be published prior to June 1, 2024 and will provide further updates.

If you have any additional questions about the content of this Memorandum, please contact your Account Executive in the Office of Issuer and Portfolio Management directly. ​​​​

4/17/2024 - APM 24-06
Single Family Payment Default Status (PDS) Loan Level Data Elements

Ginnie Mae leverages monthly data reported by Issuers into the Reporting and Feedback System (RFS) to conduct risk management, Issuer oversight activities and enhance Investor disclosures. One of the current RFS data items collected is Last Installment Paid Date which is utilized to classify loan status as current or in default. However the current RFS loan level reporting does not include visibility into why a loan may be in default, or what actions are being taken to resolve the default.

The purpose of this Memorandum is to announce the Single Family Monthly Payment Default Status Loan Level Reporting (PDS) dataset. PDS will include information on why a loan may be in default, any mitigation actions that may have been taken and timing of those actions. The collection of the PDS, including reporting and correction deadlines, as well as technical guidance and reporting layout specifications will be incorporated as part of the Reporting and Feedback System (RFS) reporting process in Chapter 17, Part 4 §B, and Appendix VI-22 of the Mortgage-Backed Securities Guide, 5500.3, Rev-1 (MBS Guide). PDS submissions will be required beginning December 1, 2024 for the November reporting period.

Testing will begin in the second calendar quarter 2024. Detailed information regarding testing and implementation schedules, testing procedures, and training materials can be found on the Modernization Initiatives page on Ginnie Mae’s website at https://www.ginniemae.gov/issuers/issuer_training/Pages/modernization.aspx​

PDS reporting requirements pertain to Single Family only. Multifamily and HMBS Issuers are not required to report PDS data. Attached to this memorandum are the revised Chapter 17, and Appendix VI-22 of the MBS Guide. The Chapter and Appendix will be officially incorporated into the MBS Guide on the above effective date.

If you have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

4/1/2024 - APM 24-05
Updates to the Summary of Addresses in the MBS Guide

Ginnie Mae leverages the assistance of outside contractors to conduct critical business operations in support of Ginnie Mae's mission and maintains a list of their contact information in the Summary of Addresses section of the Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide). Due to operational changes, Ginnie Mae is revising the Summary of Addresses to reflect updated contact information for several critical tasks so that that Ginnie Mae program participants can continue to reach the proper contacts for their varied needs.

Effective April 1, 2024, the address and contact information pertaining to critical tasks such as final certification and recertification submissions; letters of credit; security holder payments (for transfer advice, undelivered security holder payments, etc.); certain Pool Processing Agent functions; and securities (for lost securities) will be:

Ginnie Mae Operations

c/o The Bank of New York Mellon

600 Colonial Center Parkway – 4th Floor

Lake Mary, FL  32746

Phone: 1-833-466-2435 Option # 1, Option #5

Email: ginniemae1@bnymellon.com

Ginnie Mae is also correcting the phone numbers for MyGinnieMae (MGM) and payments to security holders (concerns regarding payment) in the MBS Guide's Summary of Addresses.   

Lastly, the contact information pertaining to the Central Paying and Transfer Agent (Remaining Principal Balances) is obsolete and is being removed from the Summary of Addresses.​

Central Paying and Transfer Agent (Remaining Principal Balances)

 

Ginnie Mae Relationship Services
ATTN: Remaining Principal Balances
c/o The Bank of New York Mellon
240 Greenwich Street - 20 West
New York, NY 10286

Phone: 1-800-234-4662 Email:

ginniemae1@bnymellon.com

  • Questions regarding reporting instructions
  • Obtain information on reporting media
  • Obtain RPB Report Identification Number
  • Concerns regarding RPB reporting and/or RPB corrections

 

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.

3/26/2024 - APM 24-04
Ginnie Mae Central Application for Issuer Insurance and Audited Financial Statement Submissions

Ginnie Mae is transitioning from the Independent Public Accounting (IPA) module in the Ginnie Mae Enterprise Portal (GMEP) to the new Ginnie Mae Central application (GMC) in MyGinnieMae. In a continued effort to further modernize elements of the Mortgage-Backed Securities Program, this system transition will allow for greater efficiencies for Issuers to submit the required fidelity bond, errors and omissions insurance and financial statements to Ginnie Mae.

New Requirements for Fidelity Bond and Errors and Omissions Insurance Submission

Effective with Issuer submissions on and after May 13, 2024, Issuers will be required to use GMC when submitting proof of their fidelity bond and errors and omissions (E&O) insurance and will no longer submit documentation to Ginnie Mae’s Financial Reports Review Agent. In accordance with the updated language provided in Chapter 3, Part 6, § A & D of the Mortgage-Backed Securities Guide, 5500.1, Rev. 1 (MBS Guide), fidelity bond and E&O insurance submissions will no longer be required with the audited financial statement submissions. Issuers will now submit a full and valid copy of the fidelity bond and E&O insurance policies and any supporting documentation at the time the fidelity bond and/or E&O insurance policies are renewed, or new policies are obtained. Issuers must submit the required policy documentation within 30 days of obtaining or renewing their coverage.

During this submission process, an authorized signatory for the Issuer, which can be found on the Issuer’s Form HUD-11702, must certify the fidelity bond and E&O insurance information being submitted. Issuers are no longer required to include an insurance certificate with their submission but have the option to do so if they so choose. Applicants seeking approval to become Ginnie Mae Issuers will continue to submit fidelity bond and E&O insurance policies as required by Chapter 2, Part 7 and Chapter 7 Part 4 of the MBS Guide as part of the application process.

New Requirements for Audited Financial Statement Submissions

Effective with Issuer submissions on and after May 13, 2024, Issuers will be required to use GMC to submit audited financial statements that are due 90 days after the end of the Issuer’s fiscal year. At submission, audited financial statements must be certified by the Issuer’s chief executive officer, chief financial officer, or equivalent. The officer completing the certification must also be listed on the Issuer’s Form HUD 11702, Resolution of Board of Directors, and Certificate of Authorized Signatures (HUD 11702), that is in effect as of the date of the certification. In the event an Issuer changes their fiscal year-end, Ginnie Mae will now require Issuers to notify their Account Executive in writing of a change in their fiscal year-end within five (5) business days from its decision to change its fiscal year-end date, per the updated guidance in Chapter 3, Part 7, § A of the MBS Guide.

Extension requests in accordance with the requirements of Chapter 3, Part 7 §C of the MBS Guide will no longer be accepted by letter. Effective on and after May 13, 2024, extension requests must be submitted through GMC. The extension request must be certified by the Issuer’s chief executive officer, chief financial officer, or equivalent. Additionally, the officer completing the certification for any Ginnie Mae Issuer must also be listed on the Issuer’s Form HUD 11702, that is in effect as of the date of the certification.

Accessing and Using the Ginnie Mae Central Portal

Issuers should review the revised Appendix VI-20 for instructions on submitting their fidelity bond and E&O insurance policy; insurance policy cancellation or termination notices; audited financial statements; and extension requests (if any). Detailed information on the submission process will be located in the Ginnie Mae Central Insurance and Financials User Manuals, which will be posted on Ginnie Mae’s website at https://www.ginniemae.gov/issuers/issuer_training/Pages/modernization.aspx. Their availability will be announced via a Modernization Bulletin.

Ginnie Mae has revised Chapters 2 and 3, and Appendix VI-20 of MBS Guide to reflect these changes. Chapter 6 of the HUD Consolidated Audit Guide (Audit Guide) will be updated at a future date. Until the Audit Guide update takes place, the requirements in the MBS guide supersede the requirements in the Audit Guide if the requirements in these two documents conflict.

If you have any questions regarding the policy changes in this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. If you have any technical questions regarding accessing GMC and/or user manuals, please email askGinnieMae@hud.gov​.


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Last Modified: 2/8/2023 9:41 AM