Ginnie Mae seeks to ensure that our policies are clearly and accurately articulated to the public, and that confusing information is clarified.
We have identified an inconsistency in the data required between paper pool processing and electronic pool processing through GinnieNET for multifamily pools.
In order for paper pool processing to match electronic pool processing, Ginnie Mae has revised the form HUD 11706 — Schedule of Pooled Mortgages to include the following data elements: Lockout Term, Lockout End Date, Prepayment Premium Period, and Prepayment End Date.
| Lockout Term |
The years the loan is locked out from prepayment, if applicable |
| Lockout End Date |
The date until which the mortgage is locked out from prepayment, if applicable |
| Prepayment Premium Period |
The years the loan is subject to a prepayment premium penalty, if applicable |
| Prepayment End Date |
The date the mortgage becomes open to prepayment with no premium due, if applicable |
These four data elements are already a part of pool processing via GinnieNET under the multifamily record layout M02. Currently, these four data elements do not appear on the form HUD 11706 generated by GinnieNET but will appear beginning November 21, 2014. Although not currently a requirement, document custodians will need to verify these four elements with the release of the revised Document Custodian Manual, Appendix V-01, which is expected to be published in 2015. While Issuers are already providing these four data elements as part of electronic pool processing, beginning January 1, 2015, Issuers will also be required to provide these four data elements on paper processed project loan pools.
The revised Appendix III-7 (Form HUD 11706 — Schedule of Pooled Mortgages) of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, REV-1 (MBS Guide) is attached and will be officially incorporated into the MBS Guide on January 1, 2015.
If you have any questions regarding this announcement, please contact your Ginnie Mae Account Executive in the Office of Issuer & Portfolio Management directly or at 202-708-1535. |