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Multiclass Partici​pants Memoranda (MPMs)

All Multiclass Participants Memoranda (MPMs) can be accessed via our online library (powered by AllRegs) or downloaded in Portable Document Format (PDF) from this page. Please click herearrow to download Adobe Acrobat Reader.

Only a subset of MPMs are listed on this p​age. In order to acce​ss all MPMs back to year 2002, please click herearrow. Please direct any questions you may have to your Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management at (202) 708-1535 or to the Office of Capital Markets at (202) 401-8970.

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1/27/2016 - MPM 16-01

The purpose of this Multiclass Participants Memorandum (MPM) is to notify Real Estate Mortgage Investment Conduit (REMIC) Sponsors that Ginnie Mae will no longer review collateral modifications of multifamily and healthcare loans in Ginnie Mae mortgage-backed securities (MBS) that back Ginnie Mae REMIC Trusts. For purposes of this MPM, healthcare loans do not include FHA Section 242 hospital loans, which remain subject to the requirements in MPM 11-04. Collateral modifications include, but are not limited to, partial releases of secured property and the addition of real property as mortgage collateral, including modifications necessitated by the origination of some FHA Section 241(a) supplemental loans (241 loans). This policy is effective as of December 30, 2015 - see All Participants Memorandum (APM) 15-22, available on the Ginnie Mae website at www.ginniemae.gov.

Section 241(a) of the National Housing Act authorizes supplemental loans to finance repairs, additions, and improvements to multifamily projects and healthcare facilities insured by FHA. The 241 loans are subordinated to the existing first lien FHA-insured loans, the bulk of which are securitized into Ginnie Mae MBS and then placed into REMICs. Some 241 loans require collateral modifications of the first lien loan documents to allow expansion of the existing insured project sites to accommodate new construction.

Ginnie Mae requested IRS clarification of the tax consequences of collateral modifications to multifamily and healthcare loans that collateralize Ginnie Mae MBS held by Ginnie Mae REMIC Trusts. The IRS provided Ginnie Mae such clarification in a general information letter and, as a result, Ginnie Mae will no longer conduct independent reviews of these collateral modifications.

Sponsors of Ginnie Mae Multifamily REMIC Pass-Through Securities are reminded that loans backing MBS to be placed in REMICs must be eligible for REMIC pooling, including the requirement that the loans be principally secured by real property, in accordance with IRS regulations and Ginnie Mae requirements.

Please call Ginnie Mae’s Office of Capital Markets at (202) 475-7820 with any questions or comments regarding this announcement.

9/8/2015 - MPM 15-01

The purpose of this Multiclass Participants Memorandum (MPM) is to inform participants of changes to the Ginnie Mae Platinum Guaranty Fee and the lowering of the minimum aggregate remaining principal balance for Ginnie Mae Platinum Securities. These changes are in response to stakeholders’ requests, and are intended to encourage increased utilization of the Platinum Securities program. The changes are effective for October 2015 settlements and thereafter.

Ginnie Mae Platinum Guaranty Fee

The Fee structure will be modified by increasing the number of pricing tiers and by lowering the Fee by 0.25-0.50 Tics across the tiers. The new tier structure is illustrated in the table below:

​Face Amount ​New Fee in Tics* ​Old Fee in Tics*
​$5,001,000 to $9,999,999 ​2.5 ​No Tier
​$10,000,000 to $24,999,999 ​2.5 ​3.0
​$25,000,000 to $49,999,999 ​1.5 ​2.0
​$50,000,000 to $499,999,999 ​0.75 ​1.0
​$500,000,000 or more ​0.25 ​0.5
 

*1 Tic = 1/32 of 1%

The minimum Fee will be $5,000, and the maximum Fee will be $156,250.

Non-Cash Fee

The Non-Cash Fee, (non-cash portion of the fee) payable by the allocation of a portion of the underlying Ginnie Mae MBS Certificates to the creation of the Ginnie Mae Platinum Principal Only (PO) Bond will be reduced from $5,000 to $1,000.

Minimum Aggregate Remaining Principal Balance

The minimum aggregate remaining principal balance of the underlying Ginnie Mae MBS Certificates will be reduced from $10,005,000 to $5,001,000. The newly issued Ginnie Mae Platinum Certificate will have an original principal balance equal to the aggregate remaining principal balance of the underlying Ginnie Mae MBS Certificates as of the Issuance Date, minus the Non-Cash Fee of $1,000.

Please call Ginnie Mae’s Office of Capital Markets at (202) 475-7820 with any questions or comments regarding this announcement.
9/12/2014 - MPM 14-02

The purpose of this Multiclass Participants Memorandum is to inform interested participants that, effective for September 2014 transactions, a Holder of all of the outstanding Securities of a Security Group for a Series, including the related Security Group Residual Security, is required to pay a fee to the Trustee of such Series in an amount equal to $5,000.00, in connection with the exercise of such Holder’s right to purchase all of the Securities of such Security Group and related termination of such Security Group. The implementation of this fee is in response to and is intended to offset the increased costs to the Trustee in connection with terminations of transactions involving separately collapsible Security Groups. Modifications will be made to the related Offering Circular Supplement and Trust Agreement to incorporate this new fee. All defined terms used herein and not otherwise defined shall have the meaning set forth in the Ginnie Mae Multiclass Securities Guide.

Please call George Rose in Ginnie Mae’s Office of Capital Markets at (202) 475-4924 with any questions or comments regarding this announcement.

9/12/2014 - MPM 14-03

The purpose of this Multiclass Participants Memorandum is to inform interested participants that, effective for September 2014 transactions, (i) the Final Distribution Date (FDD) for Accretion Directed Classes in Ginnie Mae Multifamily REMIC and MX Transactions (Multifamily Accretion Directed Classes) must be calculated with a new methodology, and (ii) the procedure for the calculation of the FDD in the accountants’ agreed-upon procedures report concerning the Offering Circular for Multifamily transactions in the Ginnie Mae Multiclass Securities Guide (the Guide) is revised. All defined terms used herein and not otherwise defined shall have the meaning set forth in the Guide.

Change in Calculation of Final Distribution Date

Ginnie Mae is requiring Ginnie Mae Multiclass Transaction Participants to use a more conservative methodology to calculate the FDD for Multifamily Accretion Directed Classes in order to reduce the risk of a claim for a Ginnie Mae Guaranty Payment. The new methodology is described in Exhibit A.

In connection with any Ginnie Mae Multiclass Securities transaction, a Sponsor must represent and warrant that, assuming full and timely payments on the Trust Assets (as those assets are identified in the related Offering Circular Supplement), such payments will be sufficient to pay in full each class of securities by the FDD under all possible prepayment scenarios regardless of the rate of prepayment of the Mortgage Loans underlying the assumed Trust Assets or level of any index upon which the Interest Rate of any Class may be based. See Section 4(v) of the Standard Sponsor Provisions (SSPs) incorporated by reference into the related Sponsor Agreement, Section 4.01(d) of the REMIC Standard Trust Provisions incorporated by reference into the related Trust Agreement and Section 5.01(d) of the MX Standard Trust Provisions incorporated by reference into the related MX Trust Agreement. If Ginnie Mae makes a Ginnie Mae Guaranty Payment as a result of the Sponsor’s breach of any its representations, or warranties under the related Sponsor Agreement, the related Trust Agreement or the related MX Trust Agreement, Ginnie Mae has recourse against the Sponsor for all payments made plus interest, as well as indemnification against all costs and expenses related to any Sponsor breach. See Sections 10(a) and (b) of the SSPs.

The requirement to use any particular methodology is no substitution for a Sponsor to employ adequate and sufficient due diligence measures to ensure the accuracy of the representations and warranties made by such Sponsor in the related Sponsor Agreement, the related Trust Agreement and the related MX Trust Agreement. Regardless of the methodology applied, a Sponsor is solely responsible for the sufficiency of the methodology and must promptly notify Ginnie Mae of any scenario under which timely payments on the Trust Assets may be insufficient to pay in full a Class of Securities by its FDD.

Change in Accountants’ Report

The procedure regarding the FDD in the accountants’ agreed-upon procedures report concerning the Offering Circular for Multifamily transactions in the Guide is revised to reflect the new methodology. The new form of the report is attached hereto as Exhibit B.

Please call Shalei Choi in Ginnie Mae’s Office of Capital Markets at (202) 475-7820 with any questions or comments regarding this announcement.

3/12/2014 - MPM 14-01

The purpose of this Multiclass Participants Memorandum is to inform interested participants that, effective for March 2014 transactions, (i) the Sponsor representation in the Standard Sponsor Provisions of the Ginnie Mae Multiclass Securities Guide (the “Guide”) regarding Mortgage Loan delinquency status is revised, and (ii) notwithstanding anything to the contrary in the Guide, the Trustee for any Series determining LIBOR pursuant to the BBA LIBOR method shall use the ICE Benchmark Administration (“ICE LIBOR”) method for determining LIBOR.

Change in Sponsor Representation Regarding Mortgage Loan Delinquency Status

The representation in the Standard Sponsor Provisions regarding Mortgage Loan delinquency status is revised to apply exclusively to Trust MBS in a Multifamily Series and does not apply to Underlying Certificate Trust Assets or any related Underlying Series Trust MBS. In that regard, Section 4 of the Standard Sponsor Provisions of the Guide is amended by deleting subsection (o) therein, reordering the subsections that follow in correct alphabetical order, and with respect to any Multifamily Series with Trust MBS, adding a new subsection (bb) as follows:

(bb) With respect to any Multifamily Series, neither the Sponsor nor any of its Participating Affiliates has any actual or constructive knowledge or notice that any of the Mortgage Loans underlying any of the Trust MBS is 30 days or more delinquent as of the Final Structure Date for the related Series.

Change in the Administration of LIBOR

With respect to the change in the administration of LIBOR from the British Bankers Association to the ICE Benchmark Administration, the following revision to Section 3.08 of the REMIC Standard Trust Provisions of the Guide shall be incorporated into each REMIC Trust Agreement for any Series where the Trustee determines LIBOR pursuant to the ICE LIBOR method:

(b)(i) ICE LIBOR. Pursuant to this method, LIBOR shall be determined as the rate, expressed as a percentage per annum, for one-month U.S. Dollar deposits as it appears on the ICE Secure File Transfer Protocol (SFTP) service or on the Reuters Screen LIBOR01 Page (or any replacement Reuters page that displays that rate, or on the appropriate page of such other information service that publishes that rate from time to time in place of Reuters) as of 11:00 am London time on the related Floating Rate Adjustment Date. If on any Floating Rate Adjustment Date, the Trustee or its agent is unable to calculate LIBOR in the manner described above, the Trustee shall determine LIBOR in the manner set forth in clause (ii) below.

Please call George Rose in Ginnie Mae’s Office of Capital Markets at (202) 475-4924 with any questions or comments regarding this announcement.

12/31/2013 - MPM 13-06
Effective January 1, 2014, all parts of the Ginnie Mae Multiclass Securities Guide (the “Guide”), including the Single Family Base Offering Circular, have been updated to incorporate program enhancements implemented since the October 1, 2011, updates were published.

The Guide can be found on the Ginnie Mae website (www.ginniemae.gov) under Investor Resources.

Please call George Rose in Ginnie Mae’s Office of Capital Markets at (202) 475-4924 with any questions or comments regarding his announcement.
12/3/2013 - MPM 13-05

The purpose of this Multiclass Participants Memorandum is to inform interested parties in the Ginnie Mae Multiclass Securities Program of a change in policy regarding the eligible collateral requirements for Ginnie Mae Platinum Securities.

Effective for Ginnie Mae Platinum Securities settling December 2013, and thereafter, Ginnie Mae is prohibiting the inclusion of MJM pools in Ginnie Mae Platinum Securities. Until further notice, only Ginnie Mae I XSF, Ginnie Mae II CSF and MSF pools and Ginnie Mae Platinum XSP, MSP, XJP and MJP securities are eligible collateral for Ginnie Mae Platinum Securities. Ginnie Mae is upgrading its systems to expand the acceptance of certain Ginnie Mae MBS as collateral for inclusion Ginnie Mae Platinum Securities.

Please call George Rose in Ginnie Mae’s Office of Capital Markets at (202) 475-4924 with any questions or comments regarding his announcement.

10/23/2013 - MPM 13-04

Recently, FHA announced changes to its Home Equity Conversion Mortgage (HECM) program in Mortgagee Letters 13-27, 13-28 and 13-33. Accordingly, Ginnie Mae has revised its HMBS prospectus documents to reflect FHA's program changes.

The revised prospectus documents are effective for HMBS issuances on or after November 1, 2013. Templates of the updated documents can be found in the following appendices to the Mortgage Backed Securities Guide 5500.3, Rev-1:

• Appendix IV-29: Base Prospectus Ginnie Mae-Guaranteed Home Equity Conversion MBS (Issuable in Series)
• Appendix IV-30: Prospectus Supplement--Ginnie Mae II Home Equity Conversion MBS (Adjustable Rate)
• Appendix IV-31: Prospectus Supplement--Ginnie Mae II Home Equity Conversion MBS (Fixed Rate)

For reference purposes, Ginnie Mae will make prior versions of the Base Prospectus and Prospectus Supplements available on the Ginnie Mae website in the near future. Additionally, the prospectus for a specific security can be obtained through the HMBS Search Page on the Ginnie Mae website at: http://www.ginnienet.net/hmbsprospectus/HMBSProspSearchCriteria.aspx

If you have any questions about this update, please contact Ginnie Mae's Investor Inquiry Desk at InvestorInquiries@hud.gov or 202-401-8970.

8/1/2013 - MPM 13-02

The purpose of this Multiclass Participants Memorandum (MPM) is to inform interested participants that, effective for August 2013 transactions, Trust Assets that are delivered to the Trustee for a transaction on the related Pool Wire Date may be subject to a repurchase agreement (a “repo”) between the Sponsor and a third party (a “repo lender,” which may include an intermediary bank acting on behalf of the repo lender).

Sponsors are reminded to communicate with their repo lenders well in advance of the Pool Wire Date to assure expeditious transfer of the Trust Assets. If the Trust Assets are subject to a repo, then Trust Counsel must prepare and distribute the Trustee’s Receipt and Safekeeping Agreement using the applicable form attached hereto (instead of the form that is included in the Multiclass Securities Guide October 1, 2011 Edition). The draft Trustee’s Receipt and Safekeeping Agreement must be circulated at least one business day prior to the applicable Pool Wire Date to the transaction parties, including Ginnie Mae, and to the repo lender, the Financial Advisor and the Legal Advisor.

In connection with closing of a transaction in which the Trust Assets are subject to a repo, the Trustee will issue the Book-Entry Securities from the Trustee Issuer Account at the applicable Book-Entry Depository to the Security Account designated by the Sponsor or its repo lender, as specified in the Issuance Statement for the Securities. Accordingly, Trust Counsel should prepare the Issuance Statement using the applicable form attached hereto (instead of the form that is included in the Multiclass Securities Guide October 1, 2011 Edition).

In addition, Certificated Securities will be authenticated by the Trustee and delivered at the closing in accordance with instructions from the Sponsor or its repo lender, as applicable. If a Certificated Security is to be issued to the repo lender, the repo lender must execute a Transfer Affidavit relating to such Certificated Security.

Interested parties are reminded that a repo lender’s interest in any Trust Assets will automatically terminate upon the settlement of the Securities and the Trust Assets will thereafter be held by the Trustee for the benefit of the related Trust.

An update to the Multiclass Securities Guide containing the attached forms and the information provided herein will be forthcoming.

Please call Ginnie Mae’s Office of Capital Markets at (202) 401-8970 with any questions or comments regarding this announcement.

  • Exhibit A: Form of Trustee’s Receipt and Safekeeping Agreement for Single Family, Multifamily and HREMIC transactions
  • Exhibit B: Form of Trustee’s Receipt and Safekeeping Agreement for Callable transactions
  • Exhibit C: Form of Issuance Statement for Single Family, Multifamily and HREMIC transactions
  • Exhibit D: Form of Issuance Statement for Callable transactions
8/1/2013 - MPM 13-03

Ginnie Mae is pleased to announce that beginning this month it is making certain loan-level data for single-family mortgage-backed securities (MBS) and HECM mortgage-backed securities (HMBS) available through its normal data disclosure distributors.

Loan-level data provides investors with MBS information at the elementary level of the loans underlying the pools. This will result in data disclosures with greater specificity providing stakeholders additional information related to performance of Ginnie Mae MBS. Disclosure of loan- level data is a major milestone in Ginnie Mae’s continued effort to provide greater transparency of Ginnie Mae MBS.

The information will be available for new pool issuances (daily file) and monthly reporting (all active loans in Ginnie Mae pools). Release of the loan-level data will be phased-in, in accordance with the attached schedules.

Single-family forward MBS data will be released for all of the data fields outlined in the MBS Loan-Level Disclosure Layout, Version 1.3.

HMBS loan-level data will be released in two phases. The data elements to be disclosed in each phase are articulated in the HMBS Loan-Level Disclosure Layout, Version 1.6.

The single-family forward MBS and the HMBS loan-level disclosure file layouts, as well as test files and data dictionaries can be found on Ginnie Mae’s website at:

http://www.ginniemae.gov/doing_business_with_ginniemae/investor_resources/mbs_disclosure_data/Pages/test_file_download.aspx

If you have any questions about this change, please contact Ginnie Mae’s Investor Inquiry Desk at InvestorInquiries@hud.gov or 202-401-8970.

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Last Modified: 6/2/2016 1:37 PM