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All Participants Memoranda (APMs)

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

All Multiclass Participants Memoranda (APMs) 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 APMs are listed on this page. In order to access all APMs back to year 1999, 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.

Click here to search all MBS Guide content.​

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3/26/2024 - APM 24-04

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​.

3/11/2024 - APM 24-03

In APM 23-05, Ginnie Mae announced requirements for the collection of additional loan-level data elements to be incorporated as part of the Reporting and Feedback System (RFS) investor reporting process. The purpose of this APM is to incorporate feedback obtained from industry outreach and provide further clarifications to the previously announced data elements. The field clarifications are noted below and apply to Single Family, Multifamily and Manufactured Housing MBS. Appendix VI-19—Issuers Monthly Report of Pool and Loan Data (Appendix VI-19) of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) has been updated accordingly. Effective September 1, 2024, Issuers will be required to report the additional loan level elements for August 2024 activity.

L-Loan Record

​Field #
​Field Name
​Definition/Remarks
​23
​Actual Loan UPB
​Loan UPB is revised to Actual Loan UPB and defined within the Loan Record Field Instructions section.
​35
​Curtailment Principal Code
​Code 3 "Other Funds Curtailment" has been renumbered to Code 4 and a new Code 3 has been defined as "Both Borrower Funds Curtailment and Claim Funds Curtailment". Further detail is provided in the Loan Record Field Instructions sections.


V-Various Loan Record

​Field #
​Element Name
​Definition/Remarks
​27
​Document Custodian
​​Data type changed from "Character" to "Numeric"

The three items listed above are noted as revised elements. For all additional clarifications and minor revisions to instructions, refer to Appendix VI-19.

Testing will begin in March 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 

If you are an Issuer, service bureau or other industry participant and have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

3/4/2024 - APM 24-02

Ginnie Mae remains dedicated to the security and integrity of all operational systems and critical technology infrastructure related to the issuance and servicing of Ginnie Mae Mortgage-Backed Securities (MBS). In support of these objectives, Ginnie Mae will be implementing Cybersecurity Incident reporting requirements. Effective immediately, Issuers, including those who subservice for others will be required to notify Ginnie Mae of a Significant Cybersecurity Incident, as described below.

A Significant Cybersecurity Incident (Cyber Incident), is an event that actually or potentially jeopardizes, without lawful authority, the confidentiality, integrity, or availability of information or an information system; or constitutes a violation or imminent threat of violation of security policies, security procedures, or acceptable use policies and has the potential to directly or indirectly impact the Issuer’s ability to meet its obligations under the terms of the Guaranty Agreement. The requirement to notify Ginnie Mae applies to all Issuers. Issuers who subservice for others must also notify Ginnie Mae when a Cyber Incident affects one or more of their subservicing clients.

Issuers must notify Ginnie Mae within 48 hours of detection that a Cyber Incident may have occurred. The notification must be sent to Ginnie Mae via email to: Ginnie_Mae_Cybersecurity_Incident@hud.gov​ and contain the following information: 

  • ​Date/time of Cyber Incident,
  • A summary of the incident based on what is known at the time of notification, 
  • Designated point(s) of contact who will be responsible for coordinating any follow-up activities on behalf of the notifying party.

Once the notification is received, representatives from Ginnie Mae will contact the designated point of contact to obtain additional information and establish the appropriate level of engagement needed depending on the scope and nature of the incident. Ginnie Mae is reviewing its information security requirements with the intent of further refining its information security, business continuity and reporting requirements.

Ginnie Mae has revised Chapter 03, Part 18 of the Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide), by adding Section C to reflect this new requirement. Additionally, the term Cybersecurity Incident has been added to the MBS Guide Glossary.

If you have any questions about the policy announced in this APM, please contact your Account Executive directly.

2/28/2024 - APM 24-01

In support of the Department of Housing and Urban Development’s (HUD) Strategic Plan to address the important role of Manufactured Housing, the Federal Housing Administration (FHA) and Ginnie Mae have jointly prioritized and committed to updating their respective programs for Title I Manufactured Housing to provide greater affordable financing and securitization opportunities for personal property manufactured housing.

Following extensive industry outreach and the completion of a 2022 RFI, Ginnie Mae has embarked on a comprehensive review of the data and feedback received from industry stakeholders and RFI respondents. Particular focus has been placed on the evolving risks encountered by the Manufactured Housing Mortgage-Backed Securities (MH MBS) Program since the last major program update in 2010 following the Housing and Economic Recovery Act of 2008, (Public Law 110-289) (HERA). Drawing from the results of the review and in conjunction with FHA’s proposed policy changes, Ginnie Mae is announcing the first of a series of modernizations to the MH MBS Program. In support of housing finance system stability as well as Ginnie Mae manufactured housing Issuer financial consistency across economic cycles, Ginnie Mae is revising its financial eligibility requirements in the Mortgage-Backed Securities Guide 5500.3 Rev-1 (“MBS Guide”) for institutions seeking approval as Ginnie Mae Manufactured Housing Issuers (“MH Applicants”) and existing, approved Ginnie Mae MH Issuers. Additionally, MH Issuers that are non-depository mortgage companies will be required to maintain a Risk-Based Capital Ratio (“RBCR”). The financial eligibility requirements are detailed below.

Ginnie Mae monitors performance and assesses risk on an on-going basis, and reserves the right to revise the financial requirements, in its sole discretion, at any time.

Chapter 2, Chapter 3, Chapter 30, and Appendix IV-24 (MH Prospectus) of the MBS Guide have been updated accordingly. The MH MBS Program financial eligibility requirements announced in this APM will be effective immediately as of March 1, 2024 for MH MBS Applicants and will be effective June 1, 2024 for MH Issuers with the exception of Issuer RBCR requirements. RBCR requirements for MH MBS Issuers will be effective December 31, 2024.​

Revised Net Worth Requirements

For all MH MBS Applicants, the minimum Net Worth requirement is $2,500,000 plus 250 basis points (2.5%) of the Applicant’s total effective MH MBS non-agency securities outstanding obligations. For more information, please see revised portions of Chapter 2, Part 9, § A(2) included with this APM.

The minimum Net Worth requirement for all MH MBS Issuers is $2,500,000, plus 250 basis points (2.5%) of the Issuer’s total effective MH MBS outstanding obligations. The total effective MH MBS outstanding obligations are the sum of 1). all MH MBS securities outstanding, 2). available commitment authority to issue new MH MBS pools, and 3). Total MH MBS pools funded. For more information, please see revised portions of Chapter 3, Part 8, § D(1) included with this APM.

Liquidity Requirements

In addition to the list of liquid assets that are eligible to meet Ginnie Mae’s liquidity requirement as stated in Chapter 2, Part 9 § B(1) and Chapter 3, Part 8 § D(2), Ginnie Mae requires MH MBS Program Applicants and MH MBS Issuers to maintain appropriate levels of liquidity to meet and sustain financial obligations under the MH MBS Program. As stated in Chapter 2, Part 8, § D(2), MH Applicants are required to have liquid assets, equal to at least $1,000,000. MH Issuers are required to maintain liquid assets of the greater of at least $1,000,000 which may be comprised of cash, cash equivalents as defined under FAS95, and AAA rated government securities marked to market, as defined under FAS95 or 50 basis points of the Issuer’s total effective MH outstanding obligations.

Institution-wide Capital Requirements for Certain Manufactured Housing Applicants and Issuers

Ginnie Mae’s Institution-wide Capital Requirements for certain Manufactured Housing Applicants and Issuers will continue to be applied to measure the entity’s ability to sustain the volatility of market disruptions and reflect the varying risk among different asset types. MH Issuers that are not covered by the requirements for financial institutions in the MBS Guide Chapter 3, Part 8, § D(3)(a) and (b) must maintain a Risk-Based Capital Ratio (“RBCR”) of at least 6% in addition to continuing to maintain a Leverage Ratio of at least 6%. RBCR is Adjusted Net Worth (as defined by Ginnie Mae) divided by Total Risk-based Assets. For more information and details regarding Institution-wide Capital Requirements, please see Chapter 2, Part 9, § B(2)(c) for MH Applicants, and Chapter 3, Part 8 § D(3)(c) and (d) for MH Issuers.

Chapter 6 of the HUD Consolidated Audit Guide (“Audit Guide”) will be updated to direct independent auditors to the MBS Guide for the current Institution-wide Capital Requirements for Applicants and Issuers. 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 guidance documents conflict.

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

12/28/2023 - APM 23-15

In APM 22-09, Ginnie Mae announced the implementation of the Risk Based Capital Ratio ("RBCR") requirements for institutions seeking approval as Ginnie Mae single-family Issuers ("SF Applicants") and Ginnie Mae single-family Issuers (SF Issuers) that are non-depository mortgage companies. In APM 22-11, Ginnie Mae delayed implementation of the RBCR requirement announced in APM 22-09 to December 31, 2024.  The RBCR requirement was inadvertently included in a recently published update to Chapters 2 and 3 of the Ginnie Mae Mortgage-Backed Securities Guide, HUD Handbook 5500.3, REV-1 (MBS Guide).  Ginnie Mae SF Applicants that are not covered by the requirements for financial institutions shown in MBS Guide Chapter 2, Part 9, §B(2)(b) and §B(2)(c) are not subject to a Risk-Based Capital Ratio requirements (RBCR). Ginnie Mae SF Issuers that are not covered by the requirements for financial institutions shown in MBS Guide Chapter 3, Part 8, §A(3)(a) and §A(3)(b) are not subject to a Risk-Based Capital Ratio requirements (RBCR).

Ginnie Mae has corrected Chapter 2, Part 9, Section B(2)(c) and Chapter 3, Part 8, Section A(3)(c) of the MBS Guide to restore the Institution-Wide Capital requirements previously published. The Risk Based Capital Ratio requirements announced in APM 22-09 as amended in APM 22-11 do not become effective until December 31, 2024.  

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

12/8/2023 - APM 23-14

The Government National Mortgage Association (Ginnie Mae), in conjunction with the Government Sponsored Enterprises (GSEs), is updating its financial reporting requirements. Issuers that are not regulated or supervised by the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), or the U.S. Comptroller of the Currency (OCC) and have outstanding Ginnie Mae guaranteed mortgage-backed securities exceeding $50 Billion or Issuers so directed by Ginnie Mae in its sole discretion must provide Ginnie Mae with an unaudited monthly financial reporting form. This reporting form must be submitted on a Web-based Monthly Mortgage Bankers Financial Reporting Form (MBFRF) Short Form (“Monthly MBFRF Short Form”). For each monthly MBFRF submission, the Issuer must identify the certifier by name. The Issuer’s certifier must be the chief executive officer, chief financial officer or equivalent.

Upon Ginnie Mae’s request, Issuers must also provide a signed letter that states the following: “I, the undersigned, certify that I am the CEO, CFO or equivalent of [Ginnie Mae Issuer name] and that the information contained in the [Month] Mortgage Bankers’ Financial Reporting Form Short Form is true and accurate to the best of my knowledge and belief, and that the unaudited financial summary was prepared in accordance with GAAP.” The officer completing the certification for any Ginnie Mae Issuer must also be listed on the Issuer’s Form HUD 11702, Resolution of Board of Directors and Certificate of Authorized Signatures that is in effect as of the date of the certification.​

To obtain access to the Web-based MBFRF Short Form (Web MB), please send an e-mail to administrator@mbfrf.org. The MBFRF Short Form requirement will be effective beginning for the month of April 2024 and will be required for the months of April, May, July, August, October, November, January and February. MBFRF Short Form submissions will be due no later than the last day of the following month (April 2024 MBFRF Short Form submission due May 31, 2024). The statements must be sent via Web MB (www.mbfrf.org/​). Where requirements conflict between the Ginnie Mae MBS Guide and the HUD OIG Audit Guide, the Ginnie Mae MBS Guide governs.

11/29/2023 - APM 23-13
Pursuant to the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Finance Agency (FHFA) has announced increased conforming loan limits. Accordingly, Ginnie Mae is revising its definition of High Balance Loans as follows. Effective for pools or loan packages submitted on or after January 1, 2024, a High Balance Loan is defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium) that exceeds the following limits:

​​​​Maximim Loan Amounts (net of any financed MIP or Guaranty Fee)
​ ​

​Units
​Contiguous 48 States, District of Columbis, American Samoa, and Puerto Rico
​Alaska, Hawaii, Guam, and the U.S. Virgin Islands
​1
​$766,550
​$1,149,825​​
​2
​$981,500
​$1,472,250
​3
​$1,186,350
​$1,779,525
​4
​$1,474,400
​$2,211,600
 ​

High Balance Loans are eligible for Ginnie Mae MBS subject to the restrictions detailed in Ch. 9, Part 2, § B and Ch. 24 Part 2, § A(1) of the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”).

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

11/9/2023 - APM 23-12

As previously announced in APM 22-02 and APM 23-08, Ginnie Mae will complete the transition of Single Family [Forward] and Manufactured Housing Program pooling from GinnieNET to the new Single Family Pool Delivery Module (SFPDM) in MyGinnieMae on December 1, 2023. Since SFPDM became available to all Single Family and Manufactured Housing Issuers in April 2022, Ginnie Mae has monitored and supported the transition of Issuers to ensure smooth business operations in the adoption process. Following December 1, 2023, SFPDM will be the only application available for Single Family and Manufactured Housing pooling. HECM Issuers will continue pooling in GinnieNET.

As part of this transition to SFPDM, paper pooling for the Single Family and Manufactured Housing Programs will no longer be allowed and Issuers will have to complete all their pooling activities electronically. Paper pooling option will remain available for the Multifamily Program. For more information on changes following December 1, 2023, refer to Modernization Bulletin #30.

To align with the December 1, 2023 GinnieNET cutover of Single Family and Manufactured Housing Pooling functions, Ginnie Mae is implementing updates to the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”) to ensure that its policies and operational requirements are clearly and accurately reflected for Issuers. The MBS Guide chapters and appendices being revised by this announcement are listed below. The Glossary of the MBS Guide has also been updated accordingly. All updates are effective on December 1, 2023.

​​MBS Guide Chapter

​Chapter 4
​Issuer and Subservicers - Responsibilities
​Chapter 7
​Application for Approval as a Ginnie Mae Issuer
​Chapter 10
​Assembling and Submitting Pool and Loan Package Issuance Documents
​Chapter 12
​The Prospectus, Securities, and Securities Marketing
​Chapter 13
​Document Custodians -  Eligibility and Responsbilities
​Chapter 18
​Mortgage Delinquency and Default
​Chapter 24
​Single-Family, Level Payments Pools, and Loan Packages
​Chapter 25
​Buydown Mortgage Pools
​Chapter 26
​Adjustable-Rate Mortgage Pools and Loan Packages
​Chapter 30
​Manufactured Home Loan Pools and Loan Packages
​Chapter 33
​Ginnie Mae Initiatives

​​MBS Guide Appendix​
​App. III-06
​Scheduled of Subscribers and Ginnie Mae Guaranty Agreement

HUD-11705​
​App. III-07
​Schedule of Pooled Mortgages
HUD-11706​
​App. III-13
​Ginnie Mae Electronic Data Interchange System Agreement
​App. IV-04
​Prospectus - Ginnie Mae I MBS (Single-Family Mortgages)
HUD-11717​
​App. IV-07
​Prospectus - Ginnie Mae I Mortgage-Backed Serial Notes (Single-Family Mortgages)
HUD-1734​
​App. IV-20
​Prospectus - Ginnie Mae II (Single-Family Mortgages)
HUD-11717-II​
​App. IV-21
​Prospectus - Ginnie Mae II (Adjustable Rate Mortgages)
HUD-11772-II​
​App. IV-24
​Prospectus - Ginnie Mae II (Manufactured Home Loans)
​HUD-11728-II​
​App. V-03, Ch. 3
​Document Custodian Manual Chapter 3: Single-Family Pools
​App. VI-19
​RFS Issuer Monthly Report of Pool and Loan Data
​App. V-07​
​Digital Collateral Guide


For questions and additional information regarding the transition to SFPDM, please contact askGinnieMae@hud.gov.

9/22/2023 - APM 23-11

Ginnie Mae’s current requirements for Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) limit securitization to one participation related to a particular HECM each month. Issuers utilize a combination of financing vehicles and working capital to finance HECM disbursements between the time that the HECM loans are originated or the HECM draws are funded and when the participations are securitized into HMBS. Depending on timing, Issuers may be required to wait until the following month to securitize these participations into Ginnie Mae HMBS. The potential delay in securitization can result in liquidity pressures to Issuers and counterparty risk to Ginnie Mae. Ginnie Mae is enhancing its HMBS requirements to allow securitization of multiple participations related to a particular HECM in any one issuance month.

These program enhancements are effective October 01, 2023.

Requirements When Pooling Multiple Participations Per Month
When pooling additional participations for a particular HECM in a particular month, those participations must meet the following additional requirements.

  • ​Participations must be sequential (e.g. 005, 006);
  • Only one participation per HECM per HMBS is permitted:
  • Any prior pools containing participations on a given HECM have been issued1 before additional participations can be submitted; and
  • When the participation is the result of a HECM disbursement occurring on a day other than the first of the month, it must meet the requirements listed below.

Requirements for Participations Disbursed or Funded After the 1st of the Month
When HECM loans are originated, or borrowers request draws, interest accrues beginning the day after the disbursement through the end of that month. However, when securitized as an HMBS participation, a full month of interest is owed to security holders. A disbursement made after the 1st of the month and securitized in that same month results in a participation that is undercollateralized.

To securitize such participations, Issuers must:

  • Reduce the original principal balance of the Participation at issuance by the amount of the interest due to security holders, but not owed by the borrower prior to pooling. The reduced amount is determined by dividing the actual HECM draw ending balance by the HECM draw ending balance with full interest and multiplying the result by the amount of the draw. For full details on the formula and calculation, see Chapter 35 part 5 section A(4) of the Ginnie Mae Mortgage Backed Securities Guide, HUD Handbook 5500.3, REV-1 (MBS Guide);
  • Segregate the portion of the draw excluded from the original principal balance of the Participation in a balance that is held, controlled, and accounted for in a manner that ensures it is not and cannot be securitized in a different HMBS; and in accordance with Chapter 35 Part 12 Section E;
  • Add the segregated balance to the accrued interest owed by the borrower and add the result, in accordance with Chapter 35, Part 11, Section G, to the ending principal balance of the Participation, as of the close of business on the last business day of the month in which securitization occurred; and
  • Upon performing the step immediately above, reduce to zero the segregated balance associated with that particular Participation.

Chapter 35 parts 5, and 11 of the MBS Guide have been updated to reflect these changes.

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

________________________________________________

1As used here, "issued" means that the HMBS has been written to the Central Registry as further described in Chapter 12 of the MBS Guide

9/14/2023 - APM 23-10

Ginnie Mae is announcing that it is revising its standard forms of prospectus for Single-Family Mortgage-Backed Securities (MBS), in order to detail attributes of Ginnie Mae MBS that Investors may use to determine if Ginnie Mae MBS meet their requirements to be deemed “Social Bonds”.

Single Family Ginnie Mae MBS are backed by residential mortgage loans that are insured or guaranteed by U.S. government programs offered by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the U.S. Department of Agriculture, Rural Housing Service (RHS) and the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing (PIH) . The insurance or guaranties extended under these programs reduce borrower credit risk, which promotes broader access to mortgage credit and/or less costly credit for borrowers, thereby expanding homeownership access and affordability among targeted populations (low-to-moderate income borrowers, veterans, senior citizens, rural communities, and/or tribal, Alaska Native, and Native Hawaiian communities). Ginnie Mae guarantees that security holders will receive all pass-through payments of principal and interest due to them. This guaranty furthers the purpose of promoting access to mortgage credit throughout the Nation (including central cities, rural areas, and underserved areas) by improving the distribution of investment capital available for residential mortgage financing. Additionally, Ginnie Mae provides monthly disclosure files that update the collateral characteristics for each MBS.

The Single-Family Forward MBS prospectuses affected by this announcement and their respective effective dates are listed below. The revised prospectuses that are effective October 1, 2023, are attached to this APM; those effective November 1, 2023 will be attached to a future APM. The prospectuses will be incorporated into the Ginnie Mae Mortgage-Backed Securities Guide, HUD Handbook 5500.3, REV-1 (MBS Guide) on their respective effective dates.

​Effective for October 1, 2023 Issuances

​Appendix
​Title
​Form
​IV-04
​Prospectus - Ginnie Mae I MBS (Single-Family Mortgages)
​HUD-11717
​IV-20
​Prospectus - Ginnie Mae II MBS (Single-Family Mortgages)
​HUD-11717-II
​IV-21
​Prospectus - Ginnie Mae II MBS (Adjustable Rate Mortgages)
​HUD-11772-II


Effective for November 1, 2023 Issuances

​​Appendix
​Title
​Form
​IV-05
​Prospectus - Ginnie Mae II MBS (Graduated Payment Mortgages)
​HUD-11747
​IV-06
Prospectus - Ginnie Mae I MBS ​(Growing Equity Mortgages)
​HUD-11712
​IV-07
Prospectus - Ginnie Mae I MBS (​Serial Note Securities)
​HUD-1734
​IV-22
​Prospectus - Ginnie Mae II MBS (Graduated Payment Mortgages)
​HUD-11747-II
​IV-23
​Prospectus - Ginnie Mae II MBS (Growing Equity Mortgages)
​HUD-11717-II


Ginnie Mae is currently evaluating whether to add similar “Social Bond” content to its Home Equity Conversion, Manufactured Housing, and Multifamily MBS prospectuses. Any such designation would be announced in future APMs.

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

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Last Modified: 8/13/2021 10:02 PM