Ginnie Mae I
What are Ginnie Mae I Mortgage-Backed Securities?
Ginnie Mae I MBS are modified pass-through mortgage-backed securities on which registered holders receive separate principal and interest payments on each of their certificates.
Ginnie Mae I MBS are based on single-family pools and are Ginnie Mae’s most heavily-traded MBS product. The underlying mortgages generally have the same or similar maturities and the same interest rate on the mortgages. Single-family Ginnie Mae I pools have a 50 basis point (0.5 percent) guaranty and servicing fee. The Ginnie Mae I MBS also permits the securitization of multifamily mortgages. Ginnie Mae I payments are made to holders on the 15th day of each month.
Ginnie Mae I Key Program Provisions
Types of mortgage pools and guaranteed securities:
Single-family level-payment mortgages
Single-family buydown mortgages
Single-family graduated payment mortgages
Single-family growing equity mortgages
Manufactured home loans
Project construction loans, including multifamily residential, hospital, nursing home, and group practice facility loans
Project (permanent) loans, including multifamily residential, hospital, nursing home, and group practice facility loans