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Multiclass Participants 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 page. In order to access all MPMs b​ack 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.

5 most recent MPMs
6/4/2024 - MPM 24-01
New Platinum Pool Types C EP & H PE

The purpose of this Multiclass Participants Memorandum is to inform interested participants that effective with issuances on and after June 12th, 2024, Platinum Participants may aggregate MBS Pool Type C ET into Platinum pool type C EP; and HMBS Pool Type H SA into Platinum Pool Type H PE.

​Platinum Pool Type
Eligible MBS for Platinum Securities
C EP
​Only C ET and CEP Pools as collateral
​H PE
​Only H SA and HPE Pools as collateral


Please call Ginnie Mae’s Office of Capital Markets at (202) 475-2212 with any comments or Platinum Pool Type questions regarding this announcement.

11/30/2023 - MPM 23-03
Optional Early Closing Date Available Beginning in December 2023

The purpose of this Multiclass Participants Memorandum is to inform interested participants that, effective for multiclass transactions closing in December 2023, Ginnie Mae will offer sponsors the option to close transactions (i) on the Closing Date specified on the Ginnie Mae REMIC monthly calendar available on Ginnie Mae's website or (ii) on the Business Day immediately preceding such specified Closing Date (an "early Closing Date"). Sponsors must notify Ginnie Mae of their election of an early Closing Date no later than the Final Structure Date. All requirements in the Ginnie Mae Multiclass Securities Guide (the "Guide") related to delivery of documents on or before the Closing Date will apply equally to the early Closing Date. All other transaction dates on the calendar will remain the same, regardless of which Closing Date is chosen.

Capitalized terms used herein but not defined have the meanings in the Guide currently in effect, as amended by previous Multiclass Participants Memoranda. The Guide can be found on the Ginnie Mae Website at https://www.ginniemae.gov/investors/multiclass_resources/Pages/multiclass-securities- guide.aspx​.

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

10/11/2023 - MPM 23-02
C RG eligible to be pooled in Platinum C SP and C JP Pool types

The purpose of this Multiclass Participants Memorandum is to inform interested participants that, effective with issuances on and after October 16, 2023, Platinum Participants may aggregate and commingle C RG pool types within Platinum Pool Types C SP (30-year) and C JP (15-year) to improve liquidity for C-RG securities.

The C RG Pool is a Ginnie Mae II custom pool that must be composed exclusively of Re-Performing Loans which are identified with Loan Purpose Code 5. Other than this Re-Performing Loan composition requirement, the parameters for a C RG Pool are identical to the pooling parameters applicable to Ginnie Mae II Custom Single Family (C SF) Pools. 

  • ​C RG 30yr will be eligible for Platinum C SP (30yr) 
  • C RG 15yr will be eligible for Platinum C JP (15yr)

The following chart shows the MBS eligible for inclusion in Platinum C SP (30yr) and C JP (15yr) pools.

​Platinum Pool Type
​Eligible MBS for Platinum Securities.
​C SP
​C SF, C SP, C RG Pools as collateral.
​C JP
​C SF, C JP, C RG Pools as collateral.


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

5/1/2023 - MPM 23-01
Selection of CME Term SOFR plus Spread Adjustment as Replacement Rate for all LIBOR Classes of Ginnie Mae Multiclass Securities Effective after June 30, 2023

In 2020, Ginnie Mae adopted recommendations of the Alternative Reference Rates Committee (ARRC) for fallback language for all LIBOR floating rate multiclass securities to address the pending cessation of LIBOR.1

The purpose of this Multiclass Participants Memorandum (MPM) is to inform interested participants in the Multiclass Securities Program that, in accordance with the previously adopted ARRC fallback language and the Adjustable Interest Rate (LIBOR) Act (LIBOR Act) passed by Congress in March 2022 (together with the regulations of the Federal Reserve Board of Governors promulgated thereunder), Ginnie Mae has selected CME Term SOFR as the reference rate for all LIBOR Classes outstanding after June 30, 2023.

All tenors of LIBOR for all LIBOR Classes will be replaced with the corresponding tenor of CME Term SOFR for calculations of the interest amount payable for all interest periods with determination dates occurring after June 30, 2023. The replacement rate and the calculation of the interest amount payable on such LIBOR Classes, for interest periods with determination dates occurring after June 30, 2023, will include the applicable tenor spread adjustment of 0.11448% per annum, 0.26161% per annum or 0.71513% per annum in the case of LIBOR Classes that reference one-month LIBOR, three-month LIBOR or twelve-month LIBOR, respectively, as specified in the LIBOR Act.

Any minimum or maximum interest rate applicable to any LIBOR Class will remain the same. Corresponding changes to any related pooling REMIC subaccounts will also be made.

For all capitalized but not defined terms used herein, refer to Ginnie Mae’s Multiclass Securities Guide currently in effect, as amended by previous Multiclass Participants Memoranda.

This MPM shall serve as notice to all applicable trustees of Ginnie Mae’s selection.

The Ginnie Mae Multiclass Securities Guide, including the Base Offering Circulars, can be found on the Ginnie Mae Website: https://www.ginniemae.gov/investors/multiclass_resources/Pages/multiclass-securities- guide.aspx​.

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

_______________________________________




9/20/2021 - MPM 21-01
Cessation of New LIBOR-Indexed Multiclass Securities

The purpose of this Multiclass Participants Memorandum (MPM) is to inform interested participants in the Multiclass Securities Program that, effective beginning with January 2022 transactions, Ginnie Mae will no longer permit the issuance of new Multiclass Securities that bear interest at a rate determined by reference to LIBOR unless such Multiclass Securities are (i) re-securitizations of existing LIBOR Classes that (ii) do not increase the total unpaid principal balance of outstanding LIBOR Classes. This restriction will not apply to Platinum Securities.

Capitalized terms used but not defined herein have the meanings in the Ginnie Mae Multiclass Securities Guide currently in effect, as amended by previous Multiclass Participants Memoranda.

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


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Last Modified: 9/28/2024 12:16 PM