To provide additional accuracy and insight into the loan collateral in Ginnie Mae Mortgage-Backed Securities (“MBS”), Ginnie Mae is implementing the collection of additional loan-level data elements to be incorporated as part of the Reporting and Feedback System (RFS) investor reporting process. Included with the additional data elements are changes to loan removal reason code definitions and the addition of a new reason code 7 “Special Assistance”, more information about which can be found in the revised Appendix VI-19 of the MBS Guide 5500.3, Rev-1 (“MBS Guide”).
The purpose of this Memorandum is to provide information necessary for Issuers and other industry participants to coordinate with Ginnie Mae and plan accordingly. These changes will apply to Single Family, Multifamily and Manufactured Housing MBS.
Ginnie Mae anticipates a staged implementation and is targeting a full implementation by the second calendar quarter 2024. To allow adequate time for Issuers, service bureaus and technology partners, Ginnie Mae has established a window for testing that will commence the third calendar quarter 2023 and continue through the first calendar quarter 2024.
Issuers who use proprietary “in house” monthly reporting software, or a custom configuration of a service bureau’s monthly reporting file are required to successfully complete test file submissions prior to implementation. Additionally, service bureaus or other providers of monthly reporting software are required to successfully complete test file submissions. Issuers who utilize service bureaus or other providers of monthly reporting software are not required to test those files themselves. Issuers who desire to test regardless of other considerations will be accommodated.
Ginnie Mae will coordinate with Issuers, service bureaus, sub-servicers, and other participants/providers to further define specific testing roles, requirements, and schedules. Because of the number of organizations and variables involved, and after consultation with Issuers and technology providers, further information about Issuer testing requirements, schedules, processes, and procedures will be provided via an APM at a later date.
Changes to the Loan Record and Various Record are summarized in the table below and further details can be found in the revised Appendix VI-19 of the MBS Guide.
L - Loan Record
Field #
| Element Name
| Definition/Remarks
|
25
| Removal Reason Code
| Existing Element new Reason Code 7 = Special Assistance.
Removal Reason Code 7 applies to Special Assistance Programs announced by Ginnie Mae pursuant to Chapter 34 of the MBS Guide. Removal Reason Code 7 is not applicable to any Multifamily loan types.
Revised Reason Code 2 from Repurchase of Delinquent Loan to
Buyout of Delinquent Loan
Revised Reason Code 3 from Foreclosure with Claim Payment to Foreclosure with or without Claim Payment
Revised Reason Code 6 from Other to Other
Removal |
30
| Schedule UPB
| The dollar amount of the current Unpaid Principal Balance of the loan amortized through the month following the current reporting period.
|
31
| Scheduled Monthly Principal Amount
| The calculated scheduled (per the amortization schedule) monthly principal amount for the mortgage as of the end of the reporting period.
|
32
| Scheduled Monthly Interest Amount
| The calculated scheduled (per the amortization schedule) monthly interest amount for the mortgage as of the end of the reporting period.
|
33
| Gross Service Fee Amount Collected
| The dollar amount of servicing fee collected on the mortgage, for the reporting period.
|
34
| Actual Payment Date
| The actual date the last scheduled payment was received (the posting date for the scheduled installment).
|
35
| Curtailment Principal Code
| A code indicating the type of curtailment reported.
|
36
| ARM Prospective Interest P&I
| The new "to be" interest rate of the ARM loan.
|
37
| ARM Prospective Monthly P&I
| The new "to be" monthly P&I payment amount of the ARM loan.
|
V - Various Record
Context. Field #
| Element Name
| Definition/Remarks
|
26
| Servicer/Subservicer ID
| The organization actually servicing the mortgage. The Issuer ID of the servicer/subservicer servicing the loan.
|
27
| Document Custodian
| The Document Custodian ID for the document custodian of the mortgage. Ginnie Mae Document Custodian ID.
|
In addition, the removal reason codes in the HUD-11708 form (Request for Release of Documents) will be aligned with the removal reason codes in the revised Appendix VI-19. The exact effective date for the Appendix VI-19 and the HUD-11708 form will be provided in a future APM.
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.