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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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12/9/2021 - APM 21-09
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 3, 2022, 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: ​

​Maximum Loan Amounts (Net of any financed MIP or Guaranty Fee)​
​ ​
​​
​Units
​Contiguous 48 States, District of Columbia, American Samoa, and Puerto Rico
Alaska, Hawaii, Guam, and the U.S. Virgin Islands
​1
​$647,200
​$970,800
​2
​$828,700
​$1,243,050
​3​
​$1,001,650
​$1,502,475
​4
​$1,244,850
​$1,867,275

Additional information on conforming loan limits for the Commonwealth of the Northern Mariana Islands may be obtained directly from FHFA. 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, HUD Handbook 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 directly or at (202) 708-1535.

11/23/2021 - APM 21-08

Due to the continuing impact of the COVID-19 Pandemic National Emergency, Ginnie Mae will extend use of alternative audit procedures originally announced in APM 20-14: “Alternative Procedures Permitted for Certain Aspects of Issuer Annual Audit Report for Fiscal Year 2020”​ for Issuers with a fiscal year ending on or before March 31, 2022 as follows:

Chapter 3 Part 7 § A of the Mortgage-Backed Securities Guide (MBS Guide) requires Issuers to obtain and submit annual audited financial statements and Audit Reports, prepared by an independent auditor, in accordance with Chapter 6 of the HUD Audit Guide, which requires auditors to review the processes and controls of document custodian(s) associated with the Issuer. Ginnie Mae recognizes that, due to the COVID-19 National Emergency, independent auditors may not be able to perform certain document custodian review audit activities for the fiscal year ending on or before March 31, 2022 that require physical inspection and observation.

Ginnie Mae will accept audited financial statements and Audit Reports for Issuers with a fiscal year ending on or before March 31, 2022, where the independent auditor relied on alternative procedures to meet the Issuer’s document custodian annual audited financial statement and Audit Report review objectives requiring physical inspect and observation in lieu of the procedures outlined in the HUD Audit Guide.

Issuers must ensure that the audited financial statement and Audit Report documentation submitted to Ginnie Mae details the condition necessitating the use of an alternative procedure, a description of the alternative procedure used, and the independent auditor’s rationale outlining how the alternative procedures met the original objective of the document custodian review audit.

This APM does not in any way change components of an Issuer’s audited financial statements to be performed by an independent auditor with a fiscal year ending on or before March 31, 2022, nor does it alter any other requirements not expressly addressed by this memorandum. Chapter 3 of the MBS Guide has been modified to incorporate the provisions of this memorandum.

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

11/15/2021 - APM 21-07

In consideration of the impact of the COVID-19 pandemic and associated insuring agency guidelines for mortgage servicing, Ginnie Mae understands that certain features of the Digital Collateral Program, namely the ability to use electronic signatures and to adopt remote online notarizations, are flexibilities that would benefit all Issuers and borrowers in the government-backed mortgage segment. Therefore, effective with the publication of this APM, Ginnie Mae hereby permits the use of electronic signatures and remote online notarization for loan modification agreements on “paper” mortgages. Requirements for modifications of eMortgages or eNotes will be addressed in a separate APM.

Effective immediately, all approved Ginnie Mae Issuers are permitted to use electronic signatures when executing loan modification agreements provided that: 

​1) The promissory note is a paper promissory note bearing a wet signature;

2) The electronically signed loan modification agreement complies with the recording jurisdiction's recordation requirements; and

​3) The eClosing platform or other system(s) the Issuer uses to obtain and maintain borrowers’ electronic signatures on the loan modification agreement must:

    • Clearly support the verification of the Borrower’s identity;
    • Clearly identify the symbol or process used as an electronic signature by the borrower and the purpose of the electronic signature;
    • Present the loan modification agreement in compliance with all applicable state and federal requirements concerning the content, display, and format of information and retention (as required for paper records);
    • Clearly identify the loan modification agreement as the electronic record being presented for electronic signature;
    • Capture clear evidence that is compliant with all applicable state and federal requirements (including ESIGN) of the borrower’s agreement to receive electronic records and the borrower’s intent to adopt the electronic signature and to electronically sign the loan modification agreement and other electronic records as applicable, and maintain a record of such agreement;
    • Attach the electronic signature to, or associate the electronic signature with, the loan modification agreement and any other electronic records associated with the loan modification executed by the borrower; • Attribute the electronic signature to the applicable borrower;
    • Include the borrower’s printed name in a visible and legible manner on the loan modification agreement; • Include a date and time stamp on the loan modification indicating when the borrower executed the loan modification agreement;
    • Track and log actions related to the creation and signing of the loan modification agreement;
    • Provide reasonable evidence that loan modification agreements created and maintained by the system are not (and have not been) subject to unauthorized access or alteration;
    • Be capable of accurately reproducing the fonts, styling, margins, and other physical features of the loan modification agreement when electronically displayed and printed post-execution and as required by state and/or federal law; and
    • In all other ways ensure that the document produced is in compliance with insuring agency guidelines and Ginnie Mae’ s guidance on Loan Modifications.

​​4) The electronically signed loan modification agreement is delivered to the Document Custodian in hard copy or delivered via electronic transmission with the express consent of the Document Custodian, bearing evidence of recordation, including information relating to the date and time of recordation. If a Document Custodian accepts an electronic copy in lieu of the hard copy, the Custodian is responsible for producing and placing a hard copy of the Loan Modification Agreement in the pool and loan file. If the Modification Agreement is delivered via electronic submission, it may be delivered as a MISMO Category 1, 2 or 4 Version 1.02 SmartDoc document or Portable Document Format (PDF) document.

Remote Online Notarization (RON)

Ginnie Mae is also permitting the use of Remote Online Notarization (RON) for notarizations associated with Loan Modification Agreements subject to the Notarization Requirements outlined in Section 3250.00 of the Digital Collateral Program Guide, Appendix V-07 of the MBS Guide (eGuid​e).

Please note that the securitization of mortgages where the promissory note is an eNote is reserved for participants in the Digital Collateral program only (approved specifically as eIssuers). This memorandum does not permit Issuers that have not been approved as eIssuers to securitize or deliver for securitization by Ginnie Mae mortgages where the Promissory Note is an eNote. All other loan and pool certification requirements not expressly addressed by this memorandum remain unchanged.

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

10/29/2021 - APM 21-06

In APM 19-05, Ginnie Mae announced revisions to its seasoning requirements for VA refinance loans to implement the Protecting Affordable Mortgages for Veterans Act of 2019.

The requirements as implemented in the APM and the MBS Guide impose a seasoning test on refinances of VA loans that have been modified. However, Ginnie Mae is aware that there is some confusion among program participants regarding requirements in Chapter 24 of the MBS Guide and APM 19-05.

Below are the key points in the Guide’s treatment of the intersection of modifications and seasoning:

  • Pooling of Modified loans

Modified Loans are defined in the MBS Guide, and for the purposes of securitization are their own loan type. At pooling, Modified Loans are considered new loans and the modified terms are the basis under which the loans were pooled. In accordance with Chapter 24, Part 2, section (A)(2), Modified VA Loans are not subject to the Chapter 24, Part 2, Section A(3)(d)(i) and (ii) seasoning requirements. The exemption from the seasoning requirement applies only when the loan being pooled is the Modified VA Loan.

  • Pooling of Refinances of Modified VA Loans

Loans that refinance a Modified Loan are subject to the above referenced seasoning requirements. Since the modified loan that is being refinanced is considered a new loan based on the modified terms, the modified loan must be seasoned before it can be refinanced and pooled into Ginnie Mae MBS.

To bring clarity to the requirements in the MBS Guide, Ginnie Mae is defining the term “Refinance of a Modified Loan”, and moving the modification reference in Chapter 24, Part 2, Section A(3)(d)—Refinance Loans to Chapter 24, Part 2, Section A(2)—Special Requirements for Modified FHA-insured, VA and RD Guaranteed Loans.

The definition of “Refinance of a Modified Loan”, and the related requirement for seasoning are being added to Chapter 24, Part 2, section A(3)(d).

The definition of a “Modified Loan” is being updated in Chapter 24, Part 2 section A (2) and added to the Glossary to clarify that Ginnie Mae views a Modified Loan as a new loan, and the modified terms under which it is pooled are used to determine compliance with the seasoning requirements in the event the Modified Loan is refinanced. Additionally, Ginnie Mae is removing language in Chapter 24, section A(2)(c) permitting the loan modification date to be used as the origination date for pooling. In accordance with Appendix III-07 to this guide, the Loan Origination Date should be the Note date, or date the loan was originated.

Recognizing that some adjustment of origination procedures may be necessary to ensure compliance with these definitions, Ginnie Mae is implementing an effective date of January 1, 2022 for the these Guide changes.

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

10/29/2021 - APM 21-05

Ginnie Mae is announcing the creation of a new Single Family, fixed rate MBS pool type to provide for securitization of modified loans with terms greater than or equal to 361 but not more than 480 months from the pool issuance date. The new Extended Term (ET) pool is available for pool issuance in December 2021. C ET Pool Parameters

The C ET Pool is a Ginnie Mae II program custom pool that must be comprised exclusively of loans modified pursuant to the insuring or guaranteeing agency’s requirements and that have terms greater than or equal to 361 but not more than 480 months from the pool issuance date. Ginnie Mae is defining these loans as “Extended Remaining Term Modified Loans” in order to differentiate such modified loans from those eligible for Ginnie Mae II Multiple Issuer Pools (MIP).

Extended Remaining Term Modified Loans must meet the requirements for this specific pool type as well as the applicable eligibility requirements in Chapter 9 of the MBS Guide, which is being revised to reflect this new pool type.

Loan amounts for this custom Pool type shall not be limited at pooling, pursuant to Ginnie Mae’s existing requirements. Each C ET pool must have a minimum of one loan and an original principal balance of at least $25,000. Only Extended Remaining Term Modified Loans are eligible for securitization into C ET pools and the Extended Remaining Term Modified Loans are limited to securitization in C ET pools.

Loan and Pool Data Delivery Requirements for C ET Pool

C ET pools must be submitted electronically through GinnieNET. Hard copy submissions will not be accepted by the Pool Processing Agent. Issuers that import loan data into GinnieNET must ensure that their file layout supports inserting “ET” into the file layout position designated for the Pool Type. Only Loan Purpose Code 3--“Mod-HAMP” or 4--“Mod-Non-HAMP” may be associated with each loan in a C ET pool.

When completing form HUD 11705, all Issuers must check the box displaying the following attestation:

“With respect to each mortgage loan, all modifications of the mortgage loan after the origination of such mortgage loan must be occasioned by default or reasonably foreseeable default on such mortgage loan within the meaning of Treasury Regulations section 1.860G-2(b)(3)(i).”

GinnieNET will accept submission of C ET pools beginning in December 2021.

Issuers may refer any questions relating to the requisite GinnieNET file layout to the Ginnie Mae helpdesk at 1-833-GNMA HELP or by contacting ginniemae1@bnymellon.com.

Consistent with this memorandum, Ginnie Mae is updating Chapter 1, Chapter 9, Chapter 10, Chapter 12, Chapter 18, Chapter 24, Appendix III-06, Appendix IV-20, Appendix IV-25, Appendix IV-27, Appendix V-01 (DCM Glossary), and the MBS Guide Glossary. All MBS Guide updates are effective immediately.

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

9/13/2021 - APM 21-04

Due to the continuing impact of the COVID-19 Pandemic National Emergency on forbearance levels and delinquency rates, Ginnie Mae is further extending the exemptions that were announced in the APM 20-06: "Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19", extended in the APM 20-17: “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement​” and re-extended in the APM 21-01: “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement​” from January 31, 2022 through July 31, 2022 (June 2022 investor reporting).

Ginnie Mae will continue to exclude any delinquencies occurring on or after April 2020 for the purposes of enforcing the provisions in Ch. 18, Part 3, §§ C & D. Ginnie Mae will provide this exclusion automatically through July 31, 2022 to Issuers that were compliant with Ginnie Mae’s delinquency rate thresholds as demonstrated by their April 2020 investor accounting report, reflecting March 2020 servicing data. Issuers do not need to change any aspect of their monthly report to benefit from this exclusion and must continue to report loans in forbearance as delinquent in accordance with established procedures.

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

7/28/2021 - APM 21-03

Periodically, Ginnie Mae implements minor updates to the MBS Guide, 5500.3, Rev-1 to ensure that its policies are clearly and accurately reflected and to notify Issuers about upcoming operational changes. Please note the following announcements.

Aligning the MBS Guide with the changes announced in APM 18-06

In APM 18-06 Ginnie Mae updated the Fidelity Bond and Errors and Omissions (E&O) insurance policy requirements in Chapter 2 of the MBS Guide. More specifically, APM 18-06 updated Chapter 2, Part 7, Section B, eliminated the Loss Payable Endorsement clause, revised Ginnie Mae’s coverage and deductible requirements, and introduced a requirement that Issuers forward to Ginnie Mae a copy of their full Fidelity Bond and E&O insurance policy via the Independent Public Accountant (IPA) module within MyGinnieMae (MGM).

This APM removed Chapter 2, Part 7, Section B(3) of the MBS Guide because the language in it was made obsolete by APM 18-06. The former subsections B(4), B(5), and B(6) have become subsections B(3), B(4), and B(5) after this change.

Ginnie Mae also modified Chapter 3, Part 6, Section A(1), Part 13, Sections B(1) and C(1), and Part 14, as well as Chapter 7, Part 4, Section A(7) of the MBS Guide to reflect the changes announced in APM 18-06.

Other Changes

Appendix V-2 (Attestations of RPB for Loans Past Due for Final Certification) of the MBS Guide stated that Issuers with pools or loan packages that are past due for final certification and exceed the applicable threshold described in Chapter 11, Part 9, Section A must identify the pools and loans that are preventing final certification to determine the amount of the letter of credit that will be required from the Issuer. In Appendix V-2, the Original Principal Balance was used to determine the amount of the Letter of Credit that will be required from the Issuer; however best practices in the marketplace call for the Remaining Principal Balance to be used. Effective immediately, Ginnie Mae hereby changes “Original Principal Balance” to “Remaining Principal Balance” everywhere it appears Appendix V-2.

Ginnie Mae removed the reference to OMB from Appendix VI-8 (Excess Funds Agreement) because that form does not require a clearance from OMB.

Ginnie Mae modified Appendix III-27 (GNMA II Guaranty Agreement HMBS), Section 1.05(aa) in order to align it with the changes announced in APM 19-07. It now reads:

“Reporting Cutoff Date: With respect to a payment date for the Securities, HMBS Issuers must establish the last business day of the month as the monthly reporting cut-off date to ensure consistency across all HMBS program participants and with the provisions of the HMBS Investor Reporting Manual.”

Appendix III-29 correctly stated on the first page that Ginnie Mae requires a minimum of three Organization Administrators for each Issuer, as announced via APM 20-11. Page 2 of Appendix III-29 incorrectly stated that the minimum amount of Organization Administrators is two while three or more are recommended. A correction was made on page 2 of Appendix III-29 accordingly to consistently reflect that Ginnie Mae requires a minimum of three Organization Administrators, and encourages Issuers to have more than the minimum as a safeguard against operational challenges.

Chapter 11, Part 9, Sections A and B and Appendix V-3 (Attestations of RPB for Loans Past Due for Recertification) of the MBS Guide contained erroneous references to Chapter 11, Part 6, Section B. These have been replaced with the correct ones, which point to Chapter 11, Part 9, Sections A and B, respectively.

Appendix V-3 contained an erroneous reference to the Original Principal Balance in the table on page 2 of the document, which was changed to refer to the Remaining Principal Balance.

The language used in Chapter 2, Part 6(2)(c) of the MBS Guide to list the staff requirements for all applicants was changed from “government loan servicing, payment processing” to “government loan servicing, including payment processing.”

Chapter 2, Part 6(3)(a)(ii) was modified from “g. Claims processing (FHA/VA)” to “g. Claims processing (FHA/VA/RD/PIH).”

Chapter 2, Part 6(3)(b) was also updated in several areas to clarify that the section is referring to Multifamily originations.

Ginnie Mae remediated a gap in the MBS Guide by updating Chapter 3, Part 2 and Part 7, Section A(5) to explicitly state that in addition to FHA approval, issuers must also maintain VA, RD, and PIH approval (as applicable). While all issuers are required to be FHA approved, Issuers with VA, RD, and PIH loans in their portfolios are also required to be VA, RD, and PIH approved, respectively.

The table in Chapter 11, Part 9, Section A(1)(c) contained a typing error referring to 50% instead of 5%. The error was fixed.

The second paragraph in Chapter 14, Part 2 of the MBS Guide was updated because it was truncated. It now reads:

“No Issuer or subcontract servicer may, without the written permission of Ginnie Mae, remove a loan, whether pursuant to a substitution or otherwise, from a pool or loan package or reduce a balance on a pooled loan for any reason not specifically authorized in the applicable Guaranty Agreement or in this Guide.”

Chapter 10, Part 2, Section B, Chapter 24, Part 2, Section A(4) and Part 3, Section A, Chapter 25, Part 3, Section A, Chapter 26, Part 3, Section A, Chapter 27, Part 3, Section A, Chapter 28, Part 3, Section A, Chapter 29, Part 3, Section A, and Chapter 30, Part 4, Section A of the MBS Guide contained an erroneous reference to Chapter 13, Part 4. It was replaced with the correct one, which is to Chapter 13, Part 7.

The incorrect numbering of the subsections in Chapter 35, Part 6, Section J of the MBS Guide was corrected.

Updated Summary of Addresses

Ginnie Mae has also updated its Summary of Addresses to ensure participants have the most up to date contact information for Ginnie Mae and its agents.

7/7/2021 - APM 21-02

Due to the continuing impact of the COVID-19 Pandemic National Emergency, Ginnie Mae will continue the temporary measure allowing for the electronic execution and transmission of form HUD 11711A (Release of Security Interest) and form HUD 11711B (Certification and Agreement) in order to minimize potential market disruptions, as originally announced in the APM 20-01.  

Issuers are reminded that the electronic signature utilized on the 11711A/B must, in all cases, be performed, affixed or reflected as to allow a person reading the form to identify the name, title, and business name of the signor. The electronic signature may not be an audio recording, a video recording, or comprised exclusively of biometric data.

Any forms HUD 11711A and HUD 11711B signed electronically may also be transmitted electronically between interim lenders, Issuers, and Document Custodians provided that they are maintained in PDF format and that the Document Custodian is able to reproduce a printout of those PDF files to be included in the relevant physical pool file or upon Ginnie Mae's request. Issuers must ensure that the Document Custodian is able to receive and reproduce the electronic forms before transmitting them for the Initial Certification review.

As it has been one year since the guidance in APM 20-01 was originally issued, Document Custodians are notified that they may use the electronically signed 11711 forms to complete Final Certification, when the forms meet the standards directed above.

Continuation of this temporary measure does not constitute a revocation of the Document Custody Manual Appendix III-05 of Ginnie Mae's MBS Guide 5500.3 Rev. 1 stipulating that the original form HUD 11711A must include the wet signature and title of individual signing on behalf of interim lender to meet Initial Certification requirements, and that the form HUD 11711B must include the wet signature of an officer of the Issuer authorized under the form HUD 11702 (Appendix I-2). Ginnie Mae continues to reserve the right to require wet signatures for the affected loans, and will provide additional guidance on this topic when the crisis related to COVID-19 has been mitigated or it otherwise deems appropriate.   ​

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


3/31/2021 - APM 21-01

Due to the continuing impact of the COVID-19 Pandemic National Emergency on forbearance levels and delinquency rates, Ginnie Mae is further extending the exemptions that were announced in the APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19" and extended in the APM 20-17: “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement” from July 31, 2021 through January 31, 2022 (December 2021 investor reporting).

Ginnie Mae will continue to exclude any delinquencies occurring on or after April 2020 for the purposes of enforcing the provisions in Ch. 18, Part 3, §§ C & D. Ginnie Mae will provide this exclusion automatically through January 31, 2022 to Issuers that were compliant with Ginnie Mae’s delinquency rate thresholds as demonstrated by their April 2020 investor accounting report, reflecting March 2020 servicing data. Issuers do not need to change any aspect of their monthly report to benefit from this exclusion and must continue to report loans in forbearance as delinquent in accordance with established procedures.

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

12/31/2020 - APM 20-20

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 issuances on or after January 1, 2021, 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:

Maximum Loan Amounts (net of any financed MIP or Guaranty Fee)​ ​ ​
​ ​ ​
​Units ​Contiguous 48 States, District of Columbia, American Samoa, and Puerto Rico ​Alaska, Hawaii, Guam, and the U.S. Virgin Islands
1​​ ​$548,250 ​$822,375
​2​ ​$702,000 ​$1,053,000
​3 ​$848,500 ​$1,272,750
​4 ​$1,054,500 ​$1,581,750
 

Additional information on conforming loan limits for the Commonwealth of the Northern Mariana Islands may be obtained directly from FHFA. 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, HUD Handbook 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 directly or at (202) 708-1535.

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