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| 12/11/2025 - APM 25-07 | | Ginnie Mae is implementing a new liquidation reporting requirement to collect timely information about collateral for Mortgage-Backed Securities (MBS) guaranteed by Ginnie Mae. Implementation timing will allow for Issuer development and testing and is described below.
Ginnie Mae will require Single Family Issuers to report loan liquidations as they occur throughout the month. To simplify implementation, the Liquidation Event Reporting (LER) will leverage the L Record of the Issuers Monthly Report of Pool and Loan Data (Appendix VI-19) to the Ginnie Mae Mortgage-Backed Securities Guide, 5500.1, REV-1 (MBS Guide). However, only the fields pertinent to liquidations are required. The LERs do not substitute for the liquidation data contained in the Issuers Monthly Report of Pool and Loan Data, Issuers are required to submit this data as they currently do when completing monthly reporting.
Testing is anticipated to begin later this month. Ginnie Mae will make training and testing announcements via upcoming modernization bulletins; and will announce implementation dates in a future APM.
LER requirements, including the file layouts, exception feedback, and submission method are located in a new Appendix VI-24 (Reporting and Feedback System (RFS) Issuer Report of Liquidation Event Data), and Chapter 17 of the MBS Guide, which are attached to this APM. LERs must be received by Ginnie Mae no later than 5:00 AM Eastern Time, the 1st business day following the liquidation event. Corrections can be submitted through and including the last day of the Issuer’s reporting period in which the loans are liquidated.
Chapter 17 of the MBS Guide applies to the Single Family, Multifamily and Manufactured Housing programs. However, LER, and Payment Default Status (PDS) apply solely to Single Family programs. Therefore, we have combined PDS and LER requirements in a new Part 7, with Parts 4 and 5 updated accordingly.
If you have any technical questions about this announcement, please contact Ginnie Mae’s centralized service desk at askGinnieMae@HUD.gov. For any other questions, please contact your Account Executive directly.
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| 12/8/2025 - APM 25-06 | | 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, 2026, 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 or the VA Funding Fee) 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
| $832,750
| $1,249,125
| 2
| $1,066,250
| $1,599,375
| 3
| $1,288,800
| $1,933,200
| 4
| $1,601,750
| $2,402,625
|
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.
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| 7/31/2025 - APM 25-05 | | Ginnie Mae currently allows Issuers to substitute a Lost Instrument Bond (LIB) for a lost, stolen, destroyed, or missing mortgage note for modified loans or New York Consolidation, Extension and Modification Agreement (CEMA) loans that are securitized into single-family mortgage-backed securities (MBS) pools for initial certification purposes. Ginnie Mae is extending this provision to include Re-Performing loans. Effective immediately, Ginnie Mae will allow Issuers to use an LIB that meets Ginnie Mae requirements as provided in Appendix V-01 (Document Custodian Manual Chapter 3) to the Ginnie Mae Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide) and Appendix I (Lost Instrument Bond with Limited Liability) to Appendix V-01 (Document Custodian Manual) to substitute for a lost mortgage note on reperforming loans.
Ginnie Mae has revised Appendix V-01 (Document Custodian Manual Chapter 3 to the MBS Guide to reflect that LIBs may substitute for lost mortgage notes on Re-Performing and Re-Performing modified loans at initial certification. Ginnie Mae has also added the term Lost Instrument Bond (LIB) to the MBS Guide Glossary. If you have any questions regarding this announcement, please contact your Account Executive or Mortgage Banking Analyst in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov. |
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| 6/23/2025 - APM 25-04 | | The publication of APM 23-05: “Additional Reporting and Feedback System (RFS) Loan Level Data Elements” updated the Request for Release of Documents (Form HUD-11708) Issuers use to request loan documents from their Document Custodians. The form was updated to add a reason code 7 - Special Assistance, so that loans liquidated pursuant to the Special Assistance programs in Chapter 34 of the Ginnie Mae Mortgage-Backed Securities Guide (MBS Guide) can be identified. However, when the MBS Guide was updated, App. V-01 - Document Custody Manual (DCM) and App. V-05 - Request for Release of Documents, were not included.
Ginnie Mae has revised App. V-05 and the links in the MBS guide as well as DCM to reflect the updated Form HUD-11708.
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.
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| 6/5/2025 - APM 25-03 | | In APM 25-02, Ginnie Mae announced a 10% limitation on buydown loans at the loan package level for loans pooled in the Multiple Issuer Pool (MIP) Single Family Pools (M SF). While this helps ensure compliance with the uniform practices described by The Securities Industry and Financial Markets Association (SIFMA), this limits pooling options for buydown loans. As such, Ginnie Mae is announcing additional flexibility in the Ginnie Mae II Custom Single Family Pools (C SF). Effective June 16, 2025, Ginnie Mae is removing the 10% limit on buydown loans in the C SF pool type.
Chapters 24 and 25 in the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“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 or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov. |
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| 5/1/2025 - APM 25-02 | | Ginnie Mae allows Issuers to issue and settle their multiple issuer loan packages throughout the month on a flow basis. While this provides Issuers flexibility, this means that trades have already settled prior to the finalization of the Multiple Issuer Pool (MIP). Recent market conditions have led to an increase in Buydown Loans. Effective May 19, 2025, to ensure the MIPs do not contain Buydown Loans at a rate greater than ten percent (10%) of the aggregate original principal balance of the MIP, Ginnie Mae is temporarily revising requirements to apply the ten percent (10%) limit at the loan package level.
Ginnie Mae’s guidance regarding Buydown Loans and High Balance Loans with respect to loan packages within the MIP (M SF) will be as follows:
- Buydown Loans may not exceed ten percent (10%) of the aggregate original principal balance of the loan package.
- High Balance Loans may not exceed ten percent (10%) of the aggregate original principal balance of the loan package.
- If a loan is both a Buydown Loan and a High Balance Loan, the loan will count against the ten percent (10%) limit of each requirement.
The above guidance related to loan packages with buydowns within the MIP (M SF), is anticipated to be in effect for approximately six to nine months. Additional guidance will be provided that will apply buydown limits to only non-standard buydowns, as described by The Securities Industry and Financial Markets Association (SIFMA).
Additionally, Ginnie Mae is correcting the eligibility requirements for buydown mortgage pools (C BD and X BD) to reflect that High Balance Loans are eligible collateral.
The applicable guidance in the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”) has been updated to reflect these changes. Changes were made to: Chapters 9, 24, and 25; appendices IV-04 (HUD 11717) and IV-20 (HUD 11717-II); and the Glossary. If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.
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| 3/24/2025 - APM 25-01 | | As a part of the broader effort to move all participants to a common single point of gateway entry, Ginnie Mae is announcing the migration of the pool collateral transfer and merger processes for transfers of Document Custodian responsibility. This migration of the pool collateral transfer and merger processes from GinnieNET to the Document Custodian Transfer Request application within MyGinnieMae will both streamline Issuer and Document Custodian workflows as well as provide enhanced functionality. The functionality enhancements include:
- Validation of the Pool collateral before submitting transfer/merger requests.
- User friendly “Type of Transfers Labeling” for Issuers to choose from.
- Listing of valid pools for Document Custodians to select for transfer/merger actions.
- Acknowledgment from the Issuer before transfer/merger requests are submitted.
- Enforcing Document Custodian approval response time window.
- Enhanced Issuer Profile Reporting to allow filtered reporting by Document Custodian.
The migration to MyGinnieMae will be effective April 14, 2025. Mortgage-Backed Securities Guide, 5500.3, Rev-1 (MBS Guide) Chapter 21, Appendix III-4 (Form HUD 11715) and Appendix V-01 (Document Custody Manual Chapter 7) have been updated accordingly to reflect the above noted process migration to MyGinnieMae. Detailed information and training materials will be available on the following Ginnie Mae websites:
Ginnie Mae Modernization Initiatives:
Ginnie Mae Modernization Bulletins:
If you have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov. |
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| 12/26/2024 - APM 24-15 | | Issuers are required to maintain a Fidelity Bond and mortgagee Errors and Omissions (E&O) insurance that meets or exceeds the minimum coverage amounts described in the Ginnie Mae Mortgage-Backed Securities Guide, Rev-1 (MBS Guide), Chapter 2, Part 7.
Effective Immediately Ginnie Mae will allow Issuers to request an extension of up to 60 days to submit their policies. Issuers must request the extension through the insurance module of Ginnie Mae Central (GMC), at least 15 days prior to the due date as specified in Appendix VI-20 of the MBS Guide.
Ginnie Mae has revised Chapter 3, Part 6, § A and Appendix VI-20 of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) to reflect these changes.
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.
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| 12/5/2024 - APM 24-14 | | 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, 2025, 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
| $806,500 | $1,209,750 | 2
| $1,032,650 | $1,548,975 | 3
| $1,248,150 | $1,872,225
| 4
| $1,551,250
| $2,326,875
|
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.
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| 12/4/2024 - APM 24-13 | | In APM 23-03, Ginnie Mae revised pooling eligibility requirements for Re-Performing Loans allowing them to be pooled into Multiple Issuer Single Family Pools (M SF). Ginnie Mae is expanding this change to enable Re-Performing High Balance Loans to be pooled in Multiple Issuer High Balance Loan (M JM) pools.
Effective with pools submitted December 4, 2024, and thereafter, High Balance Re-Performing Loans may be securitized in M JM pools only if: (1) The borrower has made Timely Payments for the three (3) months immediately preceding the issuance month associated with the MBS, and (2) The Issue Date of the MBS is at least 120 days from the last date the loan was delinquent.
High Balance Re-Performing Loans must also meet all other applicable pooling parameters.
Re-Performing loans meeting the revised seasoning requirement announced above will be eligible for delivery through Ginnie Mae’s electronic pooling application as collateral for the C RG, M SF, and M JM pool types. Additionally, when submitting an M JM loan package that contains Re-Performing Loans in Ginnie Mae’s electronic pooling application, Issuers will be required to complete the Re-Performing Loan attestation that is currently executed for C RG and M SF submissions.
Re-Performing Loans still may not be substituted for defective loans.
Chapter 18, Part 3 §B(6) and Appendix IV-20 of the Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) have been amended in accordance with this memorandum. If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.
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