WASHINGTON D.C.– Ginnie Mae announced the collection and incorporation of additional loan-level data elements in the Reporting and Feedback System (RFS) investor reporting process in an All Participants Memorandum (APM) 23-05 today.
The data elements provide additional information about the risk of collateral for Ginnie Mae mortgage-backed securities (MBS). This collection includes changes to loan Removal Reason Code definitions and the addition of Removal Reason Code 7: Special Assistance. These changes apply to single-family, multifamily, and manufactured housing MBS.
“Our changes to the RFS will increase transparency for our global investors by enhancing data flow with our Issuers,” said Sam Valverde, Ginnie Mae Principal Executive Vice President. “We look forward to coordinating with Issuers, service bureaus and other participants and providers throughout the testing period to further define specific testing roles, requirements and schedules.”
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.
Further information about Issuer testing requirements, schedules, processes and procedures will be provided in a subsequent APM.
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About Ginnie Mae Ginnie Mae is an entirely government-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae mortgage-backed security (MBS) programs directly support housing finance programs administered by the Federal Housing Administration, the U.S. Department of Veterans Affairs, the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States Government.
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