WASHINGTON, D.C. – Today, in the All Participants Memorandum (APM) 24-01, Ginnie Mae announced modernizations to its Manufactured Housing Mortgage-Backed Securities (MH MBS) program in an effort to expand program participation and support additional liquidity for borrowers for manufacture housing. These enhancements are part of a comprehensive program review that considers the evolving risk environment since the last major program update in 2010. The changes were announced today in a White House factsheet delineating Biden-Harris administration actions to boost housing supply and lower housing costs, which build on the U.S. Department of Housing and Urban Development’s Strategic Plan to enhance the role of manufactured housing in the United States.
Drawing from the results of the review and in partnership with the Federal Housing Administration’s (FHA) proposed Title 1 policy changes, Ginnie Mae is revising its issuer financial eligibility requirements in the Mortgage-Backed Securities Guide 5500.3 Rev-1 (MBS Guide) for both institutions seeking approval as Ginnie Mae Manufactured Housing Issuers (MH Applicants) and existing, approved Ginnie Mae MH issuers. These include revisions to the net worth and liquidity requirements that will go into effect on March 1, 2024, for MH applicants and on June 1, 2024, for existing MH issuers.
“Ginnie Mae plays a crucial role in supporting the financing of affordable housing supply, and manufactured housing is an important part of the solution,” said Ginnie Mae President Alanna McCargo in a statement released earlier today by the U.S. Department of Housing and Urban Development. “We’ve consulted the industry and worked closely with FHA to update and align our Title 1 eligibility requirements to support more financing in tandem with the vast improvements FHA is making to its program. Today’s announcement marks significant progress in expanding access to the secondary market for more Title I issuers and deploying more capital for manufactured housing lending going forward.”
Ginnie Mae monitors performance and assesses risk on an ongoing basis and reserves the right to revise the financial requirements at its sole discretion at any time.
For more information and resources regarding the new MH MBS requirements, please refer to
APM-24-01.
If you have any questions about the policy announced in this APM, please contact your Account Executive directly.
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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.