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How to Become a Document Custodian

Document custodians play an important role​ in the Ginnie Mae process.

A document custodian must hold documents related to the pooled mortgages on Ginnie Mae's behalf for the life of the pool or loan package. Prior to submission of a pool or loan package for processing, it is the Issuer's responsibility to select an eligible institution to serve as document custodian.

Appendix V of the Ginnie Mae MBS Guidearrow contains eligibility requirement information for document custodians.

The document custodian works directly under the Issuer. While an Issuer may use different document custodians for different pools or loan packages, each pool or loan package must have only one document custodian.

If you are a document custodian and you have questions, please send an e-mail to GinnieMaeDocCustody@HUD.gov.

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‭(Hidden)‬ Eligibility Requirements
​​Document custodians must:

  • Be a financial institution regulated by one of the following:

    • Federal Deposit Insurance Corporation
    • the Federal Reserve System
    • the Office of the Comptroller of the Currency of the United States
    • the National Credit Union Administration or a Federal Home Loan Bank

  • Maintain physically secure, minimum 2 hour fire resistant, storage facilities;

  • Employ personnel knowledgeable in the handling of mortgage documents and about the roles mortgage document custodians play;​

  • Meet minimum Ginnie Mae financial requirements;

  • Maintain minimum insurance coverage requirements;

  • Establish and follow written procedures relating to its responsibilities as document custodian; and, 

  • Maintain a written disaster recovery plan

  • Maintain a quality control plan

  • If a GSE approved document custodian, remain in good standing with the GSE(s);

  • Possess Fiduciary Powers;

  • Be Physically separate from the mortgage origination, selling, or servicing entity for which the custodian provides custodial functions; and,

  • Comply with other requirements as needed.

‭(Hidden)‬ Document Custodian Responsibilities
​​The custodian must enter into a Master Custodial Agreementarrow with each Issuer for which it serves as document custodian. Renewal Master Agreements must be submitted by January 1 every year to the Pool Processing Agent (PPA) – the institution that reviews pool and loan package document submissions prior to the issuance of Ginnie Mae securities. The PPA also maintains records of final certifications.

The document custodian certifies the complete and accurate representation of the documents within its control.

Under the terms of the Master Custodial Agreement, documents may be released to the Issuer from time to time in connection with servicing. Only the Issuer may request the release of documents. Issuers are authorized to request documents from the document custodian only if they are necessary in carrying out servicing actions. Ginnie Mae must approve bulk releases of documents for an entire pool or loan package.

Any routine reviews of custodial documents by the Issuer's auditors or staff must be conducted on the premises of the document custodian.

The document custodian must maintain control of loan documents for the life of the pool or loan package.

For more detailed information on a document custodian's roles and responsibilities, or on becoming a document custodian, please refer to theFor more detailed information on a document custodian's roles and responsibilities, or on becoming a document custodian, please refer to the Ginnie Mae MBS Guidearrow.

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Last Modified: 10/13/2020 6:41 PM