In December 2013, Ginnie Mae successfully deployed three new systems to automate the processes for Issuers to obtain commitment authority, obtain pool numbers, and manage Master Agreements. Today, Ginnie Mae is pleased to announce the implementation of a fourth component of our modernized securities platform, an automated Pool Transfer System (PTS). The new PTS will streamline the process for Transfers of Issuer Responsibility by allowing Issuers to submit and accept transfer requests through the Ginnie Mae Enterprise Portal (GMEP).
Policy
Effective immediately, Issuers must use PTS to submit Transfers of Issuer Responsibility requests. Accordingly, Issuers will no longer submit paper transfer requests, diskette(s), or wire the transfer fee. PTS will confirm with the Master Agreement Management System (MAMS) that the required Master Agreements are complete in MAMS, allow for the pool information to be imported, and facilitate payment of the transfer fee by ACH Debit. The Assignment Agreement will be executed electronically by the Issuers at the time the request is submitted and accepted in PTS. This is similar to the existing process for pools issued for immediate transfer (PIIT pools), where the Assignment Agreement transfer is executed electronically by the Issuers at the issuance and acceptance of the PIIT pool in GinnieNET.
For Transfers of Issuer Responsibility involving Single Family pools, including those resulting from mergers, Transferor (Selling) Issuers must notify their Ginnie Mae Account Executives at least 90 days prior to the date that the Transferee (Buying) Issuers will become responsible for the monthly accounting and RPB reporting on the pools (the Effective Reporting Date). For transfers involving Multifamily pools, Transferor Issuers must notify their Account Executive at least 30 days prior to the Effective Reporting Date. Account Executives will then assist Issuers as needed in the submission of pool transfer requests in PTS pursuant to the Guide.
The Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev.1 (“Guide”) has been updated to reflect the new automated Pool Transfer System requirements. Copies of the revised Chapters 3, 6, and 21, and Glossary are attached. Appendix VIII-4 is being retired and reserved. In addition, Ginnie Mae has amended Chapter 10 to conform the Guide language re PIIT to conform with the new Chapter 21 language.
For additional assistance with pool transfers, Issuers should contact their Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management at (202) 708-1535. |