WASHINGTON, D.C. – Ginnie Mae announced today, in two All Participants Memoranda (APM), that it is extending certain delinquency reporting exemptions for issuers and permitting the use of alternative audit procedures. Details regarding the extension of these temporary measures related to delinquency thresholds and audit policy can be found in APM 23-01, and APM 23-02 respectively.

“Ginnie Mae is continuously engaged with Issuers to ensure that our policies support operational efficiency and promote working effectively with borrowers on loss mitigation efforts,” said Ginnie Mae Principal Executive Vice President Sam Valverde. “These extended flexibilities are an appropriate response to the lingering effects of the pandemic on Issuer operations.”

APM 23-01 recognizes COVID-19 continues to impact Issuers’ independent auditors’ ability to perform certain on-site document custodian review audit activities, requiring physical inspection and observation. The temporary flexibilities extended in APM 23-01 allow alternative audit procedures for Issuers with a fiscal year ending on or before June 30, 2023.

APM 23-02 extends the delinquency reporting exemptions for six months which is the timeframe provided in previous APMs. Whether additional extensions of the exemptions are warranted will be considered and announced later this year.

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About Ginnie Mae

Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.