Ginnie Mae leverages monthly data reported by Issuers into the Reporting and Feedback System (RFS) to conduct risk management, Issuer oversight activities and enhance Investor disclosures. One of the current RFS data items collected is Last Installment Paid Date which is utilized to classify loan status as current or in default. However the current RFS loan level reporting does not include visibility into why a loan may be in default, or what actions are being taken to resolve the default.
The purpose of this Memorandum is to announce the Single Family Monthly Payment Default Status Loan Level Reporting (PDS) dataset. PDS will include information on why a loan may be in default, any mitigation actions that may have been taken and timing of those actions. The collection of the PDS, including reporting and correction deadlines, as well as technical guidance and reporting layout specifications will be incorporated as part of the Reporting and Feedback System (RFS) reporting process in Chapter 17, Part 4 §B, and Appendix VI-22 of the Mortgage-Backed Securities Guide, 5500.3, Rev-1 (MBS Guide). PDS submissions will be required beginning December 1, 2024 for the November reporting period.
Testing will begin in the second calendar quarter 2024. Detailed information regarding testing and implementation schedules, testing procedures, and training materials can be found on the Modernization Initiatives page on Ginnie Mae’s website at
https://www.ginniemae.gov/issuers/issuer_training/Pages/modernization.aspx
PDS reporting requirements pertain to Single Family only. Multifamily and HMBS Issuers are not required to report PDS data. Attached to this memorandum are the revised Chapter 17, and Appendix VI-22 of the MBS Guide. The Chapter and Appendix will be officially incorporated into the MBS Guide on the above effective date.
If you have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.
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