Document Custodian Responsibilities
The custodian must enter into a Master Custodial Agreement 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 the Ginnie Mae MBS Guide.