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All Participant Memorandum (APM)

APM 14-10: Periodic MBS Guide Maintenance
Published Date: 7/10/2014

Periodically, it is necessary for Ginnie Mae to make minor changes and/or corrections to the Mortgage Backed Securities Guide 5500.3, Rev. 1 (MBS Guide) to ensure Ginnie Mae policies are clearly and accurately reflected. These changes do not materially alter policies or procedures, but are necessary for maintenance purposes, such as updating addresses. Rather than issue separate All Participants Memorandums (APMs) in each case, Ginnie Mae will combine minor MBS Guide changes and issue Periodic MBS Guide Maintenance APMs as necessary.

Address changes
The address to which Issuers send requests for SCRA reimbursement; scheduling or following up on compliance reviews; and requests for assistance from the Issuer Support Group for monthly RFS reporting problems has changed. Effective immediately, Issuers must use the address referenced below:

Ginnie Mae
ATTN: SCRA Reimbursement; Compliance Reviews; or Data Collection Agent (as appropriate)
c/o Deloitte and Touche LLP
1919 N. Lynn Street
Arlington, Virginia 22209

The following sections of the MBS guide have been updated accordingly: Summary of Addresses; Appendix XI-6 (Servicemembers Civil Relief Act Loan Eligibility Information); Appendix XI-8 (Servicemembers Civil Relief Act Quarterly Reimbursement Request); and Appendix XI-9 (Servicemembers Civil Relief Act Eligibility and Reimbursement Files). 

Change in administration of LIBOR
As Ginnie Mae noted in APM 14-07 dated May 28, 2014, the administration of the London Interbank Offered Rate (LIBOR) has changed from the British Bankers Association (BBA) to the ICE Benchmark Administration (ICE). Consequently, whenever a reference to LIBOR is made in the MBS Guide or related program documents, including Prospectus documents, it should be understood that it refers to the rate calculated by ICE.

The following sections of the MBS Guide have been updated accordingly: Appendix IV-26 (Adjustable Rate Mortgage-Backed Certificate Guaranteed by Government National Mortgage Association) and Form HUD-11772-II (Prospectus for Ginnie Mae II Adjustable Rate Mortgages).

For additional assistance, Issuers should contact their Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management directly or at (202) 708-1535.

Online Library Link: APM 14-10
Attachment(s):
APM_14-10.pdf