In APM 15-12, published August 3, 2015, Ginnie Mae announced revisions to the Document Custody Manual (Revised Manual), Appendix V-1 to the Mortgage Backed Securities Guide, 5500.3, Rev-1 (MBS Guide). The APM also provided that additional guidance, including Chapter 9 of the Revised Manual, would follow pending feedback from the Issuer and custodian communities. Ginnie Mae has completed its review of this feedback and incorporated any necessary changes to the Revised Manual, which is effective February 1, 2016.
The Revised Manual has been published in a new format to address previous inconsistencies in the manner that the various clauses and headings were numbered, indented, identified, named or labeled across the Manual. The Revised Manual is now organized in an outline format that follows a standard numbering and font convention for the sections, clauses and headings within each chapter. The feedback received has been incorporated by revisions in the Chapters themselves, or by adding to the Frequently Asked Questions (FAQs) in Chapter 9. The Chapters that include revisions are 2, 3, and 7, all other Chapters remain as published last August, except for the change to the outline format. Chapter 9 has been overhauled and is made up almost entirely of new FAQs; the requirements addressed in the prior set of FAQs were incorporated into the relevant Chapters with the draft published in August 2015.
Ginnie Mae will hold an Outreach Call for Issuers and Document Custodians on the implementation of the Revised Manual Wednesday, February 3, 2016 at 3:15 PM Eastern Time. Instructions for joining the call are located at http://www.ginniemae.gov/doing_business_with_ginniemae/modernization/Documents/20160203_document_custodian_call.pdf
If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management directly, or at (202) 708-1535. |