Ginnie Mae requires its Issuers to meet the following minimum criteria:
Issuers must be approved FHA mortgagees in good standing. A mortgagee approved only as an FHA loan correspondent is not eligible to be a Ginnie Mae Issuer.
Issuers must possess demonstrated experience and management capacity in the underwriting, origination, and servicing of mortgage loans. Issuers may utilize a Ginnie Mae approved sub-servicer; however, the Issuer must have an individual on its staff to oversee the sub-servicer’s performance. This individual must possess at least three years of broad servicing experience.
Issuers must have fidelity bond and a "mortgagee errors and omissions" policy in effect.
Issuers must have a quality control plan in place for underwriting, originating, and servicing mortgage loans as well as for secondary marketing.
Net Worth Requirement: For the Single-Family Program, Issuers must have a minimum net worth of $2,500,000. For the HMBS programs, Issuers must have a minimum net worth of $5,000,000. For the multifamily program, Issuers must have a minimum net worth of $1,000,000. For the manufactured housing program, Issuers must have a minimum net worth of $10,000,000.
Liquidity Requirement: For the Single-Family, Multifamily, and HMBS programs, Issuers must also have liquid assets totaling 20% of its Ginnie Mae net worth requirement.
Institution-wide Capital Requirement: Depository institutions must meet the regulatory definition of well-capitalized. Non-depository institutions, including credit unions, must hold equity capital of 6% of the institutions total assets.
*Each Issuer applicant is evaluated on an individual basis and approval is granted at Ginnie Mae’s sole discretion. Therefore, approval is not guaranteed by simply meeting our minimum eligibility requirements. See Chapter 2 of the Ginnie Mae MBS Guide.