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Issuer Responsibilities

Issuer responsibilities include the following:

  • Acquiring or originating eligible mortgages and forming eligible pools or loan packages.

  • Establishing and maintaining proper P&I, escrow custodial, and other pertinent accounts, payments, and funds. Chapter 16 of the Ginnie Mae MBS Guide contains details about the various accounts.

  • Obtaining and working with an eligible document custodian. Chapter 13 of the Ginnie Mae MBS Guide contains information about the documents that must be placed with a document custodian.

  • Marketing or holding the securities backed by the pool or loan package.

  • Servicing the mortgages in the pool or loan package or contracting with a service bureau to service them.

  • Administering the outstanding securities:

    • Ginnie Mae I MBS Program - For certificated securities, the Issuer must make timely payment of all amounts due to security holders and the guaranty fee due to Ginnie Mae. For book-entry securities, the Issuer must make funds available to the Central Payment and Transfer Agent central P&I account for all amounts due to the security holders and the guaranty fee due to Ginnie Mae.

    • Ginnie Mae II MBS Program - The Issuer must make funds available to the Central Payment and Transfer Agent in the central P&I account for all amounts due to security holders and the guaranty fee due to Ginnie Mae.

  • Under both programs, the Issuer must use its own resources to cover shortfalls in amounts due to security holders or to Ginnie Mae resulting from insufficient collections on the mortgage collateral.

  • Submitting required monthly, quarterly, and other reports and certifications to Ginnie Mae. See Chapter 17 of the Ginnie Mae MBS Guide for more information about the reports and certifications.

Last Modified: 1/14/2013 4:37 PM