Recently, FHA announced changes to its Home Equity Conversion Mortgage (HECM) program in Mortgagee Letters 13-27, 13-28 and 13-33. Accordingly, Ginnie Mae has revised its HMBS prospectus documents to reflect FHA's program changes.
The revised prospectus documents are effective for HMBS issuances on or after November 1, 2013. Templates of the updated documents can be found in the following appendices to the Mortgage Backed Securities Guide 5500.3, Rev-1:
• Appendix IV-29: Base Prospectus Ginnie Mae-Guaranteed Home Equity Conversion MBS (Issuable in Series)
• Appendix IV-30: Prospectus Supplement--Ginnie Mae II Home Equity Conversion MBS (Adjustable Rate)
• Appendix IV-31: Prospectus Supplement--Ginnie Mae II Home Equity Conversion MBS (Fixed Rate)
For reference purposes, Ginnie Mae will make prior versions of the Base Prospectus and Prospectus Supplements available on the Ginnie Mae website in the near future. Additionally, the prospectus for a specific security can be obtained through the HMBS Search Page on the Ginnie Mae website at: http://www.ginnienet.net/hmbsprospectus/HMBSProspSearchCriteria.aspx
If you have any questions about this update, please contact Ginnie Mae's Investor Inquiry Desk at InvestorInquiries@hud.gov or 202-401-8970.