In All Participants Memorandum (APM) 11-15, dated September 30, 2011, Ginnie Mae announced that effective for the November 2011 reporting period and forward, all Issuers must submit both their Monthly Remaining Principal Balance (RPB) and Monthly Loan and Pool Level Accounting reports to Ginnie Mae by the 2nd business day in the month with all critical exceptions cleared no later than the 4th business day of the month.
Subsequently, in APM 12-04, dated March 22, 2012, Ginnie Mae announced that beginning in May 2012 and thereafter, it would be releasing its monthly disclosure file on outstanding Ginnie Mae securities to the Street on the morning of the 6th business day of the month. Currently, the monthly disclosure file is released to the Street on the morning of the 15th business day of the month.
As a result of the above changes, beginning in May 2012, Ginnie Mae will not be able to accommodate any RPB corrections after 8:00 pm Eastern Standard Time on the 4th business day of the month. There will be no exceptions.
For further compliance details on RPB reporting, collection and payment to security holders, see Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev.1, Chapter 1, Section 1-3, Chapter 15, Section 15-4(D), and Chapter 19, Section 19-2. Furthermore, Issuers are reminded that all corrected RPBs are to be reported through Ginnie Mae’s automated GinnieNET system. For book entry securities (held in the name of the Federal Reserve Bank of New York), Issuers’ principal and interest escrow account(s) will be debited by ACH on the 15th business day of the month for outstanding Ginnie Mae I securities and on the 20th business day of the month for outstanding Ginnie Mae II securities. The amount(s) debited will be based on the Issuers’ reported RPBs (including corrections) at the end of the 4th business day of the month.
It is important that Issuers take appropriate steps to ensure that they have proper checks and balances in place to make certain that the information reported to Ginnie Mae is timely, complete and accurate.
For additional assistance, Issuers may contact their Ginnie Mae Account Executive in the Office of Issuer & Portfolio Management at (202)708-1535. For GinnieNET questions, please contact the GinnieNET Help Desk at 1-800-234-GNMA (4662).