bannerimage
Issuers
 
Share To Twitter Share To LinkedIn Share To Twitter Share
* To
* From
Message
URL
https://www.ginniemae.gov/issuers/program_guidelines/Pages/mostrecentapms.aspx
Print Friendly
​​
​​​​​​​

All ​Participant Memorandums (APMs)

APMs (All Participant Memoranda) are issued by the Office of the President (OOP) ​generally to announce policy and MBS Guide changes accessed by Issuers, Document Custodians and other participants in Ginnie Mae programs.

5 most recent APMS
3/11/2024 - APM 24-03

In APM 23-05, Ginnie Mae announced requirements for the collection of additional loan-level data elements to be incorporated as part of the Reporting and Feedback System (RFS) investor reporting process. The purpose of this APM is to incorporate feedback obtained from industry outreach and provide further clarifications to the previously announced data elements. The field clarifications are noted below and apply to Single Family, Multifamily and Manufactured Housing MBS. Appendix VI-19—Issuers Monthly Report of Pool and Loan Data (Appendix VI-19) of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) has been updated accordingly. Effective September 1, 2024, Issuers will be required to report the additional loan level elements for August 2024 activity.

L-Loan Record

​Field #
​Field Name
​Definition/Remarks
​23
​Actual Loan UPB
​Loan UPB is revised to Actual Loan UPB and defined within the Loan Record Field Instructions section.
​35
​Curtailment Principal Code
​Code 3 "Other Funds Curtailment" has been renumbered to Code 4 and a new Code 3 has been defined as "Both Borrower Funds Curtailment and Claim Funds Curtailment". Further detail is provided in the Loan Record Field Instructions sections.


V-Various Loan Record

​Field #
​Element Name
​Definition/Remarks
​27
​Document Custodian
​​Data type changed from "Character" to "Numeric"

The three items listed above are noted as revised elements. For all additional clarifications and minor revisions to instructions, refer to Appendix VI-19.

Testing will begin in March 2024. Detailed information regarding testing and implementation schedules, testing procedures, and training materials can be found on the Modernization Initiatives page on Ginnie Mae’s website at

https://www.ginniemae.gov/issuers/issuer_training/Pages/modernization.aspx 

If you are an Issuer, service bureau or other industry participant and have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

3/4/2024 - APM 24-02

Ginnie Mae remains dedicated to the security and integrity of all operational systems and critical technology infrastructure related to the issuance and servicing of Ginnie Mae Mortgage-Backed Securities (MBS). In support of these objectives, Ginnie Mae will be implementing Cybersecurity Incident reporting requirements. Effective immediately, Issuers, including those who subservice for others will be required to notify Ginnie Mae of a Significant Cybersecurity Incident, as described below.

A Significant Cybersecurity Incident (Cyber Incident), is an event that actually or potentially jeopardizes, without lawful authority, the confidentiality, integrity, or availability of information or an information system; or constitutes a violation or imminent threat of violation of security policies, security procedures, or acceptable use policies and has the potential to directly or indirectly impact the Issuer’s ability to meet its obligations under the terms of the Guaranty Agreement. The requirement to notify Ginnie Mae applies to all Issuers. Issuers who subservice for others must also notify Ginnie Mae when a Cyber Incident affects one or more of their subservicing clients.

Issuers must notify Ginnie Mae within 48 hours of detection that a Cyber Incident may have occurred. The notification must be sent to Ginnie Mae via email to: Ginnie_Mae_Cybersecurity_Incident@hud.gov​ and contain the following information: 

  • ​Date/time of Cyber Incident,
  • A summary of the incident based on what is known at the time of notification, 
  • Designated point(s) of contact who will be responsible for coordinating any follow-up activities on behalf of the notifying party.

Once the notification is received, representatives from Ginnie Mae will contact the designated point of contact to obtain additional information and establish the appropriate level of engagement needed depending on the scope and nature of the incident. Ginnie Mae is reviewing its information security requirements with the intent of further refining its information security, business continuity and reporting requirements.

Ginnie Mae has revised Chapter 03, Part 18 of the Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide), by adding Section C to reflect this new requirement. Additionally, the term Cybersecurity Incident has been added to the MBS Guide Glossary.

If you have any questions about the policy announced in this APM, please contact your Account Executive directly.

2/28/2024 - APM 24-01

In support of the Department of Housing and Urban Development’s (HUD) Strategic Plan to address the important role of Manufactured Housing, the Federal Housing Administration (FHA) and Ginnie Mae have jointly prioritized and committed to updating their respective programs for Title I Manufactured Housing to provide greater affordable financing and securitization opportunities for personal property manufactured housing.

Following extensive industry outreach and the completion of a 2022 RFI, Ginnie Mae has embarked on a comprehensive review of the data and feedback received from industry stakeholders and RFI respondents. Particular focus has been placed on the evolving risks encountered by the Manufactured Housing Mortgage-Backed Securities (MH MBS) Program since the last major program update in 2010 following the Housing and Economic Recovery Act of 2008, (Public Law 110-289) (HERA). Drawing from the results of the review and in conjunction with FHA’s proposed policy changes, Ginnie Mae is announcing the first of a series of modernizations to the MH MBS Program. In support of housing finance system stability as well as Ginnie Mae manufactured housing Issuer financial consistency across economic cycles, Ginnie Mae is revising its financial eligibility requirements in the Mortgage-Backed Securities Guide 5500.3 Rev-1 (“MBS Guide”) for institutions seeking approval as Ginnie Mae Manufactured Housing Issuers (“MH Applicants”) and existing, approved Ginnie Mae MH Issuers. Additionally, MH Issuers that are non-depository mortgage companies will be required to maintain a Risk-Based Capital Ratio (“RBCR”). The financial eligibility requirements are detailed below.

Ginnie Mae monitors performance and assesses risk on an on-going basis, and reserves the right to revise the financial requirements, in its sole discretion, at any time.

Chapter 2, Chapter 3, Chapter 30, and Appendix IV-24 (MH Prospectus) of the MBS Guide have been updated accordingly. The MH MBS Program financial eligibility requirements announced in this APM will be effective immediately as of March 1, 2024 for MH MBS Applicants and will be effective June 1, 2024 for MH Issuers with the exception of Issuer RBCR requirements. RBCR requirements for MH MBS Issuers will be effective December 31, 2024.​

Revised Net Worth Requirements

For all MH MBS Applicants, the minimum Net Worth requirement is $2,500,000 plus 250 basis points (2.5%) of the Applicant’s total effective MH MBS non-agency securities outstanding obligations. For more information, please see revised portions of Chapter 2, Part 9, § A(2) included with this APM.

The minimum Net Worth requirement for all MH MBS Issuers is $2,500,000, plus 250 basis points (2.5%) of the Issuer’s total effective MH MBS outstanding obligations. The total effective MH MBS outstanding obligations are the sum of 1). all MH MBS securities outstanding, 2). available commitment authority to issue new MH MBS pools, and 3). Total MH MBS pools funded. For more information, please see revised portions of Chapter 3, Part 8, § D(1) included with this APM.

Liquidity Requirements

In addition to the list of liquid assets that are eligible to meet Ginnie Mae’s liquidity requirement as stated in Chapter 2, Part 9 § B(1) and Chapter 3, Part 8 § D(2), Ginnie Mae requires MH MBS Program Applicants and MH MBS Issuers to maintain appropriate levels of liquidity to meet and sustain financial obligations under the MH MBS Program. As stated in Chapter 2, Part 8, § D(2), MH Applicants are required to have liquid assets, equal to at least $1,000,000. MH Issuers are required to maintain liquid assets of the greater of at least $1,000,000 which may be comprised of cash, cash equivalents as defined under FAS95, and AAA rated government securities marked to market, as defined under FAS95 or 50 basis points of the Issuer’s total effective MH outstanding obligations.

Institution-wide Capital Requirements for Certain Manufactured Housing Applicants and Issuers

Ginnie Mae’s Institution-wide Capital Requirements for certain Manufactured Housing Applicants and Issuers will continue to be applied to measure the entity’s ability to sustain the volatility of market disruptions and reflect the varying risk among different asset types. MH Issuers that are not covered by the requirements for financial institutions in the MBS Guide Chapter 3, Part 8, § D(3)(a) and (b) must maintain a Risk-Based Capital Ratio (“RBCR”) of at least 6% in addition to continuing to maintain a Leverage Ratio of at least 6%. RBCR is Adjusted Net Worth (as defined by Ginnie Mae) divided by Total Risk-based Assets. For more information and details regarding Institution-wide Capital Requirements, please see Chapter 2, Part 9, § B(2)(c) for MH Applicants, and Chapter 3, Part 8 § D(3)(c) and (d) for MH Issuers.

Chapter 6 of the HUD Consolidated Audit Guide (“Audit Guide”) will be updated to direct independent auditors to the MBS Guide for the current Institution-wide Capital Requirements for Applicants and Issuers. Until the Audit Guide update takes place, the requirements in the MBS Guide supersede the requirements in the Audit Guide if the requirements in these two guidance documents conflict.

If you have questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.

12/28/2023 - APM 23-15

In APM 22-09, Ginnie Mae announced the implementation of the Risk Based Capital Ratio ("RBCR") requirements for institutions seeking approval as Ginnie Mae single-family Issuers ("SF Applicants") and Ginnie Mae single-family Issuers (SF Issuers) that are non-depository mortgage companies. In APM 22-11, Ginnie Mae delayed implementation of the RBCR requirement announced in APM 22-09 to December 31, 2024.  The RBCR requirement was inadvertently included in a recently published update to Chapters 2 and 3 of the Ginnie Mae Mortgage-Backed Securities Guide, HUD Handbook 5500.3, REV-1 (MBS Guide).  Ginnie Mae SF Applicants that are not covered by the requirements for financial institutions shown in MBS Guide Chapter 2, Part 9, §B(2)(b) and §B(2)(c) are not subject to a Risk-Based Capital Ratio requirements (RBCR). Ginnie Mae SF Issuers that are not covered by the requirements for financial institutions shown in MBS Guide Chapter 3, Part 8, §A(3)(a) and §A(3)(b) are not subject to a Risk-Based Capital Ratio requirements (RBCR).

Ginnie Mae has corrected Chapter 2, Part 9, Section B(2)(c) and Chapter 3, Part 8, Section A(3)(c) of the MBS Guide to restore the Institution-Wide Capital requirements previously published. The Risk Based Capital Ratio requirements announced in APM 22-09 as amended in APM 22-11 do not become effective until December 31, 2024.  

If you have any questions about this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. ​​

12/8/2023 - APM 23-14

The Government National Mortgage Association (Ginnie Mae), in conjunction with the Government Sponsored Enterprises (GSEs), is updating its financial reporting requirements. Issuers that are not regulated or supervised by the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), or the U.S. Comptroller of the Currency (OCC) and have outstanding Ginnie Mae guaranteed mortgage-backed securities exceeding $50 Billion or Issuers so directed by Ginnie Mae in its sole discretion must provide Ginnie Mae with an unaudited monthly financial reporting form. This reporting form must be submitted on a Web-based Monthly Mortgage Bankers Financial Reporting Form (MBFRF) Short Form (“Monthly MBFRF Short Form”). For each monthly MBFRF submission, the Issuer must identify the certifier by name. The Issuer’s certifier must be the chief executive officer, chief financial officer or equivalent.

Upon Ginnie Mae’s request, Issuers must also provide a signed letter that states the following: “I, the undersigned, certify that I am the CEO, CFO or equivalent of [Ginnie Mae Issuer name] and that the information contained in the [Month] Mortgage Bankers’ Financial Reporting Form Short Form is true and accurate to the best of my knowledge and belief, and that the unaudited financial summary was prepared in accordance with GAAP.” The officer completing the certification for any Ginnie Mae Issuer must also be listed on the Issuer’s Form HUD 11702, Resolution of Board of Directors and Certificate of Authorized Signatures that is in effect as of the date of the certification.​

To obtain access to the Web-based MBFRF Short Form (Web MB), please send an e-mail to administrator@mbfrf.org. The MBFRF Short Form requirement will be effective beginning for the month of April 2024 and will be required for the months of April, May, July, August, October, November, January and February. MBFRF Short Form submissions will be due no later than the last day of the following month (April 2024 MBFRF Short Form submission due May 31, 2024). The statements must be sent via Web MB (www.mbfrf.org/​). Where requirements conflict between the Ginnie Mae MBS Guide and the HUD OIG Audit Guide, the Ginnie Mae MBS Guide governs.


Last Modified: 2/8/2023 9:41 AM