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All ​Participant Memorandums (APMs)

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

5 most recent APMS
6/7/2016 - APM 16-04

Ginnie Mae has been actively working to improve the accuracy and efficiency of monthly investor reporting by consolidating investor reporting activities into the Reporting and Feedback System (RFS) within the Ginnie Mae Enterprise Portal (GMEP). Ginnie Mae is pleased to announce that the process for submitting the Issuer’s Monthly Summary Report and Certification, form HUD-11710D (HUD-11710D) for MBS Issuers, and form HUD-11710DH (HUD-11710DH) for HMBS Issuers, as well as the process for submitting the Issuer’s Monthly Remittance Advice, forms HUD-11714 and HUD-11714SN, are migrating from GinnieNET to RFS. Issuers will have access to the new streamlined reporting processes beginning in July 2016 and must use these streamlined processes to submit the data and certification(s) required for the June 2016 monthly reporting period.

Streamlined Process for Certifying an Issuer’s Monthly Report
Under the new streamlined approach, Issuers will no longer submit the monthly summary data and certification on forms HUD-111710D or HUD-11710DH. Rather, Issuers will be required to certify as to the accuracy and completeness of the pool, loan, and, if applicable, participation data reported in RFS by accessing a new monthly certification screen within RFS. Consistent with APM15-17, Issuers may delegate their monthly reporting certification responsibilities to an approved subservicer.

To perform the monthly reporting certification in RFS, an individual must have an active Ginnie Mae issued SecurID Token and be listed on the form HUD-11702 for the Issuer or its approved subservicer, as applicable. Appendix III-29 of the Mortgage-Backed Securities Guide, 5500.3, Rev.1 (MBS Guide), contains information on how to obtain a SecurID Token.

Appendices VI-05 and VI-21 of the MBS Guide, which contain the templates and instructions for submitting forms HUD-11710D and HUD-11710DH, are being reserved for reference purposes only as these forms will no longer be required for monthly reporting.

New Monthly Reporting Certification Deadline
Ginnie Mae is moving the deadline for certifying the data for each monthly reporting period. Previously, Issuers were required to submit and certify the form HUD-11710D and Form HUD-11710DH data by the fourth business day. Under the new streamlined reporting schedule, Issuers are required to complete the new certification in RFS between the tenth business day of the month and the fourteenth business day of the month, after all corrections to their monthly pool, loan, or participation data have been completed.

Any Issuer that makes corrections to their pool, loan, or participation data after they have completed the certification for that reporting period must recertify as to the accuracy and completeness of the corrected data. Issuers must perform any recertification by the fourteenth business day of the month. Any changes, corrections, or certifications submitted after the fourteenth business day will be considered events of non-compliance.

Streamlined Process for Submitting Remittance Advices for Certificated Ginnie Mae I Securities
Issuers of certificated Ginnie Mae I pools are required to submit Remittance Advice data (forms HUD 11714 and HUD-11714SN) to Ginnie Mae via GinnieNET. Effective July 1, Remittance Advice information must be reported to Ginnie Mae through a new online direct entry screen in RFS or by using GMEP’s file upload function.

Appendices VI-10 and VI-11 of the MBS Guide have been updated and contain the file layout(s) required for reporting remittance advice data as well as detailed instructions on reporting this information through GMEP. The deadline for submitting the remittance advice data to Ginnie Mae remains the eighth business day of each month.

Relevant System Access Instructions
The modernization section of Ginnie Mae’s website contains detailed information on the various system credentials needed to access and complete the new streamlined reporting processes outlined in this memorandum. Please note that any monthly reporting and remittance advice data submitted previously through GinnieNET will remain available for review, printing, and export.

Corresponding MBS Guide Chapter Changes
Chapters 4, 15, 17, and 35 of the MBS Guide have been modified in accordance with this APM. All MBS Guide changes referenced in this APM are effective for the June 2016 monthly report period (due in calendar month July 2016).

Please direct any questions you may have to your Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management directly or at (202) 708-1535.​

4/15/2016 - APM 16-03

As part of its core mission, Ginnie Mae supports affordable housing by channeling global capital into the nation's housing markets.  In 1997, Ginnie Mae implemented the Targeted Lending Initiative (TLI) for the purpose of incenting lending in certain underserved communities through a reduced guaranty fee.  Recently, Ginnie Mae undertook a program evaluation of TLI in connection with the ongoing modernization of Ginnie Mae’s securitization platform. 

The result of this evaluation indicated that the reduced guaranty fee offered under TLI did not have a meaningful impact on overall lending patterns.  In light of the significant investment that would have been required to update and maintain TLI for the modernized securitization platform and the cost of the reduced guaranty fee, Ginnie Mae determined that it could not justify continuance of this program.  Consequently, Ginnie Mae will discontinue TLI effective with October 1, 2016 issuances to focus its limited resources on efforts that have a more direct impact on Ginnie Mae’s core mission activities.
 
All securities with an issuance date of September 1, 2016 or earlier will continue to be evaluated for and receive a guaranty fee discount under the TLI program, if eligible.  All securities that are eligible for the TLI guaranty fee discount as of September 2016 will continue to receive the TLI discount for the life of the associated pool or loan package.
 
Effective with October 1, 2016 issuances and thereafter, Ginnie Mae will cease analyzing whether the loans submitted as collateral for any new pool or loan package qualify for TLI.  Ginnie Mae will also cease extending any guaranty fee discounts based on the percentage of TLI qualifying loans that comprise those pools or loan packages. The following table summarizes the impact of the aforementioned changes.
 
 
 
Security Issuance Date
Impact of TLI Curtailment
Existing securities eligible for TLI Discount as of April 15,2016
None. If security qualifies for a TLI discount, it will retain the discount for the life of the associated pool or loan package
 
New securities with an Issuance date of September 1, 2016 or earlier
If the pool or loan package meets one of the composition percentage thresholds in Chapter 33-2, the associated security will receive the corresponding TLI discount for the life of the pool or loan package.
 
New securities with an issuance date of October 1, 2016 or later
All securities will be ineligible for a TLI related discount.
 
Chapters 6, 10, 24 and 33 of the Mortgage-Backed Securities Guide 5500.3, Rev. 1 (MBS guide) will be updated in accordance with this APM.  Appendix III-10 of the MBS Guide will be retired and reserved effective October 1, 2016.
 
If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management directly, or at (202) 708-1535.
2/1/2016 - APM 16-02

In APM 15-12, published August 3, 2015, Ginnie Mae announced revisions to the Document Custody Manual (Revised Manual), Appendix V-1 to the Mortgage Backed Securities Guide, 5500.3, Rev-1 (MBS Guide). The APM also provided that additional guidance, including Chapter 9 of the Revised Manual, would follow pending feedback from the Issuer and custodian communities. Issuers expressed particular concern with the requirement to obtain and record subordination agreements for modified loans. After additional research and consideration, Ginnie Mae has revised this requirement, as described below.

In the Revised Manual as it was published in August 2015, the Issuer had the option to document the first lien position of a modified loan with either a Title Policy Endorsement, or an ALTA form Mortgage Modification Policy (MMP). However, if the Issuer obtained an MMP, it was required to obtain subordination agreements for all intervening liens, not only those required to maintain first lien position of the modified loan. Ginnie Mae has revised its guidance to require subordination agreements only if they needed to maintain first lien position of the modified loan, regardless of the title product —  Title Policy Endorsement or MMP — obtained by the Issuer. Any subordination agreements required for this purpose must be recorded.

This policy change has been incorporated into the Revised Manual and Chapter 24 of the MBS Guide, and is effective February 1, 2016.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management directly, or at (202) 708-1535.

2/1/2016 - APM 16-01

In APM 15-12, published August 3, 2015, Ginnie Mae announced revisions to the Document Custody Manual (Revised Manual), Appendix V-1 to the Mortgage Backed Securities Guide, 5500.3, Rev-1 (MBS Guide). The APM also provided that additional guidance, including Chapter 9 of the Revised Manual, would follow pending feedback from the Issuer and custodian communities. Ginnie Mae has completed its review of this feedback and incorporated any necessary changes to the Revised Manual, which is effective February 1, 2016.

The Revised Manual has been published in a new format to address previous inconsistencies in the manner that the various clauses and headings were numbered, indented, identified, named or labeled across the Manual. The Revised Manual is now organized in an outline format that follows a standard numbering and font convention for the sections, clauses and headings within each chapter. The feedback received has been incorporated by revisions in the Chapters themselves, or by adding to the Frequently Asked Questions (FAQs) in Chapter 9. The Chapters that include revisions are 2, 3, and 7, all other Chapters remain as published last August, except for the change to the outline format. Chapter 9 has been overhauled and is made up almost entirely of new FAQs; the requirements addressed in the prior set of FAQs were incorporated into the relevant Chapters with the draft published in August 2015.

Ginnie Mae will hold an Outreach Call for Issuers and Document Custodians on the implementation of the Revised Manual Wednesday, February 3, 2016 at 3:15 PM Eastern Time. Instructions for joining the call are located here.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management directly, or at (202) 708-1535.

12/30/2015 - APM 15-22

Ginnie Mae is notifying multifamily and healthcare mortgage-backed securities (MBS) Issuers that it will no longer conduct independent reviews of collateral modifications of multifamily and healthcare loans in Ginnie Mae MBS that back Ginnie Mae-guaranteed Real Estate Mortgage Investment Conduits (REMICs). For purposes of this APM, healthcare loans do not include FHA Section 242 hospital loans, which remain subject to the requirements of Multiclass Participants Memorandum (MPM) 11-04. This notice is effective immediately.

Prior to the issuance of this APM, Ginnie Mae reviewed most collateral modifications to Federal Housing Administration (FHA) and USDA Rural Development (RD) insured or guaranteed multifamily and healthcare loans that collateralize Ginnie Mae MBS held by REMICs. Collateral modifications include, but are not limited to, partial releases of secured property and the addition of real property as mortgage collateral, including modifications necessitated by the origination of FHA Section 241(a) loans (241 loans). Section 241(a) of the National Housing Act authorizes supplemental loans to finance repairs, additions, and improvements to multifamily projects and healthcare facilities insured by FHA. 241 loans are subordinated to existing first lien FHA-insured loans. Some 241 loans require collateral modification of the first-lien loan documents to allow expansion of the existing site to accommodate new construction.

Ginnie Mae requested from the Internal Revenue Service (IRS) clarification of the tax consequences of collateral modifications to loans that collateralize Ginnie Mae MBS pass-thru certificates held by REMICs guaranteed by Ginnie Mae. IRS recently provided Ginnie Mae such clarification in a general information letter. Based on the IRS’ clarification, Ginnie Mae will no longer review collateral modifications.

Issuers must ensure that all collateral modifications of existing loans comply with all regulations and other requirements of the loan insuring or guarantying agency, and of Ginnie Mae, including, but not limited to, those barring changes in the amount or duration of loan payments. Multifamily and healthcare MBS Issuers also are reminded that loans backing MBS to be placed in REMICs or sold with that expectation must be eligible for REMIC pooling, including the requirement that the loan be principally secured by real property, in accordance with IRS regulations.

If you have any questions regarding this announcement, please contact your Account Executive directly or at (202) 708-1535.


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Last Modified: 5/17/2016 10:06 AM