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2017-069: Platinum Program for Adjustable Rate Securities
Published Date: 11/27/2017 12:00 AM

The purpose of this bulletin is to inform interested participants that effective with December issuance, Ginnie Mae is pleased to announce that Platinum Participants may aggregate Ginnie Mae II ARM pools within our new WAC ARM Platinum program. To accommodate this process, fourteen (14) new WAC ARM Platinum Pool Types have been created in the Platinum Processing Application, as indicated below:

​Eligible WAC ARM Pool Types (Prior to Initial Adjustment Date)
WA​ ​1/5 cap for CMT 3-year hybrids (C AT and M AT)
WB​ 1/5 cap for CMT 5-year hybrids (C AF and M AF)
WC​ ​2/6 cap for CMT 5-year hybrids (C FT and M FT)
WD​ ​2/6 cap for CMT 7-year hybrids (C AS and M AS)
​WE ​2/6 cap for CMT 10-year hybrids (C AX and M AX)
​WF ​1/5 cap for ICE LIBOR pools 3-year hybrids (C TL and M TL)
​WG ​1/5 cap for ICE LIBOR pools 5-year hybrids (C FL and M FL)
​WH ​2/6 cap for ICE LIBOR pools 5-year hybrids (C FB and M FB)
​WI ​2/6 cap for ICE LIBOR pools 7-year hybrids (C SL and M SL)
WJ​ ​2/6 cap for ICE LIBOR pools 10-year hybrids (C XL and M XL)
Eligible WAC ARM Pool Types that Reset Annually (Post Initial Adjustment Date)​
WK​ ​1/5 cap for CMT (C AR, M AR, M AQ, C AT, M AT, C AF and M AF)
​WL ​1/5 cap for ICE LIBOR (C RL, M RL, M QL, C TL, M TL, C FL and M FL)
​WM ​2/6 cap for CMT (C FT, M FT, C AS, M AS, C AX and M AX)
​WN ​2/6 cap for ICE LIBOR annual reset pools (C FB, M FB, C SL, M SL, C XL, M XL)

Ginnie Mae Platinum Guaranty Fees:

The fee structure for WAC ARM Platinum Pool Types differs from other Ginnie Mae Platinum pools, as provided previously in MPM 15-01. The tier fee structure for creating any of the 14 new WAC ARM Platinum Pool Types is illustrated in the table below:

​Face Amount ​WAC ARM Platinum Pool Fee in Tics*
​$1,000,000 to $9,999,999 ​4 tics
​$10,000,000 to $24,999,999 ​3 tics
​$25,000,000 and up ​2 tics
 *1 Tic = 1/32 of 1%. There is no minimum fee, however the pool must have a minimum unpaid principal balance (UPB) of $1,000,000.

Non-Cash Fee

The Non-Cash Fee (i.e. the non-cash portion of the fee), payable by the allocation of a portion of the underlying Ginnie Mae MBS Certificates to the creation of the Ginnie Mae Platinum Principal Only (PO) Bond, will remain at $1000.

These changes to the Platinum pooling process were made in response to stakeholders’ requests and are intended to encourage increased utilization of the Platinum Securities program.

For additional information on Ginnie Mae’s Platinum Securitization program, please contact Richard Perrelli, Product Manager Multiclass Securities, Office of Capital Markets at (202) 475-7992 with any questions or comments regarding this announcement.