The purpose of this Multiclass Participants Bulletin is to inform interested participants that effective with issuances on and after April 10, 2019, transactions, Ginnie Mae is pleased to announce that Platinum Participants may aggregate Ginnie Mae II HMBS pools within our Weighted Average Coupon (WAC) Platinum Product program designed for HMBS. To accommodate this process, (5) new HMBS Platinum Pool Types have been created in the MyGinnieMae Portal, as indicated below:
||HRA - For one-year adjustable rate HECM loans, one-year CMT index, 2/5 Cap structure|
||HRM - For monthly adjustable rate HECM loans, one-year CMT index, Lifetime Cap determined by Issuer|
||HAL - For one-year adjustable rate HECM loans, one-year LIBOR index, 2/5 Cap structure|
||HML - For monthly adjustable rate HECM loans, one-month LIBOR index, Lifetime Cap determined by Issuer|
||HRF - For Fixed Rate HECM loans|
Ginnie Mae Platinum Guaranty Fees
The fee structure for WAC Platinum Products differs from other Ginnie Mae Platinum pools, as provided previously in MPM 15-01. The tier fee structure for creating any of the 5 new HMBS Platinum Pool Types is illustrated in the table below:
|$1,000,000 to $9,999,999
|$10,000,000 to $24,999,999
|$25,000,000 and up
*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.
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.