Apply and be approved.
Demonstrate to Ginnie Mae's satisfaction its capacity to accumulate the eligible assets needed for a proposed structured securities issuance.
Have at least $250 million in shareholders' equity or partners' capital, evidenced by the sponsor's most recent audited financial statements, which must have been issued within the preceding 12 months.
Be in good standing with and have been responsible for at least one structured securities transaction with Fannie Mae or Freddie Mac, or have demonstrated to Ginnie Mae's satisfaction its capability to do so.
Represent the structural integrity of the proposed issuance under all cash flow scenarios and demonstrate to Ginnie Mae's satisfaction its ability to indemnify Ginnie Mae for a breach of this representation.
Comply, and obtain compliance from the participants with Ginnie Mae policies regarding participation by minority and/or women-owned businesses.
A trustee is selected by the sponsor from the list of eligible trustees. At present, the following entities are eligible to serve as trustee:
Bank of New York
U.S. Bank National Trust Association
Wells Fargo Bank
A co-sponsor must submit an application and a certification as to its status as a minority and/or women-owned business.
Trust counsel are selected by the sponsor and must provide opinions acceptable to Ginnie Mae and upon which Ginnie Mae may rely; and comply with Ginnie Mae's policies regarding participation by minority and/or women-owned law firms.
Accountants are selected by the sponsor and must provide agreed-upon procedures letters acceptable to Ginnie Mae and upon which Ginnie Mae may rely; and comply with Ginnie Mae's policies regarding participation by minority and/or women-owned businesses.
For additional information on participating in the Ginnie Mae Multiclass Securities Program, please review the Ginnie Mae Multiclass Securities Guide and fill out the Multiclass Securities Program Participant Certification and Agreement Form or contact the Office of Capital Markets at 202-401-8970.
Certification. A participant must complete the certification and agreement set out in the Ginnie Mae Multiclass Securities Guide Part 1.
Compliance with Ginnie Mae Multiclass Securities Guide. By completing a Ginnie Mae Multiclass Securities Program transaction, a participant is deemed to have complied with the Ginnie Mae Multiclass Securities Guide in effect as of the date that the Ginnie Mae Guaranty is placed on the securities.
Material changes in status. A participant must report material adverse changes in status, including voluntary and non-voluntary terminations, defaults, fines, and findings of material non-conformance with rules and policies of state and federal agencies and federal government-sponsored enterprises.
Integrity. A participant must conduct its business operations in accordance with industry practices, ethics and standards, and maintain its books and records in an appropriate manner, as determined by Ginnie Mae.