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

3/27/2026 - APM 26-05

Elimination of 15-Day Advance Notice Requirement

This APM announces the removal of the requirement for Ginnie Mae Issuers to provide a minimum 15-day advance notice to request an extension of due date for annual audited financial statements and insurance policies. Effective immediately, the requirement is now that these extension requests must be submitted via the applicable module in Ginnie Mae Central (GMC) on or before the due date.

As a reminder, audited financial statements are due within 90 days of the Issuer's fiscal year-end and insurance policies are due within 30 days of the effective date of the insurance policy (new or renewal).

Ginnie Mae has revised Chapter 3, Part 6, Section A; Chapter 3, Part 7, Section C; and Appendix VI-20 of the MBS Guide to reflect these changes.

If you have any questions regarding the policy changes in this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. If you have any technical questions about accessing GMC or the submission of annual audited financial statements, please email askGinnieMae@hud.gov.

3/3/2026 - APM 26-04

Audit Schedules Report for Issuers’ Audited Financial Statements

All Ginnie Mae Issuers are required to submit certain audit schedules as part of their annual audited financial statement submissions. The requirements for these audit schedules are generally found in the HUD Consolidated Audit Guide (Audit Guide). However, revised financial requirements were announced in APMs 22-08 and 22-09 which impact some of the audit schedules from the Audit Guide. In connection with these changes, Ginnie Mae is now announcing a new Audit Schedules Report which may be used in place of Attachments A, B, C, and D in Chapter 6 of the Audit Guide (as depicted in the chart below). Ginnie Mae will accept this newly announced Audit Schedules Report, and it may be completed and included as part of all audited financial statement submissions beginning with the fiscal year end date of December 31, 2025.

As depicted in the chart below, certain attachments from the Audit Guide can be replaced with the new Ginnie Mae Audit Schedules Report.

Audit Guide Attachments		Ginnie Mae Audit Schedules
Chapter 6, Attachment A	can be replaced with	Appendix VI-20, Audit Schedules Report
Chapter 6, Attachment B
Chapter 6, Attachment C
Chapter 6, Attachment D

At this time, use of either the Audit Guide Attachments listed above, or the Ginnie Mae Appendix VI-20 Audit Schedules Report is acceptable.

Ginnie Mae has revised Chapter 3, Part 3, Chapter 3 Part 7, §A, and Appendix VI-20 of the MBS Guide to reflect these changes. As a reminder, where requirements conflict between the Ginnie Mae MBS Guide and the HUD OIG Audit Guide, the Ginnie Mae MBS Guide governs.

If you have any questions regarding the policy changes in this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. If you have any technical questions about accessing Ginnie Mae Central (GMC) or the submission of annual audited financial statements, please email askGinnieMae@hud.gov.

2/26/2026 - APM 26-03

Periodic Maintenance and Miscellaneous Announcements APM

Periodically, Ginnie Mae implements minor updates to the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”) to ensure that its policies are clearly and accurately reflected and to notify Issuers about upcoming operational changes. Please note the following content updates being made to the MBS Guide. All updates are effective immediately.

Guide Chapters	Guide Changes	Page Number(s)
Ch. 3, Part 3	Changed wording from “shall be grounds for termination by Ginnie Mae” to “may be grounds for termination by Ginnie Mae.”	3-2
Ch. 3, Part 7, Section A(1)	Added a requirement to list the e-mail address of the contact person(s) on the Issuer’s staff.	3-4
Ch. 3, Part 18, Section D	Clarified that the unpaid balance requirement is based solely on the Issuer's Ginnie Mae MBS portfolio.	3-32
Ch. 10, Part 4, Section A(2)(a)	Removed the parentheses at the end of a sentence regarding pooling applications.	10-6
Ch. 11, Part 1, Part 2, Section A, Part 8, Section A(2)	Altered references to the Document Custody Manual to read: “Ginnie Mae Document Custody Manual, Appendix V- 01 of this Guide (“Document Custody Manual” or “the Manual”).”	11-1, 11-5
Ch. 13, Part 8	Replace the language “detailed in Appendix V-1 Document Custody Manual Chapter 7” with “detailed in the Document Custody Manual Chapter 7.”	13-5
Ch. 24, Part 2, Section A(1)(i)	Deleted the text “FHA Mortgagee Letter 96-52” and replaced it with “FHA Mortgagee Letter 2025-05.”	24-3
Ch. 24, Part 2, Section A(1)(h)	Removed the Builder Inventory requirement. The former subsection (i) will become subsection (h).	24-3
Ch. 24, Part 2, Section A(3)(d)(iii)	Revised the phrase “Permanent Financing Construction Loan(s)” to read “Permanent Financing Construction or Bridge Loan(s).”	24-6, 24-7, 24-8
Ch. 26, Part 1, Part 2, Section A(3)(a)(i),(ii), Part 4, Section B(4)	Updated the SOFR references from Refinitiv to the London Stock Exchange Group and added the abbreviation (“LSEG”) the first time the “London Stock Exchange Group” is referenced in this chapter. Replaced the phrase “London Stock Exchange Group” with the abbreviation “LSEG” for the remaining pages of this chapter.	26-1, 26-10, 26-11, 26- 12, 26-20
Ch. 26, Part 4, Section B(4)	Added the language “that is” to complete the sentence at the top of page 26-20.	26-20
Ch. 34, Part 2, Section D(1)	Added the PTAP abbreviation for the Pass-Through Assistance Program.	34-3
Ch. 34, Part 2, Section D(2)(a)	Revised a list to be ordered “(a), (b), and (c)” instead of “(b), (c), and (a).” Restored the (i), (ii), (iii), (iv) numbering under 2(a).	34-3, 34-4
Ch. 34, Part 2, Section E(1) and Section F(1)	Added the PTAP abbreviation for the Pass-Through Assistance Program.	34-5, 34-8
Ch. 34, Part 4, Section C	Deleted the language “Appendix V-01 to this Guide.”	34-14
Ch. 34, Part 4, Section C	Deleted the out of place sentence “The streamlined requirements below are effective for pool issuances through and including June 1, 2023.”	34-14
Ch. 35, Part 6, Section J(2)	Updated the SOFR references from Refinitiv to the London Stock Exchange Group.	35-11
Ch. 35, Part 10, Section B	Altered paragraph numbers and indents to be standard with other document sections.	35-17
App VI-05	Deleted GinnieNET references and replaced them with the phrase “Ginnie Mae's electronic reporting application.”	1 & 2
App VI-20	Removed the statement: “see Appendix VI-20.”	2

If you have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

1/22/2026 - APM 26-02

Clarification of Pooling Eligibility for Mortgages Subject to Beneficial Interest

Ginnie Mae reminds Issuers of their ongoing obligation to comply with the Mortgage-Backed Securities Guide, 5500.3, Rev.1 (MBS Guide), including the limitation against encumbrances on mortgages backing Ginnie Mae securities.

Therefore, Issuers are prohibited from pooling any mortgages subject to beneficial interest, or selling a beneficial interest in mortgages pooled in a Ginnie Mae mortgage-backed security. In accordance with Chapter 9 Part 2 §F of the MBS Guide, any encumbrance must be extinguished prior to pooling and Issuers must complete the Certification and Agreement, form HUD-11711B, and if necessary, a HUD-11711A, certifying that only Ginnie Mae will have any ownership interest in and to the pooled mortgages.

Ginnie Mae has modified Chapter 9 Part 2 §F of the MBS Guide consistent with this announcement.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

1/13/2026 - APM 26-01

Eligibility to Transfer Pools Backed by eNotes via Pools Issued for Immediate Transfer (PIIT)

Ginnie Mae’s Digital Collateral program has grown significantly since its launch, with over $92 billion of eNotes included in Ginnie Mae Mortgage-Backed Securities (MBS) and over 50 Issuers participating in the program. Due to its continued growth, Ginnie Mae is expanding the Digital Collateral program. Ginnie Mae MBS backed by eNote collateral will soon be eligible for Ginnie Mae's Pools Issued for Immediate Transfer (PIIT) program. This expansion is effective with issuances dated February 1, 2026, and thereafter.

Presently, pool transfers backed by physical promissory notes are the only pools eligible for transfer through the PIIT program. This change will implement the authorization of pool transfers via PIIT backed by eNotes, or a combination of eNotes and physical notes.

To begin issuing through the PIIT program, eIssuers must comply with Section 6600 of the Ginnie Mae Digital Collateral Program Guide (Appendix V-07), and Chapter 10 of the Ginnie Mae Mortgage-Backed Securities Guide (MBS Guide). Section 6600 of the Ginnie Mae Digital Collateral Program Guide provides specific guidance for eIssuers on the general program requirements, restrictions of the program, MERS eRegistry updates, and PIIT transfers that require a transfer of custodial responsibility.

If you have any questions regarding this announcement, please contact your Account Executive or Mortgage Banking Analyst in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

Last Modified: 2/24/2025 2:12 PM

Program Guidelines // <![CDATA[ _spBodyOnLoadFunctionNames.push("setupPageDescriptionCallout"); // ]]>

All ​Participant Memorandums (APMs)

Program Guidelines

All Participant Memorandums (APMs)