Ginnie Mae Issuers may elect to transfer Issuer responsibility for certain types of new pools and loan packages to be eligible to participate in Ginnie Mae’s Co-Issue program, Pool Issued for Immediate Transfer (PIIT), subject to approval by Ginnie Mae.
Ginnie Mae has two types of approval: Full Participant and Limited Participant. A Full Participant is approved to acquire (buy) pools, and/or transfer (sell) pools at issuance as part of the PIIT program. A Limited Participant is approved to transfer (sell) pools as part of the PIIT program.
Any active Ginnie Mae Issuer can seek approval to participate in either capacity, but must currently meet the Issuer eligibility requirements of the Ginnie Mae MBS Guide as outlined in Chapter 10-10 including net worth requirements as discussed in Chapters 2 and 3 and have successfully completed their most recent field review (new Issuers must have completed their first field review) with no unresolved findings. Once an Issuer has met these requirements, they must complete the PIIT Application form (below) and submit it to their Account Executive via secure transfer. Secure transfer can include secure file transfer protocol (SFTP), encrypted emails (e.g. encrypted zip with the password transfer out of band), and secure portals.
Ginnie Mae in its sole discretion will evaluate the Issuer’s financial and operational capacity to ensure successful participation in the PIIT program. Upon approval, Ginnie will acknowledge in writing the Issuer’s participation status. If the Issuer has sought Full Participant approval, the amount of PIIT Acquisition Authority (the amount the Issuer is authorized to acquire) will also be confirmed. PIIT Acquisition Authority will expire after one (1) year if unexpended. In determining whether to grant a Full Participant additional PIIT Acquisition Authority, Ginnie Mae, in its sole discretion, will determine whether the Issuer has sufficient capacity to warrant the increase.
Ginnie Mae Issuers who have previously been approved to participate in PIIT transactions are not required to apply for additional approval until they undergo their annual re-evaluation to determine if they still maintain sufficient financial and operational capacity to participate in the program.
Any questions should be submitted to your Account Executive in the Office of Issuer and Portfolio Management directly or at (202) 708-1535.
Ginnie Mae's PIIT Application Form can be downloaded in Portable Document Format (PDF) from this page.
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