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All Participant Memorandum (APM)
APM 20-18: Extension to the Deadline for Submission of Resolution of Board of Directors and Certificate of Authorized Signatures (HUD-11702) Certification and Renewal of Other Master Agreements
Published Date: 12/16/2020 8:30 AM

Due to the impact of the COVID-19 Pandemic National Emergency, Ginnie Mae is allowing an extension to the usual deadline for the annual submission of form HUD-11702 and renewal of other Master Agreements as follows.

Chapter 3 Part 12 of the Ginnie Mae Mortgage-Backed Securities Guide (MBS Guide) requires Issuers to complete annual certifications of the existing Resolution of Board of Directors and Certificate of Authorized Signatures, form HUD-11702 (Appendix I-2), or to replace the existing form HUD 11702 with a current form, by January 1 each year. Moreover, Chapter 10 Part 3 Section (A) requires Issuers to update or renew all Master Agreements on file with Ginnie Mae’s Pool Processing Agent by January 1, including the Master Agreements covering “(1) each subcontract servicer, (2) each P&I custodial account and escrow custodial account for each of its funds custodians, and (3) each document custodian.”

Owing to the ongoing impact of the COVID-19 Pandemic National Emergency on business processes, Ginnie Mae is extending the next due date for the Form HUD-11702 and other Master Agreement renewals from January 1 to July 1, 2021.

For the avoidance of doubt, this APM is a one-time extension of deadline and does not alter the requirements of form HUD-11702 or the other Master Agreements themselves, nor does it alter any other requirements not expressly addressed by this memorandum.

If you have further questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly. For technical assistance with the Master Agreement Management System application, please contact Ginnie Mae Customer Support at (833) 466-2435, Option # 1.

Online Library Link:
Attachment(s):
APM_20-18.pdf