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‭(Hidden)‬ Ginnie Mae Breadcrumb
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All Participant Memorandum (APM)
APM 26-02: Clarification of Pooling Eligibility for Mortgages Subject to Beneficial Interest
Published Date: 1/22/2026 1:15 PM
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​.​

Online Library Link:
Attachment(s):
APM 26-02.pdf    
Ch 09 2026.01.22.pdf