Ginnie Mae continues to engage in system modernization initiatives to improve the user experience of every participant in its Mortgage-Backed Securities Program. In connection with this modernization effort, Ginnie Mae has updated the policies and procedures that govern the execution of Assignment Agreements in the Pool Transfer System (PTS). These updates aim to provide Issuers and Document Custodians involved in a Transfer of Issuer Responsibility with more accurate and detailed information about the related transaction.
Transfers of Issuer Responsibility are processed through PTS, and as a part of that process, Issuers are required to execute an Assignment Agreement electronically in the PTS system. The standard form of the Assignment Agreement in PTS has been modified to incorporate two new clauses, Section 2.03 and Section 2.04. Section 2.03 identifies the Sale Date, the Servicing Transfer date, and the Effective Reporting Date for the transfer. Section 2.04 identifies the Document Custodians affected by the transfer and authorizes them to begin transferring the loan files and loan documents as of the Servicing Transfer Date. Please note that Document Custodians are encouraged to begin preparing for the transfer of all relevant loan files and loan documents before the Servicing Transfer Date.
Effective immediately, all Assignments Agreements generated through PTS will reflect the new standard form that incorporates Sections 2.03 and 2.04. The dates and names required by Section 2.03 and by Section 2.04, respectively, will be populated automatically in the Assignment Agreement based on information the Buyer and Seller entered into PTS when requesting approval of the transfer. The standard form of the Assignment Agreement may also be found in Appendix VIII-03 of the Mortgage-Backed Securities Guide 5500.3 REV. 1, which has been updated in accordance with this memorandum.
Please direct any questions you may have related to this announcement to your Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management directly or at (202) 708-1535.