Skip Ribbon Commands Skip to main content
gmlogo searchimage
* To
* From
Print Friendly

All ​Participant Memorandums (APMs)

APMs (All Participant Memoranda) are issued by IPM generally to announce policy and MBS Guide changes accessed by Issuers, Document Custodians and other participants in Ginnie Mae programs.

5 most recent APMS
12/31/2020 - APM 20-20

Pursuant to the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Finance Agency (FHFA) has announced increased conforming loan limits. Accordingly, Ginnie Mae is revising its definition of High Balance Loans as follows. Effective for issuances on or after January 1, 2021, a High Balance Loan is defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium) that exceeds the following limits:

Maximum Loan Amounts (net of any financed MIP of Guaranty Fee)​ ​ ​
​ ​ ​
​Units ​Contiguous 48 States, District of Columbia, American Samoa, and Puerto Rico ​Alaska, Hawaii, Guam, and the U.S. Virgin Islands
1​​ ​$548,250 ​$822,375
​2​ ​$702,000 ​$1,053,000
​3 ​$848,500 ​$1,272,750
​4 ​$1,054,500 ​$1,581,750

Additional information on conforming loan limits for the Commonwealth of the Northern Mariana Islands may be obtained directly from FHFA. High Balance Loans are eligible for Ginnie Mae MBS subject to the restrictions detailed in Ch. 9, Part 2, § B and Ch. 24 Part 2, § A(1) of the Mortgage Backed Securities Guide, HUD Handbook 5500.3, Rev-1 (MBS Guide).

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management directly or at (202) 708-1535.

12/16/2020 - APM 20-19

Ginnie Mae published APM 20-12, Ineligibility of LIBOR Products for Single-Class MBS, on September 21, 2020. APM 20-12 prohibited the securitization of new LIBOR-Based adjustable rate HECMs effective with HMBS issued on January 1, 2021 or later. After further consideration of the impact of the COVID-19 Pandemic on a lender’s ability to close HECM transactions that were initiated prior to the publication of APM 20-12, Ginnie Mae is hereby extending the deadline for securitization of new LIBOR Based HECMs as follows.

Ginnie Mae will restrict the eligibility of new adjustable rate HECMs for securitization into any HMBS pool type that relies on LIBOR, including pool types “C AL” and “C ML,” effective with HMBS issued on or after March 1, 2021. This means that the first participation of any LIBOR-Based HECM must be securitized into HMBS with an Issue Date of February 1, 2021 or earlier to remain eligible for securitization under Ginnie Mae’s program. Subsequent Participations—that is participations other than the first participation—that are associated with a HECM loan that is backing HMBS with an Issue Date of February 1, 2021 or earlier will continue to be eligible for securitization without restriction until further notice.

Chapter 35 of the MBS Guide, 5500.3, Rev-1 has been amended in accordance with this memorandum. If you have any additional questions please contact your Account Executive in the Office of Issuer and Portfolio Management.

12/16/2020 - APM 20-18

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.

12/7/2020 - APM 20-17

Due to the continuing impact of the COVID-19 Pandemic National Emergency on forbearance levels and delinquency rates, Ginnie Mae is extending the exemptions that were announced in the APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19" from December 31, 2020 through July 31, 2021 (June 2021 investor reporting).

Ginnie Mae will continue to exclude any delinquencies occurring on or after April 2020 when calculating the delinquency ratios for the purposes of enforcing the provisions in Ch. 18, Part 3, §§ C & D. Ginnie Mae will provide this exclusion automatically through July 31, 2021 to Issuers that were compliant with Ginnie Mae’s delinquency rate thresholds as demonstrated by their April 2020 investor accounting report, reflecting March 2020 servicing data. Issuers do not need to change any aspect of their monthly report to benefit from this exclusion and must continue to report loans in forbearance as delinquent in accordance with established procedures.

If you have further questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.

12/4/2020 - APM 20-16

The purpose of this Memorandum is to update Ginnie Mae Issuer eligibility requirements for new applicants to enable each applicant to better assess its readiness, to enhance the application process experience, and to facilitate greater understanding of the evaluation process. Effective immediately, Ginnie Mae is revising the MBS Guide to delineate in greater detail the corporate or entity-level qualifications as well as the staff experience requirements that each applicant must have at the time of the application.

Requirements for All Applicants

Currently, the Guide contains minimum requirements with respect to the following: good corporate standing, FHA approval, the extent of corporate servicing experience, legal and physical office separation, staff experience levels, and staff composition. With this APM, Ginnie Mae is updating Chapter 2 Part 3 (1) to more specifically require applicants to have retained FHA approval for a minimum of three years. Ginnie Mae is also modifying Chapter 2 Part 6 to incorporate new paragraphs 1 and 2, which delineate additional specific requirements for all applying entities and their staff.

Requirements for Single-Family Applicants

Ginnie Mae is also identifying additional factors assessed in determining whether a Single-Family applicant satisfies the corporate servicing experience requirement under Chapter 2, Part 6. Under the revisions, an applicant must have a minimum of two years of corporate servicing portfolio management experience with respect to both performing and non-performing loans. The applicant must also demonstrate that the size of the servicing portfolio met minimum monthly average unpaid principal balance requirement during the 12 consecutive months prior to application. For more information regarding the servicing experience requirements for Single-Family applicants, please see Chapter 2, Part 6 § (3)(a).

Requirements for Multifamily Applicants

Chapter 2 Part 6 § (3)(b) updates requirements for Multifamily applicants. The revisions specify that the applicant must be an approved FHA Multifamily Accelerated Processing (“MAP”) lender at the time of application. Moreover, the applicant must have a five-year history of FHA mortgage originations and a five-year history of performing its own FHA Multifamily servicing.

Effective Date

The revised eligibility requirements apply to both new applications as well as applications that have been submitted to Ginnie Mae and are pending approval decision as of the publication of this APM. Any applicant that has submitted an application that is pending Ginnie Mae’s approval as of the date of this APM may utilize one of the following two options if desired:

(1) Amend its application by submitting additional documentation by January 4, 2021. Any applicant who has submitted an application as of November 20, 2020 and wants to provide additional materials should email the Issuer Applications Processing Team at

(2) Withdraw the application without prejudice. The applicant will be permitted to resubmit the application in the future without having to pay additional application fees.

Chapter 2 Part 3 (1) and Part 6 have been modified in accordance with this Memorandum. If you have further questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.

Last Modified: 6/22/2018 7:48 PM