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All Participants Memoranda (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.

All Multiclass Participants Memoranda (APMs) can be accessed via our online library (powered by AllRegs) or downloaded in Portable Document Format (PDF) from this page. Please click herearrow to download Adobe Acrobat Reader.

Only a subset of APMs are listed on this page. In order to access all APMs back to year 1999, please click herearrow. Please direct any questions you may have to your Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management at (202) 708-1535.

Click here to search all MBS Guide content.​

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6/1/2023 - APM 23-08

As announced in APM 22-02 on January 31, 2022, Ginnie Mae is transitioning from Single Family and Manufactured Housing Program pooling in GinnieNET to the new Single Family Pool Delivery Module (SFPDM) in MyGinnieMae. Since SFPDM became available in April 2022, Single Family and Manufactured Housing Issuers have continued to actively transition from GinnieNET and have securitized over $14 billion through the modernized application to date.

To remain compliant in Ginnie Mae’s Single Family and Manufactured Housing Programs, Issuers must be pooling in SFPDM or testing their own Pool Delivery Dataset (PDD) in the Validation and Testing Tool (VTT) by July 31, 2023. Issuers planning to only submit Manual Entry pools must start using SFPDM by July 31, 2023, as PDD development is not required in this instance. The SFPDM Training for Manual Entry Pool Submissions provides step-by-step guidance on how to submit pools in SFPDM manually.

Ginnie Mae continues to monitor the transition of Issuers, while actively considering adoption data, industry trends, and Issuer feedback. To ensure smooth business operations for Issuers that may need to finalize their PDD testing after the July mandate, GinnieNET pooling functions will remain available until December 1, 2023.

Following December 1, 2023, SFPDM will be the only application available for Single Family and Manufactured Housing pooling. A subsequent APM will announce corresponding MBS Guide Changes. Ginnie Mae’s latest SFPDM and PDD Adoption Timeline, PDD requirements, and additional SFPDM resources, can be found in Modernization Bulletin #25​.

For questions and additional information regarding the transition to SFPDM and the PDD, please contact askGinnieMae@hud.gov​.

5/30/2023 - APM 23-07

Publication of the representative USD London Interbank Offered Rate (LIBOR) will cease after June 30, 2023. In accordance with the Adjustable Interest Rate (LIBOR) Act, passed by Congress as a part of the Consolidated Appropriations Act, 2022 (Public Law 117-103) and the related regulations, existing LIBOR contracts without provisions for a replacement benchmark rate will transition to spread-adjusted term rates based on the Secured Overnight Financing Rate (SOFR). FHA has announced in Mortgagee Letter 2023-09, that the new indexes shall be the applicable Refinitiv USD IBOR Cash Fallback based on the Chicago Mercantile Exchange (CME) Group’s Term SOFR Rates (CME Term SOFR) plus the applicable spread adjustment (Replacement Index) for legacy LIBOR based HECM ARMs1. Additionally, FHA has announced that new HECM originations may be based on either the 30-day average SOFR, or the 1-year Constant Maturity Treasury (CMT). This APM provides guidance to Issuers for the transition of existing, or legacy, adjustable-rate HECMs based on LIBOR to the Replacement Index and announces a new pool type for new annually adjusting HECMs based on SOFR.

Transition of existing HECMs and HMBS

Existing LIBOR based HECM ARMs will convert to the Replacement Index as follows:

​Existing LIBOR based Adjustable Rate HECMs
​Replacement Index*
​Annually Adjustable Rate HECMs
​12-Month CME Term SOFR
​Monthly Adjustable Rate HECMs
​​1-Month CME Term SOFR

Adjustable Rate HECMs will remain based on LIBOR until they convert to the applicable Replacement Index on their first change date, or periodic adjustment date for which the index in effect on the lookback date is SOFR, that occurs after June 30, 20232. Monthly Adjustable LIBOR based HMBS will convert to the Replacement Index by September 1, 2023. However, annually adjustable HECMs may have differing change dates, therefore annually adjusting LIBOR based HMBS will begin to transition to the Replacement Index on September 1, 2023 and can contain a combination of HECMs indexed to LIBOR and HECMs indexed to the Replacement Index until all such mortgages have converted. In all cases, the interest rate of the HMBS will transition in a manner consistent with the treatment of the HMBS as a fixed investment trust for U.S. federal income tax purposes.

Updates to HMBS Pool Types and New SOFR Based Pool Type

To support the transition, and forward pooling of participations, Ginnie Mae is retaining the LIBOR based HMBS pool types for monthly and annually adjusting HECMs, types “H ML” and “H AL.” However, beginning with Issuances on or after July 1, 2023, the LIBOR based HMBS may only contain loans originated and funded prior to July 1, 2023, and the subsequent participations thereof.

Monthly and Annually Adjustable HMBS pool types based on the 1-year CMT Index will not change. Newly originated HECMs and subsequent participations of HECMs based on the CMT Index are eligible for pooling in the “H RM” and “H RA” pool types.

New SOFR Based Pool Type

Ginnie Mae is also releasing a new pool type “H SA” for annually adjusting HECMs based on SOFR that are originated on or after July 1, 2023. The index will be 30-day average SOFR, which is the compounded average of the SOFR over a rolling 30-day period, as administered and published daily by the Federal Reserve Bank of New York3. The new pool type will be available for issuances on or after July 1, 2023.

NOTE: Annually Adjustable HECMs that convert to the Replacement Index are ineligible for the new “H SA” HMBS pool type announced above.

Additional Updates to HECM Requirements

In Mortgagee Letter 2023-09, FHA also announced a floor of zero for a HECM Interest Rate Index, and a maximum interest rate for monthly adjustable HECMs. For annually adjusting HECMs, the floor would be the higher of the initial interest rate minus the lifetime cap, but not less than the margin. For monthly adjustable HECMs the floor rate is equal to the margin, and the maximum interest rate is 10% above the initial interest rate. Please see Appendix III-28 of the Ginnie Mae Mortgage-Backed Securities Guide, HUD Handbook 5500.3, Rev-1 (MBS Guide) for more detailed information.

Chapter 35, Appendices III-28 (11705H and 11706H Instructions); IV-29 (HMBS Base Prospectus); IV-32 (HMBS Partial Statement of Terms); and Glossary of the MBS Guide have been updated accordingly.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.

___________________________________

​​1The CME Term SOFR indices are found at: https://www.refinitiv.com/en/financial-data/financial-benchmarks/usd-ibor-cash-fallbacks​ Issuers must use the “All-In” CME Term SOFR Rate and select the “Feature” (No Floor) when downloading historical data.

2In accordance with FHA’s requirements, the index rate is the rate published on the first business day of the week; and is in effect 30 days before the interest rate change date. For example: 30 days before August 1, 2023, is July 2, a Sunday. The rate in effect is the rate from Monday June 26, 2023. Since the LIBOR rates are still in effect through June 30, the August 1, 2023, change will be based on LIBOR.

​3The 1-year CMT index is found at: https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind

5/30/2023 - APM 23-06

Publication of the representative USD London Interbank Offered Rate (LIBOR) will cease after June 30, 2023. In accordance with the Adjustable Interest Rate (LIBOR) Act, passed by Congress as a part of the Consolidated Appropriations Act, 2022 (Public Law 117-103) and the related regulations, existing LIBOR contracts without provisions for a replacement benchmark rate will transition to spread-adjusted rates based on the Secured Overnight Financing Rate (SOFR), as published by the Federal Reserve Bank of New York, to the CME Term SOFR published by CME Benchmark Administration Limited plus applicable transition spread adjustment (the Replacement Index).

ARMs originated with LIBOR as their benchmark rate will convert to the applicable Replacement Index, that is, the 12-month CME Term SOFR plus applicable transition spread adjustment on their first change date, or periodic adjustment date after June 30, 2023. Because ARM mortgages can have a change date of April 1, July 1, October 1, or January 1, Adjustable-Rate Mortgage-Backed Securities (MBS) will be in transition until the July 1, 2024, Change Date, at which time all LIBOR based mortgages and the associated MBS will have converted to the Replacement Index. In all cases, the interest rate of the MBS will transition in a manner consistent with the treatment of the MBS as a fixed investment trust for U.S. federal income tax purposes.

Newly originated ARMs must be based upon the Constant Maturity Treasury (CMT) Index to be eligible for pooling. Chapters 1 and 26; Appendices IV-21 (Ginnie Mae II MBS Adjustable-Rate Mortgages Prospectus), IV-26 (Ginnie Mae II Adjustable-Rate Mortgage-Backed Certificate Guaranteed by Ginnie Mae), IV-28 (Partial Statement of Terms); and Glossary of the Ginnie Mae Mortgage-Backed Securities Guide, HUD Handbook 5500.3, Rev-1 (MBS Guide) have been updated to remove references to LIBOR indexed pools.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. ​

5/26/2023 - APM 23-05

To provide additional accuracy and insight into the loan collateral in Ginnie Mae Mortgage-Backed Securities (“MBS”), Ginnie Mae is implementing the collection of additional loan-level data elements to be incorporated as part of the Reporting and Feedback System (RFS) investor reporting process. Included with the additional data elements are changes to loan removal reason code definitions and the addition of a new reason code 7 “Special Assistance”, more information about which can be found in the revised Appendix VI-19 of the MBS Guide 5500.3, Rev-1 (“MBS Guide”).

The purpose of this Memorandum is to provide information necessary for Issuers and other industry participants to coordinate with Ginnie Mae and plan accordingly. These changes will apply to Single Family, Multifamily and Manufactured Housing MBS.

Ginnie Mae anticipates a staged implementation and is targeting a full implementation by the second calendar quarter 2024. To allow adequate time for Issuers, service bureaus and technology partners, Ginnie Mae has established a window for testing that will commence the third calendar quarter 2023 and continue through the first calendar quarter 2024.

Issuers who use proprietary “in house” monthly reporting software, or a custom configuration of a service bureau’s monthly reporting file are required to successfully complete test file submissions prior to implementation. Additionally, service bureaus or other providers of monthly reporting software are required to successfully complete test file submissions. Issuers who utilize service bureaus or other providers of monthly reporting software are not required to test those files themselves. Issuers who desire to test regardless of other considerations will be accommodated.

Ginnie Mae will coordinate with Issuers, service bureaus, sub-servicers, and other participants/providers to further define specific testing roles, requirements, and schedules. Because of the number of organizations and variables involved, and after consultation with Issuers and technology providers, further information about Issuer testing requirements, schedules, processes, and procedures will be provided via an APM at a later date.

Changes to the Loan Record and Various Record are summarized in the table below and further details can be found in the revised Appendix VI-19 of the MBS Guide.

L - Loan Record

​Field #
​Element Name
​Definition/Remarks
​25
​Removal Reason Code
​​Existing Element new Reason Code 7 = Special Assistance.
Removal Reason Code 7 applies to Special Assistance Programs announced by Ginnie Mae pursuant to Chapter 34 of the MBS Guide. Removal Reason Code 7 is not applicable to any Multifamily loan types.
Revised Reason Code 2 from Repurchase of Delinquent Loan to Buyout of Delinquent Loan
Revised Reason Code 3 from Foreclosure with Claim Payment to Foreclosure with or without Claim Payment
Revised Reason Code 6 from Other to Other Removal
​30
​Schedule UPB
​The dollar amount of the current Unpaid Principal Balance of the loan amortized through the month following the current reporting period.
​31
​Scheduled Monthly Principal Amount
The calculated scheduled (per the amortization schedule) monthly principal amount for the mortgage as of the end of the reporting period.
​32
​Scheduled Monthly Interest Amount
The calculated scheduled (per the amortization schedule) monthly interest amount for the mortgage as of the end of the reporting period.
​33
​Gross Service Fee Amount Collected
​The dollar amount of servicing fee collected on the mortgage, for the reporting period.
​34
​Actual Payment Date
​The actual date the last scheduled payment was received (the posting date for the scheduled installment).
​35
​Curtailment Principal Code
A code indicating the type of curtailment reported.​
​36
​ARM Prospective Interest P&I
​The new "to be" interest rate of the ARM loan.
​37
​ARM Prospective Monthly P&I
​The new "to be" monthly P&I payment amount of the ARM loan.
​​38
​ARM Adjustment Effective Date
​The effective date of the ARM adjustment; the scheduled installment due date of the new "to be" P&I on the loan.

V - Various Record

​Context. Field #
​Element Name
​​Definition/Remarks
​26
​Servicer/Subservicer ID
​The organization actually servicing the mortgage. The Issuer ID of the ​servicer/subservicer servicing the loan.
​27
​Document Custodian
​The Document Custodian ID for the document custodian of the mortgage. Ginnie Mae Document Custodian ID.

In addition, the removal reason codes in the HUD-11708 form (Request for Release of Documents) will be aligned with the removal reason codes in the revised Appendix VI-19. The exact effective date for the Appendix VI-19 and the HUD-11708 form will be provided in a future APM.

If you are an Issuer, service bureau or other industry participant and have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@HUD.gov​.

2/15/2023 - APM 23-04

Ginnie Mae is reducing the minimum HECM Mortgage Backed Security (HMBS) pool size in order to minimize the amount of time Issuers must carry balances between disbursement and HMBS securitization.

Effective for April 1, 2023 Issuances and thereafter, the required minimum HMBS pool size for all HMBS pool types is reduced from $1,000,000 to $250,000. Each pool must still contain a minimum of three (3) participations, each of which is related to a distinct HECM loan in accordance with Chapter 35, Part 7 §E of the Ginnie Mae Mortgage Backed Securities Guide, HUD Handbook 5500.3, Rev-1 (MBS Guide).

Ginnie Mae is revising the MBS Guide Chapter 35, Part 7 §D and Appendix IV-29 (HMBS Base Prospectus) to incorporate the reduction in minimum HMBS pool size. Additionally, Ginnie Mae would like to remind Issuers and Investors that all HMBS pool types are eligible for Ginnie Mae’s Platinum Certificate program which allows aggregation of small pools.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. ​

2/1/2023 - APM 23-03

In APM 20-07 Ginnie Mae established new temporary pooling eligibility requirements for Re-Performing Loans and implemented the associated RG pool type in APM 20-15. Given the temporary nature of these requirements, Ginnie Mae has undertaken an analysis of the securities performance and market conditions as well as sought stakeholder feedback from industry participants. Based on this analysis and review, Ginnie Mae is reducing the seasoning requirement and will allow Re-Performing Loans meeting the revised seasoning requirements into the Multiple Issuer Single Family Pools (M SF).

Effective with pools submitted February 1, 2023 and thereafter, Re-Performing Loans may be securitized only if: (1) The borrower has made Timely Payments for the three (3) months immediately preceding the issuance month associated with the MBS, and (2) The Issue Date of the MBS is at least 120 days from the last date the loan was delinquent.

Re-Performing Loans must also meet all other applicable pooling parameters.

Re-Performing loans meeting the revised seasoning requirement announced above will be eligible for delivery through GinnieNET as collateral for both the C RG and the M SF pool types. Re-Performing Loans must be identified as a Loan Purpose Code “5” in the file layout for Issuers that import loan data into GinnieNET. Issuers that rely on manual data entries must ensure Loan Type Code “5” is selected for Re-Performing Loans when constructing the HUD-11706. Additionally, when submitting an M SF loan package that contains Re-Performing Loans in GinnieNET, Issuers will be required to complete the Re-Performing Loan attestation they currently perform for C RG submissions. The Pool Delivery Dataset (PDD) for pool and loan package submission in the Single Family Pool Delivery Module (SFPDM) will be updated at a later date. ​

Until further notice, Re-Performing Loans may not be substituted for defective loans.

Chapter 18, Part 3 §B(6) and the Prospectus (Appendix IV-20) have been amended in accordance with this memorandum. If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.

1/18/2023 - APM 23-02

Due to the continuing impact of the COVID-19 Pandemic National Emergency on forbearance levels and delinquency rates, Ginnie Mae is continuing the exemptions that were originally announced in APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19", and most recently extended in APM 22-05: “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement”​, from January 31, 2023 (December 2022 investor reporting) to July 31, 2023 (June 2023 investor reporting).

Ginnie Mae will continue to exclude any delinquencies occurring on or after April 2020 for the purposes of enforcing the provisions in Ch. 18, Part 3, §§ C & D. Ginnie Mae will provide this exclusion automatically through July 31, 2023, 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.

1/18/2023 - APM 23-01

Due to the continuing impact of the COVID-19 Pandemic National Emergency, Ginnie Mae is extending the use of alternative audit procedures originally announced in APM 20-14: “Alternative Procedures Permitted for Certain Aspects of Issuer Annual Audit Report for Fiscal Year 2020”, APM 21-08: “Extension of Permitting Alternative Procedures for Certain Aspects of Issuer Annual Audit Report, and most recently extended in the APM 22-06: “Extension of Permitting Alternative Procedures for Certain Aspects of Issuer Annual Audit Report”​ for Issuers with a fiscal year ending on or before June 30, 2023 as follows:

Chapter 3 Part 7 § A of the Mortgage-Backed Securities Guide (MBS Guide) requires Issuers to obtain and submit annual audited financial statements and Audit Reports, prepared by an independent auditor, in accordance with Chapter 6 of the HUD Audit Guide, which requires auditors to review the processes and controls of document custodian(s) associated with the Issuer. Ginnie Mae recognizes that, due to the COVID-19 National Emergency-related statewide Occupational Safety and Health Administration restrictions, independent auditors may not be able to perform certain document custodian review audit activities for the fiscal year ending on or before June 30, 2023, that require physical inspection and observation.

Ginnie Mae will accept audited financial statements and Audit Reports for Issuers with a fiscal year ending on or before June 30, 2023, where the independent auditor relied on alternative procedures to meet the Issuer’s document custodian annual audited financial statement and Audit Report review objectives in lieu of the procedures outlined in the HUD Audit Guide, which would otherwise require physical inspection and observation.

Issuers must ensure that the audited financial statement and Audit Report documentation submitted to Ginnie Mae details the condition necessitating the use of an alternative procedure, a description of the alternative procedure used, and the independent auditor’s rationale outlining how the alternative procedures met the original objective of the document custodian review audit.

This APM does not in any way change components of an Issuer’s audited financial statements to be performed by an independent auditor with a fiscal year ending on or before June 30, 2023, nor does it alter any other requirements not expressly addressed by this memorandum. The temporary flexibilities extended in this APM are expected to be discontinued as soon as practicable for Issuers whose fiscal years end beyond June 30, 2023. Chapter 3 of the MBS Guide has been modified to incorporate the provisions of this memorandum.

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

12/29/2022 - APM 22-15

In APM 22-04​, Ginnie Mae’s Digital Collateral Program exited its pilot phase and became permanent. Ginnie Mae regularly assesses its Digital Collateral Program to ensure it is current and any updates are communicated and incorporated into the Digital Collateral Program Guide, Appendix V-07 of the Mortgage-Backed Securities Guide 5500.3, Rev-1 (eGuide). Accordingly, Ginnie Mae is announcing revisions to the clauses required for electronic notes (eNotes).

Revised eNote Clauses

In July 2021, Fannie Mae and Freddie Mac (the GSEs) announced changes to the eNote clauses that makes them clearer by using plain language and aligns with the ESIGN Act and UETA. Ginnie Mae has chosen to align with the GSEs and will require the same clauses for eNotes as contained in their uniform notes. Doing so will streamline the process for eIssuers and ensure the eNote clauses are consistent across eIssuers. To establish this alignment, Ginnie Mae will begin requiring the use of the revised eNote clauses, which can be found in section 2530.00 of the eGuide for all eNotes dated on or after January 1, 2023. Notwithstanding this new requirement, eNotes containing the revised clauses that are dated before January 1, 2023 are eligible for inclusion in Ginnie Mae MBS.

Issuers participating in the Digital Collateral Program should read the full eGuide to ensure compliance with the program’s requirements. If you have further questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.

For more information about Ginnie Mae’s Digital Collateral Program visit
​https://www.ginniemae.gov/issuers/program_guidelines/Pages/digital_collateral_program.aspx



12/23/2022 - APM 22-14

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 pools or loan packages submitted on or after January 1, 2023, 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 or Guaranty Fee)
 ​​
 
 
UnitsContiguous 48 States, District of Columbia, American Samoa, and Puerto Rico
Alaska, Hawaii, Guam, and the U.S. Virgin Islands
1$726,200
$1,089,300
2$929,850$1,394,775
3$1,123,900$1,685,850
4$1,396,800
$2,095,200


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 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.  

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Last Modified: 8/13/2021 10:02 PM