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President Biden has declared major disaster areas in the Commonwealth of Puerto Rico as a result of Hurricane Fiona and the State of Florida as a result of Hurricane Ian.
Chapter 34, Part 2 § B of the Mortgage-Backed Securities Guide, HUD Handbook 5500.3, Rev-1 (“MBS Guide”) provides, at Ginnie Mae’s discretion, for expanded loan buyout authority in the event of a presidentially-declared major disaster, for the purpose of supporting Issuers in offering relief to impacted borrowers (including relief in the form of late fee waivers, forbearance periods, loan modifications, and foreclosure moratoriums) to the extent permissible under the guidelines of the federal agency guaranteeing or insuring each loan.
To provide Issuers with the requisite flexibility to craft and implement the disaster relief strategy best suited for borrowers affected by Hurricane Fiona and Hurricane Ian, Ginnie Mae will permit Issuers to buy out loans that meet the following eligibility requirements:
1. the property securing the loan has been damaged and is located within a designated disaster area; or
2. the borrower is experiencing economic hardship related to the designated disaster, as established by the underlying insuring or guaranteeing agency.
Loans meeting the eligibility requirements identified above, may be bought out under this disaster provision, in accordance with the process described in Chapter 34, Part 2 §B, even if they are otherwise not eligible for buyout under Chapter 18. Issuers should obtain information on the designated disaster areas for Hurricane Fiona and Hurricane Ian directly from the Federal Emergency Management Agency at www.fema.gov/disasters. If major disaster areas are declared by the President in additional states as a result of Hurricane Fiona and Hurricane Ian, affected areas would be covered by this APM.
Issuers must request and obtain prior written approval from Ginnie Mae to buy out eligible loans. Issuers should submit their request electronically using the Disaster Relief Buyout Request Letter in the form prescribed in Appendix XI-5 of the MBS Guide. Issuers must include all required loan-level information identified in Appendix XI-5 for each loan the Issuer is requesting approval from Ginnie Mae to buy out.
The Disaster Relief Buyout Request Letter must be signed by an individual authorized to act on behalf of the Issuer, as listed in the Issuer’s current Form HUD-11702, who will certify on behalf of the Issuer that each loan listed in the request meets the eligibility requirements discussed above, and that the Issuer is buying out the loan in order to provide relief to the homeowner.
The executed Disaster Relief Buyout Request Letter, including the required loan-level information, and any accompanying attachments must be legible and submitted in Portable Document Format (“PDF”) via email to either HFDAbuyout@hud.gov for eligible loans associated with Hurricane Fiona, or to HINDAbuyout@hud.gov for eligible loans associated with Hurricane Ian. Ginnie Mae will review the requests, and in its sole discretion, will approve or reject the request in whole, or in part, by responding to the email requesting approval. The loan buyout authority extended under this memorandum will expire on March 31, 2023.
A loan that is bought out under the authority of this disaster relief provision will be eligible for re-pooling only if it has successfully undergone a loan modification in compliance with the guidelines of the applicable federal agency guaranteeing or insuring the loan, and meets Ginnie Mae’s pooling parameters in Chapter 9, as well as modification requirements in Chapter 24 of the MBS Guide.
Multifamily Issuers facing substantial economic hardships as a result of Hurricane Fiona or Hurricane Ian should contact their Ginnie Mae Account Executive directly to assess potential relief options under Multifamily program.
If you have questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.
To ensure that Mortgage-Backed Securities program requirements appropriately reflect the risk associated with different Issuer profiles, Ginnie Mae is revising the Institution-wide Capital Requirements in the Mortgage-Backed Securities Guide, 5500.3 Rev-1 (“MBS Guide”), Chapters 2 and 3 for financial institutions seeking approval as Ginnie Mae Single-Family, Multifamily, Manufactured Home and Home Equity Conversion Mortgage MBS (“HMBS”) Issuers (“Applicants”) as well as existing Ginnie Mae Single-Family, Multifamily, Manufactured Home and HMBS Issuers (“Issuers”). In addition, Ginnie Mae is revising Program Risk Parameters in Chapter 3 for all Issuers. All the changes announced in this APM will be effective beginning with Issuer fiscal year end December 31, 2022, and thereafter.
Revised Institution-Wide Capital Requirements
Applicants and Issuers that are not covered by the requirements for financial institutions described above (see MBS Guide Chapter 2, Part 9, §§ B(2)(a) and (b) for Applicants, and MBS Guide Chapter 3, Part 8, §§ A (3) (a) and (b) for Issuers) must continue to maintain a “Leverage Ratio” of at least 6% as set forth in MBS Guide Chapter 2 Part 9 §§ B (2) (c) for Applicants and MBS Guide Chapter 3, Part 8, §A (3) (c) for Issuers. For purposes of calculating the Leverage Ratio (Total Adjusted Net Worth divided by Total Assets), Total Assets do not include Ginnie Mae Loans Eligible for Repurchase (GMLERs). GMLERs are delinquent loans that are eligible to be bought out of a pool but that have not yet been bought out, consistent with MBS Guide Chapter 18, Part 3 § B (1). GMLERs are not applicable to the HMBS program.
Revised Program Risk Parameters
If an approved Issuer is reliant on support from a corporate parent to maintain its compliance with Ginnie Mae requirements, as determined by factors including the Issuer’s financial history, the Issuer’s current financial standing, and corporate family or affiliate matters, the corporate parent’s financial standing should be such that it could meet the financial requirements as a Ginnie Mae Issuer. If the information regarding the corporate parent’s financial standing is not publicly available, the corporate parent may be required to provide it to Ginnie Mae no more frequently than on a quarterly basis. For more information, see MBS Guide Chapter 3, Part 21 § B (1) (e).
Effective December 31, 2022, Chapters 2 and 3 of the MBS Guide will be amended in accordance with this Memorandum. Chapter 6 of the HUD Consolidated Audit Guide (“Audit Guide”) will be updated to direct independent auditors to the MBS Guide for the current Institution-wide Capital Requirements for Applicants and Issuers. Until the Audit Guide update takes place, the requirements in the MBS guide supersede the requirements in the Audit Guide if the requirements in these two guidance documents conflict.
If you have questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.
Ginnie Mae initiated a pilot Digital Collateral Program (DCP) in July of 2020. During the pilot, approved participants (“eIssuers”) securitized over $8 billion of Ginnie Mae MBS backed by digital notes (“eNotes”). The DCP pilot was successful operationally and affirmed Ginnie Mae’s belief that providing for digitalization of the collateral underlying guaranteed securities provides greater efficiencies and security for homeowners and program participants. Ginnie Mae is therefore opening the program to new applicants beginning June 20th, 2022.
All active Ginnie Mae Issuers in good standing may apply to participate as eIssuers that securitize government-backed mortgages comprised of eNotes. The eligibility requirements, procedures for application, and participation requirements for the DCP for both eIssuers and eCustodians are detailed in the Digital Collateral Program Guide (eGuide), Appendix V-07 of the Mortgage Backed Securities Guide, HUD Handbook 5500.1, Rev.3 (MBS Guide). Both the eIssuer Application to Participate in the DCP and the eCustodian Application to Participate in the DCP are published as Appendix V-08 and Appendix V-09 of the MBS Guide, respectively, and are available on the Ginnie Mae website.
Please note that all Issuers seeking approval, will need to have an established relationship, evidenced by a duly executed Form HUD-11715 Master Custodial Agreement, with a Document Custodian that is also approved by Ginnie Mae to serve as an eCustodian. Interested Issuers and Document Custodians may submit their applications individually or jointly. All applications to participate in the Digital Collateral Program must be submitted to Ginnie Mae via email at DCPA@hud.gov -- no hard copy submissions will be accepted.
Ginnie Mae will begin reviewing applications on a rolling basis beginning on June 21, 2022. If applicants meet the eligibility and application requirements, they will initially be granted conditional approval. At that time, eIssuers and their eCustodian will need to complete a series of test eNote transactions with Ginnie Mae. Upon successful completion of the test transactions, Ginnie Mae will grant, in writing, full approval to participate in the DCP, along with eMortgage Issuance Authority.
The Digital Collateral Program Guide, Appendix V-07, was updated on May 23, 2022. Please ensure that you are reviewing the May 2022 release of the eGuide for full eligibility and participation requirements. All questions or concerns about the DCP or this announcement may be sent to DCPA@hud.gov.
If you have further questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly, send an email to DCPA@hud.gov.
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” and extended in the APM 21-08: “Extension of Permitting Alternative Procedures for Certain Aspects Issuer Annual Audit Report” for Issuers with a fiscal year ending on or before September 30, 2022 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, independent auditors may not be able to perform certain document custodian review audit activities for the fiscal year ending on or before September 30, 2022, 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 September 30, 2022, where the independent auditor relied on alternative procedures to meet the Issuer’s document custodian annual audited financial statement and Audit Report review objectives requiring physical inspect and observation in lieu of the procedures outlined in the HUD Audit Guide.
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 September 30, 2022, 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 September 30, 2022. 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.
If you have further questions, please contact your Account Executive in the Office of Issuer and
Portfolio Management directly.
In 2020, Ginnie Mae published its Digital Collateral Program Guide (eGuide), Appendix V-07 of the MBS Guide, via APM 20-10, announcing the launch of the pilot phase of its Digital Collateral Program, which permits approved Issuers to securitize loans containing electronic promissory notes (eNotes) and other digitized loan documents. Since then, Ginnie Mae has continued to assess and develop its Digital Collateral Program, to provide our eIssuers with an updated and enhanced eGuide. While some of the key features of the new eGuide are highlighted below, please read the revised eGuide for full program guidance. The changes are effective beginning June 1st, 2022.
Revised requirement for Remote Online Notarization recording storage
The length of time an eIssuer is required to either maintain the recording of a notarial ceremony or maintain the ability to access and reproduce the recording of a notarial ceremony has been revised from the life of the loan to the greater of 10 years or the minimum period required by applicable law. Please see “Notarization Requirements” (3250.00) in the eGuide,
Revised procedures related to MERS® eRegistry addition of the Transfer of Control and Location with Secured Party transaction
Ginnie Mae will permit the use of the Transfer of Control and Location with Secured Party transaction by a warehouse lender at the direction of an eIssuer to add Ginnie Mae as Secured Party on an eNote. Please see “General Requirements for Delivery of eNotes” (4400.00) in the eGuide.
Revised requirements and procedures for the release of documents, including the release of Secured Party, due to a loan buyout from a pool
The eGuide is updated to include procedures for the eCustodian to notify Ginnie Mae after it has duly executed a Form HUD 11708 with certain reason codes. For buyout types related to payment in full, completion of a foreclosure, satisfaction through hazard or flood insurance, eminent domain, or condemnation, Ginnie Mae does not need to release its Secured Party designation prior to the eIssuer deactivating the eNote on the eRegistry.
The eGuide is also updated to include details on the information necessary for requests to remove or reverse Secured Party. Please see “Release of eDocs and Loan Files Received in Hard Copy” (5610.00), “Transfers of Location of Authoritative Copy of eNote” (5620.00), “Removal of Ginnie Mae from the Secured Party Field Due to Loan Liquidations” (6210.01), “Issuer Responsibility for MERS® eRegistry Transaction After a Buyout” (6240.00), and “Format for Requests to Remove or Reverse Ginnie Mae from the Secured Party Field” (6210.03) in the eGuide.
Updates to extend the changes announced in APM 21-07 (eSignatures and Remote Online Notarization on Loan Modification Agreements) to eNotes
As announced in APM 21-07, Ginnie Mae permits the use of electronic signatures and electronic notarization, including Remote Online Notarization (RON), when executing Loan Modification Agreements to “paper” notes. The eGuide has been updated to allow eModifications to eNotes. The “Prohibition on Electronic Loan Modifications” (5720.00) and “Prohibition on Electronic Loan Modifications” (6220.04) sections of the eGuide have been removed. Please see “Electronically Signed Modification Agreements” (4640.00), “Electronically Recorded Security Instruments and Modification Agreements” (5210.00), “Required Documents” (5420.00), “Required Documents” (5530.00), “Document Review Procedures for Recertification” (5540.00), ”Loan Modification Agreements” (5710.00), “eMortgage Loan Modifications Subject to a Trial Payment Period” (6220.01), “eMortgage Loan Modifications occurring without a Trial Payment Plan” (6220.02), and “Securitization of eMortgage Loan Modifications” (6220.02) in the eGuide.
Added procedures for refinancing an original loan containing an eNote using a New York Consolidation Extension and Modification Agreement (NY CEMA)
The eGuide is updated to include procedures for an eIssuer to use when an eNote is being bought out because it is being consolidated into a NY CEMA. These changes do not allow for the origination of a NY CEMA as an eNote. Please see “New York Consolidation Extension and Modification Agreement (NY CEMA)” (6260.00) in the eGuide.
Added requirements and procedures for eNotes executed using a Power of Attorney
The eGuide is updated to include policy and procedures for the acceptance of eNotes executed using a Power of Attorney. Please see “Other Exclusions” (3240.00), “Delivery Requirements for eNotes Executed by an Attorney-in-Fact” (4410.00), “General Requirements for the Receipt and Storage of eNotes” (5100.00), and “Required Documents” (5310.00) in the eGuide.
Added procedures for making minor corrections to eNotes
The eGuide is updated to include procedures for corrections to eNotes, with Ginnie Mae approval, where a minor, clerical error is detected after the eNote is executed and registered on the eRegistry. Please see “Defects related to eNote” (5820.00) in the eGuide.
The changes listed above are not an exhaustive list and should not be relied on for compliance. Issuers should read the full eGuide to ensure they comply with the updated requirements. If you have further questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.
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. This
modernized application will give the Single Family and Manufactured Housing Program Issuer
community several new capabilities, including more insight into the progress of pool
submissions through an intuitive and user-friendly interface to enhance the user
experience. SFPDM has been built to leverage the MISMO-compliant (v3.3) Pool Delivery
Dataset (PDD) for the delivery of Single Family issuance data and to align with mortgage
industry standards. The latest PDD specifications can be found on GinnieMae.gov under the
“Modernization Initiatives” page under the “SFPDM-MISMO” dropdown.
To remain compliant in Ginnie Mae’s Single Family and Manufactured Housing Programs,
Issuers must transition to SFPDM over an 18-month Adoption Period, ending approximately in
July 2023. Issuers will be required to deliver pools to SFPDM using the MISMO-compliant PDD
or by manually entering pool and loan data. Ginnie Mae has a dedicated team of data and
technical experts ready to help Issuers and associated software vendors transition to the new
MISMO-compliant PDD and SFPDM. Training sessions and materials will be held throughout
the 18-month Adoption Period to help users onboard and use SFPDM.
Initiating 18-Month Transition Period to the PDD and SFPDM
Ginnie Mae has outlined an 18-month Adoption Period that initiates with the publication of this
APM. Issuers are currently expected to begin planning, developing, and testing a PDD in the
Validation and Testing Tool (VTT) presently available in the MyGinnieMae portal. In the coming
months, a separate communication will be provided to Issuers once SFPDM is available. Once
the Issuers transition to SFPDM and start using it to submit pools, Ginnie Mae expects that the
Issuers will use the new SFPDM application exclusively, without reverting back to GinnieNET.
However, GinnieNET will remain available to Issuers during the Adoption Period as a backup
option to ensure smooth business operations as they transition at their own pace.
At the end of the 18-month Adoption Period, GinnieNET will no longer be used for Single Family
and Manufactured Housing Program pooling and only SFPDM will be available to Issuers. Only
Issuers in Ginnie Mae’s Single Family and Manufactured Housing Programs will be impacted by
this transition. A subsequent APM, along with corresponding MBS Guide Changes, will
announce the end of the transition from GinnieNET. Ginnie Mae’s SFPDM and PDD Adoption
Timeline can be found in Modernization Bulletin #10.
Ginnie Mae understands that this is a large and complex transition that affects multiple business
processes within Issuer organizations. Many Issuers have already started working on PDD
development, and we encourage each Issuer to begin working with their IT teams and software
vendors on the impacts to loan origination and investor reporting workflows. The information
your organization needs to plan for this transition can be found in the PDD Implementation Guide, its associated Appendices, and related Frequently Asked Questions. Additional
information can be found on the Modernization Initiatives webpage under the “SFPDM-MISMO”
Please note that Reperforming Loan (RG) and Extended Term (ET) Pool Types are not
currently supported by SFPDM and must continue to be submitted through GinnieNET at this
time. Ginnie Mae intends to make these pool types available in SFPDM prior to the end of the
transition from GinnieNET. More information on these pools and other upcoming SFPDM
enhancements will be available in the coming months.
Changes to Pool Attestation Workflow
As Issuers transition to pooling in SFPDM, the Attestation process will remain in GinnieNET.
Ginnie Mae has enhanced the Attestation Workflow so that Issuers must view and attest to each
HUD-11705 and HUD-11706 Form per pool. During the 18-month Adoption Period, either
GinnieNET or SFPDM-generated HUD-11705 and HUD-11706 Forms will be considered the
documents of record. Additional communications and training will be conducted on the
enhanced workflow as the SFPDM Rollout approaches.
Other Important Information
For questions regarding the transition to SFPDM and the PDD, please reach out to
Ginnie Mae’s dedicated support team at GinnieMae_MISMO_Support@hud.gov. Additionally,
you may call Ginnie Mae Customer Support at 1-833 GNMA HELP / 1-833-466-2435 and select
option 3, then option 6 for inquiries related to this transition.
In support of the goal of achieving broad economic recovery following the pandemic, the Federal Housing Administration (FHA) established the Advance Loan Modification (ALM) which is proactively offered to eligible delinquent borrowers (Mortgagee Letter 2021-15). The proactive nature of the ALM, and the timeline associated with it, make it difficult for Issuers to comply both with FHA’s requirements to offer the ALM, and Ginnie Mae’s requirements for recordation and title insurance. Therefore, Ginnie Mae is streamlining its documentation requirements for FHA’s ALM loans to eliminate the requirement for recordation and title insurance except as provided below. This guidance is applicable only to ALMs, but also applies to all ALMs, even if executed prior to the publication of this APM. All other loan modifications must meet Ginnie Mae’s existing requirements in Chapter 24, part 2, Section A(2), which includes recordation.
The Issuer remains responsible for ensuring the ALM loan retains its first lien position and remains enforceable in accordance with its terms at the time of modification, throughout its modified term, and during any bankruptcy or foreclosure proceeding. In some cases, that may require recordation, such as when the modification agreement contains assignment of leases or rents provisions.
The Issuer is required to provide the following documentation to the Document Custodian:
Document custodians will not be required to verify that the ALM is recorded, unless the loan modification agreement contains provisions for assignment of leases or rents, or title insurance is present. However, if the ALM loan modification agreement is recorded, title insurance that meets the requirements of Chapter 24, Section 2 is required. A copy of an ALM loan modification agreement will only be acceptable if it contains clear evidence of recordation.
Concurrently with this APM Ginnie Mae is updating Chapter 34 and Appendix V-01, Chapter 3 of the Mortgage-Backed Securities Guide, HUD Handbook 5500.1, REV-1 (MBS Guide) to reflect these exceptions.
The streamlined documentation requirements for ALM loans will sunset with June 1, 2023 pool issuances. ALMs in pool issuances on or after July 1, 2023, must meet Ginnie Mae’s standard requirements for recording and title insurance.
If you have any additional questions about the content of this memorandum, please contact your Account Executive in the Office of Issuer and Portfolio Management.