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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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7/28/2021 - APM 21-03

Periodically, Ginnie Mae implements minor updates to the MBS Guide, 5500.3, Rev-1 to ensure that its policies are clearly and accurately reflected and to notify Issuers about upcoming operational changes. Please note the following announcements.

Aligning the MBS Guide with the changes announced in APM 18-06

In APM 18-06 Ginnie Mae updated the Fidelity Bond and Errors and Omissions (E&O) insurance policy requirements in Chapter 2 of the MBS Guide. More specifically, APM 18-06 updated Chapter 2, Part 7, Section B, eliminated the Loss Payable Endorsement clause, revised Ginnie Mae’s coverage and deductible requirements, and introduced a requirement that Issuers forward to Ginnie Mae a copy of their full Fidelity Bond and E&O insurance policy via the Independent Public Accountant (IPA) module within MyGinnieMae (MGM).

This APM removed Chapter 2, Part 7, Section B(3) of the MBS Guide because the language in it was made obsolete by APM 18-06. The former subsections B(4), B(5), and B(6) have become subsections B(3), B(4), and B(5) after this change.

Ginnie Mae also modified Chapter 3, Part 6, Section A(1), Part 13, Sections B(1) and C(1), and Part 14, as well as Chapter 7, Part 4, Section A(7) of the MBS Guide to reflect the changes announced in APM 18-06.

Other Changes

Appendix V-2 (Attestations of RPB for Loans Past Due for Final Certification) of the MBS Guide stated that Issuers with pools or loan packages that are past due for final certification and exceed the applicable threshold described in Chapter 11, Part 9, Section A must identify the pools and loans that are preventing final certification to determine the amount of the letter of credit that will be required from the Issuer. In Appendix V-2, the Original Principal Balance was used to determine the amount of the Letter of Credit that will be required from the Issuer; however best practices in the marketplace call for the Remaining Principal Balance to be used. Effective immediately, Ginnie Mae hereby changes “Original Principal Balance” to “Remaining Principal Balance” everywhere it appears Appendix V-2.

Ginnie Mae removed the reference to OMB from Appendix VI-8 (Excess Funds Agreement) because that form does not require a clearance from OMB.

Ginnie Mae modified Appendix III-27 (GNMA II Guaranty Agreement HMBS), Section 1.05(aa) in order to align it with the changes announced in APM 19-07. It now reads:

“Reporting Cutoff Date: With respect to a payment date for the Securities, HMBS Issuers must establish the last business day of the month as the monthly reporting cut-off date to ensure consistency across all HMBS program participants and with the provisions of the HMBS Investor Reporting Manual.”

Appendix III-29 correctly stated on the first page that Ginnie Mae requires a minimum of three Organization Administrators for each Issuer, as announced via APM 20-11. Page 2 of Appendix III-29 incorrectly stated that the minimum amount of Organization Administrators is two while three or more are recommended. A correction was made on page 2 of Appendix III-29 accordingly to consistently reflect that Ginnie Mae requires a minimum of three Organization Administrators, and encourages Issuers to have more than the minimum as a safeguard against operational challenges.

Chapter 11, Part 9, Sections A and B and Appendix V-3 (Attestations of RPB for Loans Past Due for Recertification) of the MBS Guide contained erroneous references to Chapter 11, Part 6, Section B. These have been replaced with the correct ones, which point to Chapter 11, Part 9, Sections A and B, respectively.

Appendix V-3 contained an erroneous reference to the Original Principal Balance in the table on page 2 of the document, which was changed to refer to the Remaining Principal Balance.

The language used in Chapter 2, Part 6(2)(c) of the MBS Guide to list the staff requirements for all applicants was changed from “government loan servicing, payment processing” to “government loan servicing, including payment processing.”

Chapter 2, Part 6(3)(a)(ii) was modified from “g. Claims processing (FHA/VA)” to “g. Claims processing (FHA/VA/RD/PIH).”

Chapter 2, Part 6(3)(b) was also updated in several areas to clarify that the section is referring to Multifamily originations.

Ginnie Mae remediated a gap in the MBS Guide by updating Chapter 3, Part 2 and Part 7, Section A(5) to explicitly state that in addition to FHA approval, issuers must also maintain VA, RD, and PIH approval (as applicable). While all issuers are required to be FHA approved, Issuers with VA, RD, and PIH loans in their portfolios are also required to be VA, RD, and PIH approved, respectively.

The table in Chapter 11, Part 9, Section A(1)(c) contained a typing error referring to 50% instead of 5%. The error was fixed.

The second paragraph in Chapter 14, Part 2 of the MBS Guide was updated because it was truncated. It now reads:

“No Issuer or subcontract servicer may, without the written permission of Ginnie Mae, remove a loan, whether pursuant to a substitution or otherwise, from a pool or loan package or reduce a balance on a pooled loan for any reason not specifically authorized in the applicable Guaranty Agreement or in this Guide.”

Chapter 10, Part 2, Section B, Chapter 24, Part 2, Section A(4) and Part 3, Section A, Chapter 25, Part 3, Section A, Chapter 26, Part 3, Section A, Chapter 27, Part 3, Section A, Chapter 28, Part 3, Section A, Chapter 29, Part 3, Section A, and Chapter 30, Part 4, Section A of the MBS Guide contained an erroneous reference to Chapter 13, Part 4. It was replaced with the correct one, which is to Chapter 13, Part 7.

The incorrect numbering of the subsections in Chapter 35, Part 6, Section J of the MBS Guide was corrected.

Updated Summary of Addresses

Ginnie Mae has also updated its Summary of Addresses to ensure participants have the most up to date contact information for Ginnie Mae and its agents.

7/7/2021 - APM 21-02

Due to the continuing impact of the COVID-19 Pandemic National Emergency, Ginnie Mae will continue the temporary measure allowing for the electronic execution and transmission of form HUD 11711A (Release of Security Interest) and form HUD 11711B (Certification and Agreement) in order to minimize potential market disruptions, as originally announced in the APM 20-01.  

Issuers are reminded that the electronic signature utilized on the 11711A/B must, in all cases, be performed, affixed or reflected as to allow a person reading the form to identify the name, title, and business name of the signor. The electronic signature may not be an audio recording, a video recording, or comprised exclusively of biometric data.

Any forms HUD 11711A and HUD 11711B signed electronically may also be transmitted electronically between interim lenders, Issuers, and Document Custodians provided that they are maintained in PDF format and that the Document Custodian is able to reproduce a printout of those PDF files to be included in the relevant physical pool file or upon Ginnie Mae's request. Issuers must ensure that the Document Custodian is able to receive and reproduce the electronic forms before transmitting them for the Initial Certification review.

As it has been one year since the guidance in APM 20-01 was originally issued, Document Custodians are notified that they may use the electronically signed 11711 forms to complete Final Certification, when the forms meet the standards directed above.

Continuation of this temporary measure does not constitute a revocation of the Document Custody Manual Appendix III-05 of Ginnie Mae's MBS Guide 5500.3 Rev. 1 stipulating that the original form HUD 11711A must include the wet signature and title of individual signing on behalf of interim lender to meet Initial Certification requirements, and that the form HUD 11711B must include the wet signature of an officer of the Issuer authorized under the form HUD 11702 (Appendix I-2). Ginnie Mae continues to reserve the right to require wet signatures for the affected loans, and will provide additional guidance on this topic when the crisis related to COVID-19 has been mitigated or it otherwise deems appropriate.   ​

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


3/31/2021 - APM 21-01

Due to the continuing impact of the COVID-19 Pandemic National Emergency on forbearance levels and delinquency rates, Ginnie Mae is further extending the exemptions that were announced in the APM 20-06: “Treatment of Mortgage Delinquency Ratios for Issuers Affected by COVID-19" and extended in the APM 20-17: “Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement” from July 31, 2021 through January 31, 2022 (December 2021 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 January 31, 2022 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.

12/31/2020 - 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 USDeloitteGinnieMaeSFApplications@deloitte.com.

(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.

12/4/2020 - APM 20-15

In APM 20-07, Ginnie Mae established new pooling eligibility requirements for Re-Performing Loans bought out on or after July 1, 2020 and announced that it would introduce a new pool type to securitize the Re-Performing Loans restricted from securitization by APM 20-07. This memorandum implements the new C RG Pool type effective for MBS with an Issue Date of February 1, 2021, and after.

New C RG Pool Parameters

The C RG Pool is a Ginnie Mae II custom pool that must be composed exclusively of Re-Performing Loans. Other than this Re-Performing Loan composition requirement, the parameters for a C RG Pool are identical to the pooling parameters applicable to Ginnie Mae II Custom Single Family (C SF) Pools, including for example, minimum pool and loan package volumes, mortgage maturity requirements, and the homogeneity rules in Chapter 24, Part 2, § B of the MBS Guide.

New Loan Purpose Code 5 – Reperforming Loans and Applicable Pooling Restrictions

Ginnie Mae is implementing a new Loan Purpose Code in GinnieNET to enforce the C RG Pool parameters and the other pooling restrictions announced in APM 20-07. Except as provided below, all Re-Performing Loans as defined in Chapter 18 of the MBS Guide must be securitized into C RG Pools and identified under Loan Purpose Code “5 – Re-Performing Loan RG” at the time of submitting the loan data into GinnieNET. By way of reminder, Re-Performing Loans are eligible for securitization only if: “(1) the borrower has made Timely Payments for the six (6) months immediately preceding the issuance month associated with the MBS, and (2) the Issue Date of the MBS is at least 210 days from the last date the loan was Delinquent.”

Re-Performing Loans are not eligible for securitization into any other Ginnie Mae I or Ginnie Mae II pool type, with the exception of Re-Performing Loans bought out prior to July 1, 2020 and Re-Performing Loans where the borrower had entered into forbearance prior to March 1, 2020. Re-Performing Loans that were bought out prior to July 1, 2020 as well as Re-Performing Loans associated with forbearance agreements granted prior to March 1, 2020 are excluded from the restrictions of APM 20-07 and may be delivered into any available Ginnie Mae pool without restriction, including C RG pools.

The Loan Purpose Code used when pooling a Re-Performing Loan that falls within one of these two exclusions depends on the designated pool type. If the loan is being delivered into any Ginnie Mae I or Ginnie Mae II pool, other than the C RG Pool, the loan must be identified by the same Loan Purpose Code which would have applied to the loan prior to the publication of APM 20-07 (i.e. Purchase, Loan Modification, etc.), and must not be identified by Loan Purpose Code 5. If the Issuer decides to pool a Re-Performing Loan that falls into one of the exclusions into a C RG pool, then it must use Loan Purpose Code 5 at the time of pooling.

GinnieNET Loan and Pool Data Delivery Requirements for C RG Pool

Issuers that import loan data into GinnieNET must ensure that their file layout supports inserting “RG” into the file layout position designated for the Pool Type as well as a “5” in the file position designated for the Loan Purpose Code associated with each loan. Similarly, Issuers that rely on manual data entries must ensure that Loan Purpose Code 5 is selected for any Re-Performing Loan when constructing the Form HUD 11706, Schedule of Pooled Mortgages in GinnieNET, as applicable to the C RG pool. Ginnie Mae will not accept hard copy submissions for C RG Pools. GinnieNET will accept submission of C RG pools beginning on January 19th for securities with an Issue Date of February 1, 2021, and thereafter. Issuers may refer any questions relating to the requisite GinnieNET file layout to the Ginnie Mae helpdesk at 1-833-GNMA HELP or by contacting ginniemae1@bnymellon.com.

Consistent with this memorandum, Ginnie Mae is updating Chapter 18, Part 3 § B(6) of the MBS Guide to address questions received since the publication of APM 20-07 relating to pooling restrictions on Re-Performing Loans. Ginnie Mae is also updating Chapter 1, Part 3, § B(2), Chapter 9, Part 2, §§ B, C, and D, Part 3, §§ D and G, Chapter 24, Part 2, § A(3), and Appendix IV-20. All MBS Guide updates referenced here are effective immediately.

Any act that is not in compliance with the pooling restrictions or the data submission requirements as set forth in the MBS Guide constitutes a violation of the terms of the Guaranty Agreement and is therefore grounds for Issuer sanctions under the MBS Program. 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.

11/9/2020 - APM 20-14

Due to the impact of the COVID-19 Pandemic National Emergency, Ginnie Mae is allowing the use of alternative audit procedures for Issuers with a fiscal year ending on or before December 31, 2020 as follows.

Chapter 3 Part 7 § A of the Mortgage-Backed Securities Guide (MBS Guide) requires Issuers to obtain and submit an independent public audit prepared in accordance with Chapter 6 of the HUD Audit Guide, which itself 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 2020 that require physical inspection and observation.

For this reason, Ginnie Mae will accept independent public audits for Issuers with a 2020 fiscal year ending on or before December 31, 2020, where the independent auditor relied on alternative procedures to meet the Issuer’s document custodian independent public audit review objectives requiring physical inspect and observation in lieu of the procedures outlined in the HUD Audit Guide.

Issuers must ensure that the independent public audit 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.

For the avoidance of doubt, this APM does not in any way change components of an Issuer’s audited financial statements to be performed by an independent public auditor with a fiscal year ending in 2020, nor does it alter any other requirements not expressly addressed by this memorandum. 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. ​

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Last Modified: 2/24/2021 11:12 AM