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All ​Participant Memorandums (APMs)

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

5 most recent APMS
2/15/2023 - APM 23-04
Minimum Pool Size Reduction for HMBS

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
Revised Requirements for Re-Performing Loans

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
Extension of Temporary Relief from the Acceptable Delinquency Threshold Requirement

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
Extension of Permitting Alternative Procedures for Certain Aspects of Issuer Annual Audit Report

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
Revisions to Required eNote Clauses

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​

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Last Modified: 2/8/2023 9:41 AM