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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
5/14/2020 - APM 20-06

In response to the National Emergency declared by the President on March 13, 2020, in connection with COVID-19, Ginnie Mae is hereby providing Issuers temporary relief from the acceptable delinquency rate threshold requirement identified in Ch. 18, Part 3, § C of the Mortgage-Backed Securities (MBS) Guide as follows.

In the MBS Program, pooled mortgages for which no scheduled monthly payments were received due to forbearance are reported as delinquent within the context of MBS investor reporting guidelines. Under Chapter (Ch.) 18, Part 3, § D of the MBS Guide, any Issuer that fails to maintain delinquency rates below the applicable threshold levels described in the MBS Guide, Ch. 18, Part 3, § C, may be subjected to Ginnie Mae sanctions. Under the Coronavirus Aid, Relief, and Economic Security Act, as implemented by the federal agencies providing the mortgage insurance or guaranty, Issuers are required to extend forbearance to borrowers experiencing a COVID-19-related hardship. Ginnie Mae acknowledges that these requirements will cause a significant number of Ginnie Mae Issuers to experience increasing delinquency rates that may exceed the maximum thresholds established by Ginnie Mae.

Effective immediately and subject to the limitations delineated below, Ginnie Mae will exclude any new Issuer delinquencies, occurring on or after April 2020 (reported in the May 2020 investor accounting report or after), when calculating the delinquency ratios for the purposes of enforcing the provisions in Ch. 18, Part 3, §§ C & D. This exclusion will be extended automatically to Issuers that were compliant with Ginnie Mae’s delinquency rate thresholds as reflected by their April 2020 investor accounting report, reflecting March 2020 servicing data. Ginnie Mae reserves the right to withdraw this permission, in its sole discretion, at any time upon notification to the affected Issuer. Issuers that were not compliant with these provisions as of their April 2020 report will need to contact their Account Executive to determine their eligibility for the exclusion announced in this memorandum. Issuers should note that the computation of delinquency ratios in Ginnie Mae’s Reporting and Feedback System (RFS) and in Issuer Operational Performance Profile (IOPP) will remain the same, but Ginnie Mae’s monitoring and enforcement of the resulting delinquency metrics is being modified temporarily in accordance with this memorandum.

The exemptions and delinquent loan exclusions implemented by this memorandum will automatically expire on December 31, 2020 (November 2020 investor reporting) unless rescinded earlier or extended by Ginnie Mae, or the end of the National Emergency, whichever comes earlier.

5/4/2020 - APM 20-05

On April 10, 2020, Ginnie Mae published “APM 20-03: Availability of Pass-Through Assistance Program for Participants in Ginnie Mae’s Single-Family MBS Program” in response to the National Emergency declared by the President on March 13, 2020, in connection with COVID-19 (“PTAP/C19”).

This All Participants Memorandum (“APM”) announces PTAP/C19 assistance for Issuers under the Multifamily MBS program, effective immediately upon publication. As previously noted, the purpose of PTAP/C19 is to honor the statutory duty Ginnie Mae has to pay timely and in full principal and interest payments due Mortgage-Backed Security (“MBS”) holders while minimizing any disruptions that may occur in the mortgage servicing market as a result of COVID-19. Assistance rendered under PTAP/C19, as provided for below and in Chapter 34, is to be considered an extraordinary measure, for use when other resources have been exhausted and with the requirement of full repayment by the Issuer.

Multifamily Issuers may request PTAP/C19 assistance only once per month to cover shortfalls on the principal and interest (P&I) due MBS holders for the month the request is made. For example, PTAP/C19 requests submitted in May 2020 must relate to the funding needed for the May 2020 MBS investor remittance. PTAP/C19 funds may be used only to cover shortfalls in the P&I owed to MBS security holders associated with loans that are in forbearance as of the date that each request for assistance is submitted. PTAP/C19 funding may not be used to cover other Issuer operational or servicing costs.

To request and accept PTAP/C19 funding, Multifamily Issuers, similar to Single Family Issuers, will need to execute and submit a Request For Pass-Through Assistance Related To COVID-19 And Repayment Agreement (“Request and Repayment Agreement”) as well as a Master Supervisory Agreement (“MSA”). The Request and Repayment Agreement and the MSA applicable to the Multifamily Program have been published as Appendix XI-01B and Appendix XI-02B of the MBS Guide, and are effective immediately. Other requirements governing the request, acceptance, and provision of PTAP/C19 assistance, including document submission requirements, have been incorporated into Chapter 34, Part 2, Section F of the MBS Guide.

4/15/2020 - APM 20-04

In an effort to streamline the process through which Issuers apply for SCRA Interest Short Fall Assistance, as detailed in Chapter 34 of the Mortgage-Backed Securities Guide, Ginnie Mae is implementing the following changes.

Currently, Ginnie Mae requires Issuers applying for SCRA Interest Short Fall Assistance to submit the SCRA Loan Eligibility Information in Appendix XI-06 and the SCRA Quarterly Reimbursement Request in Appendix XI-08 in both hard copy and electronic form. Effective immediately, Ginnie Mae is eliminating the requirement to submit hard copies. All Eligibility Request Forms, Reimbursement Request forms, and supporting documentation must be submitted in PDF format using the file upload function available in the Ginnie Mae Enterprise Portal (GMEP). When uploading SCRA documentation, Issuers must use the radio button labeled “Service Members Civil Relief Act Files”. Please see the screen shot enclosed below as Attachment A.

Chapter 34, Part 3, Sections A and E, Appendix XI-06, and Appendix XI-08 of the Ginnie Mae Mortgage-Backed Securities Guide 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 directly or at (202) 708-1535.

APM 20-04

Attachment A: Screenshot of GMEP File Upload Page

APM_20-04_Attachment_A_Screenshot_of_GMEP_File_Upload_Page.png

4/10/2020 - APM 20-03

In response to the National Emergency declared by the President on March 13, 2020, in connection with COVID-19, Ginnie Mae has revised and expanded the Issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (“MBS Guide”), including the Pass-Through Assistance Program (“PTAP”). These revisions and expansions are contained in Chapter 34, Part 2, Section E, which explains the terms and conditions applicable to the PTAP that is specifically authorized for use in response to the COVID-19 National Emergency (“PTAP/C19)”.

This All Participants Memorandum (“APM”) announces PTAP/C19 assistance for Issuers under the Single-Family program, effective immediately upon publication. The purpose of PTAP/C19 is to honor the statutory duty Ginnie Mae has to pay timely and in full principal and interest payments due Mortgage-Backed Security (MBS) holders while minimizing any disruptions that may occur in the mortgage servicing market as a result of COVID-19. PTAP/C19 will also support Issuers in their administration of borrower relief measures, such as extended forbearance and moratoriums on foreclosures and evictions, announced by the federal agencies providing the mortgage insurance or guaranty. Assistance rendered under PTAP/C19, as provided for below and in Chapter 34, is to be considered an extraordinary measure, for use when other resources have been exhausted and with the requirement of full repayment by the Issuer.

Extension of assistance under PTAP/C19 will be made through a Request for Pass-Through Assistance Related to COVID-19 and Repayment Agreement (“Request and Repayment Agreement”), and subject to a Master Supervisory Agreement which will govern the terms of any PTAP/C19 assistance. Assistance advanced by Ginnie Mae will bear a fixed rate of interest. The rate that will apply to a given month’s pass-through assistance to all Issuers will be posted on Ginnie Mae’s website on the second business day of each month. Neither a request for assistance, nor the actual provision of assistance, under this program will, in and of itself, constitute a basis for default under the Ginnie Mae Guaranty Agreement, but any breach of the Master Supervisory Agreement or related Request and Repayment Agreements will constitute an event of default under the Master Supervisory Agreement and related Request and Repayment Agreements, the MBS Guide and the Guaranty Agreement.

Third-party financiers of Ginnie Mae principal and interest (P&I) servicing advances should note that, as stated in the Master Supervisory Agreement, in the event of Issuer default repayment of third-party financed servicing advances is subordinate to repayment of Ginnie Mae under the Master Supervisory Agreement Requirements for Requesting PTAP/C19 Assistance.

Issuers may request PTAP/C19 assistance only once per month to cover shortfalls on the P&I due mortgage-backed security (MBS) holders for the month the request is made. For example, PTAP/C19 requests submitted in May 2020 must relate to the funding needed for the May 2020 MBS investor remittances. PTAP/C19 funds may be used only to cover shortfalls in the P&I owed to MBS security holders associated with loans that are delinquent, which includes loans in forbearance, as of the date that each request for assistance is submitted. PTAP/C19 funding may not be used to cover other Issuer operational or servicing costs.

The specific requirements governing the request, acceptance, and provision of PTAP/C19 assistance, including document submission requirements, have been incorporated into Chapter 34, Part 2, Section E, of the MBS Guide, Appendix XI-01A, and Appendix XI-02A, and are effective immediately. Notwithstanding the PTAP/C19 documentation deadlines in Chapter 34, Ginnie Mae will allow Issuers seeking PTAP/C19 assistance for the Ginnie Mae II investor remittance due on April 20, 2020, to submit a request by 11:59 pm eastern standard time on April 13, 2020. If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.

3/25/2020 - APM 20-02
Ginnie Mae has extended the due date for Annual Audited Financial Statements​ to April 30, 2020, for those lenders with a December fiscal year end. However, lenders that can complete the Annual Audited Financial Statements within 90 days after the end of their fiscal year are encouraged to do so.

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

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