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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
7/29/2020 - APM 20-11

Ginnie Mae continues to modernize its Securitization Platform technology, processes, and related policies to provide increased transparency and improved service delivery to its Issuers. To support this goal, in January 2020, Ginnie Mae launched the MyGinnieMae (MGM) portal, a comprehensive platform that integrates functional and technological capabilities into a common infrastructure.

MyGinnieMae Portal

The MGM portal provides enhanced security and a single entry point to all approved applications for individual users, as well as a seamless user registration and access request process, for both the user and the approving authority. With the adoption of MGM, one account and one single username and password will provide users access to all systems, applications and Organization IDs/Issuer IDs. MGM houses existing Ginnie Mae legacy systems (i.e. GMEP 1.0, GinnieNET), modernized portal applications (i.e. MFPDM, AMC), and resources that boost efficiency for our business partners.

Requisite MGM Roles and Responsibilities

Organization Administrators (formerly known as Security Officers and Enrollment Administrators). Organization Administrators (OAs) have the system authority to invite end users to register for an MGM account, approve user registration, initiate access request via functional role assignment to user, and approve the access request within their organizations. To register for access to the Ginnie Mae Systems, including the MGM and systems and applications contained therein, multiple OAs will be required to complete the registration and access workflows for onboarding users into MGM. Each OA for any Ginnie Mae Issuer must be listed as an authorized signatory in the organization’s form HUD-11702. OAs for Document Custodians are not subject to the HUD-11702 requirement. However, please note that Document Custodians should only assign individuals who are officers or have managerial and oversight responsibility for custodial operations as OAs. For details regarding the new OA adding process, please see revised Appendix III-29 that is attached to this APM.

Please note that separation of duties guidelines within the registration and access request workflows prohibit the same OAs from initiating a registration and approving that same registration and from initiating request access via functional role assignment and approving such requests. For each Issuer, Ginnie Mae requires a minimum of three OAs, but we strongly encourage you to have more than the minimum as a safeguard against operational challenges.

End Users. End Users include Ginnie Mae employees, business partners, program participants and contractors who will require access to the business applications and information within the Portal, including various self-service functions. A full list of the functional roles available to external end users may be found here.

New Requirements for Users of Ginnie Mae Systems

Effective September 1, 2020, all Issuers must meet the following two requirements.

  1. Each organization must have a minimum of three OAs with active MGM credentials.
  2. Users of all Ginnie Mae Systems, including the Ginnie Mae Enterprise Portal and GinnieNET, are required to have active credentials to access MGM in order to be able to transact on Ginnie Mae Systems.

Effective December 1, 2020, MGM will become the sole avenue to access all Ginnie Mae systems. After December 1, 2020, Issuers will no longer be able to access GinnieNET or GMEP directly through their Uniform Resource Locator (URL) web address.

For more information and resources, please visit the Modernization Page on the Ginnie Mae website.

For general questions about the MGM portal or its release activities, please contact or your Account Executive in the Office of Issuer and Portfolio Management directly.

7/16/2020 - APM 20-10

In June 2018, Ginnie Mae announced it would start developing and implementing the policy, technology, and operational capabilities necessary to accept electronic promissory notes and other digitized loan files as collateral for Ginnie Mae securities (Digital Collateral). To that end, Ginnie Mae collaborated extensively with industry stakeholders in developing the policies and processes governing the securitization of Digital Collateral in the government-backed industry segment. Ginnie Mae also recognizes that allowing Digital Collateral for its MBS is necessary more than ever as a key strategic initiative that is responsive to the impacts of the COVID-19 pandemic. Today, Ginnie Mae is announcing the launch of the initial phase of its Digital Collateral Program.

As part of this initial phase, Issuers may apply to participate as eIssuers and begin securitizing government-backed mortgages comprised of Digital Collateral with Ginnie Mae approval. The requirements and processes that govern participation in the Digital Collateral Program are detailed in the Digital Collateral Program Guide (eGuide), Appendix V-07 of the MBS Guide. Ginnie Mae will work closely with approved eIssuers to identify MBS Program updates that may be needed to achieve greater industry adoption of eMortgages and instruct subsequent phases of its Digital Collateral Program.

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. Both the eIssuer Application to Participate in the Digital Collateral Program and the eCustodian Application to Participate in the Digital Collateral Program have been published as Appendix V-08 and Appendix V-09 of the MBS Guide, respectively. Interested Issuers and Document Custodians may submit their applications individually or jointly. All applications to participate in this phase of the Digital Collateral Program must be submitted to Ginnie Mae via email at no later than August 15, 2020.

Ginnie Mae will begin reviewing applications on a rolling basis beginning on July 20, 2020. If approved, 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 eMortgage Issuance Authority, which will govern and limit the number of eMortgages (regardless of the principal balance associated with each loan) that may be securitized by that eIssuer during the initial phase of the Digital Collateral Program. Please note that there will not be costs or fees associated with the provision of eMortgage Issuance Authority.

The Digital Collateral Program Guide, Appendix V-07, the eIssuer Application to Participate in the Digital Collateral Program, Appendix V-08, and the eCustodian Application to Participate in the Digital Collateral Program, Appendix V-09 of the MBS Guide have been published and are effective immediately. Please submit any questions or concerns you may have about this announcement to

7/2/2020 - APM 20-09

​In order to ensure the continued integrity of the MBS program, Ginnie Mae is changing the methodology used to determine the extent to which non-depository financial institutions may rely on Preferred Equity to meet program capital requirements.

Currently, the Mortgage-Backed Securities Guide, Handbook 5500.3 (MBS Guide) provides Ginnie Mae with discretion to define Issuer liquidity and capital requirements and to determine which assets Issuers may use to meet these financial standards.  For example, Chapter 2, Part 9, § B(2)(b) of the MBS Guide provides that credit unions and non-depository financial institutions must have a ratio of Total Adjusted Net Worth (as defined by Ginnie Mae) to Total Assets of 6% or greater in order to meet institution-wide capital requirements for participation in the MBS program. Chapter 3, Part 8, §§ A(3)(b), B(3)(b), C(3)(b), and D(3)(b) reiterate these capital requirements for approved Single-family, Multifamily, HECM and Manufactured Home MBS Issuers.

Ginnie Mae is hereby announcing factors that will be assessed in determining whether an Issuer’s preferred equity is to be included or excluded in the Issuer’s financial statements, in whole or in part, for purposes of the Total Adjusted Net Worth computation. These factors include, but are not limited to, the Issuer’s ability to defer or suspend dividend payments to preferred equity holders, whether the preferred equity is cumulative or non-cumulative, the seniority and maturity of the preferred equity at issue, and the Issuer’s ability to convert preferred equity to common equity. 

Chapter 2, Part 9, § B(2)(b) and § D, and Chapter 3, Part 8, § A(3)(b), § B(3)(b), § C(3)(b), and § D(3)(b) have been amended in accordance with this memorandum. If you have any questions, please contact your account executive directly or by calling (202) 708-1535. 

7/2/2020 - APM 20-08

​On February 12, 2020, the Mortgage Bankers’ Financial Reporting Form (MBFRF) Consortium published an industry-wide letter announcing a certification requirement for each submission of unaudited quarterly financial statements effective with the reporting period ending September 30, 2020 (due October 31, 2020).  To ensure industry alignment as well as the completeness and accuracy of the information shared through the MBFRF, Ginnie Mae is hereby incorporating this certification requirement into its Mortgage-Backed Securities Guide (MBS Guide).

Chapter 3, Part 7, Section B of the MBS Guide requires all non-supervised Issuers to submit unaudited quarterly financial statements via the web-based MBFRF (Form HUD-11750).  Effective with the quarterly reporting period due on October 31, 2020, all Ginnie Mae Issuers subject to the MBFRF reporting requirement will need to certify the accuracy of the MBFRF data as follows.

For each quarterly MBFRF submission, the Issuer’s chief executive officer, chief financial officer or equivalent will need to complete a new certification step as part of the electronic submission process whereby the officer will attest that: 

“By selecting this checkbox, I, the undersigned, certify that I am the CEO, CFO or equivalent and that the information contained herein is true and accurate to the best of my knowledge and belief, and that the unaudited financial statements were prepared in accordance with GAAP.”

The officer completing the certification for any Ginnie Mae Issuer must also be listed on the Issuer’s Form HUD 11702, Resolution of Board of Directors and Certificate of Authorized Signatures that is in effect as of the date of the certification.  Additional instructions detailing the new certification process will be made available at

Chapter 3, Part 7, Section B of the MBS Guide is amended effective immediately in accordance with this memorandum.  If you have any questions, please contact your Ginnie Mae Account Executive, the MBFRF Help Desk at 888-833-8689, option 1, or

6/29/2020 - APM 20-07

​In supporting the borrower relief and loss mitigation options made available by the federal mortgage programs, Ginnie Mae seeks to ensure that transactional activity related to these options does not impair market confidence in Ginnie Mae securities. Two borrower relief options, FHA’s National Emergency Standalone Partial Claim and USDA’s Mortgage Recovery Advance, do not require that loans be bought out of pools in cases where the terms of the loan will not need to be modified. To ensure that loan buyout activity is aligned with borrower and MBS program interests, Ginnie Mae is implementing the pooling eligibility restrictions detailed below while continuing to provide for buyout transactions that are appropriate and necessary.

New Terms

Chapter 18 is incorporating three new terms, “Re-performing Loan”, “Timely Payment”, and “Delinquent” to define the new pooling eligibility requirements and to ensure that the same are not more restrictive than necessary.  The term “Re-performing Loan” means a mortgage loan that is not more than 30 days Delinquent, that was previously bought out from a pool or loan package backing a Ginnie Mae MBS, and that retains the same rate and terms as the rate and terms associated with such loan on the date the loan was previously securitized in a Ginnie Mae MBS. The term “Delinquent” means a mortgage loan with a full monthly payment that is due but unpaid regardless of reason, including loans in forbearance that are not treated as delinquent for other credit or servicing purposes.  The term “Timely Payment” means a full monthly mortgage payment made by a borrower no more than 30 calendar days from its scheduled due date.

New Pooling Eligibility Requirements for Certain Re-performing Loans

Effective immediately, any Re-performing Loan that entered into forbearance, of any type, regardless of duration, on or after March 1, 2020, and is bought out on or after July 1, 2020, as reflected in the Issuer’s servicing system of record, is ineligible collateral for Ginnie Mae securities backed by any existing pool types.  Re-performing Loans will be eligible collateral for securities backed by C RG pools, a new pool type being deployed by Ginnie Mae to securitize the Re-performing Loans affected by this memorandum but 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.

Ginnie Mae will issue a subsequent All Participants Memorandum announcing updates to these temporary restrictions. Please note that these temporary restrictions apply only to Re-performing Loans, and not to Modified Loans.  “Modified Loans” which are mortgage loans that have undergone a rate and/or term modification pursuant to a duly executed loan modification agreement, may continue to be repooled without restriction, assuming they meet all other MBS Guide and Guaranty Agreement requirements.

Chapter 24 Part 2 § A (2) and Chapter 18 Part 3 § B (5) of the MBS Guide have been amended in accordance with this memorandum. If you have further questions, please contact your Account Representative in the Office of Issuer and Portfolio Management directly.​​

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