Document custodians play an important role in the Ginnie Mae process.
A document custodian must hold documents related to the pooled mortgages on
Ginnie Mae's behalf for the life of the pool or loan package. Prior to
submission of a pool or loan package for processing, it is the Issuer's
responsibility to select an eligible institution to serve as document custodian.
Appendix V of the
Ginnie Mae MBS Guide
contains eligibility requirement information for document custodians.
The document custodian works directly under the Issuer. While an Issuer may
use different document custodians for different pools or loan packages, each
pool or loan package must have only one document custodian.
If you are a document custodian and you have questions, please send an e-mail
to
GinnieMaeDocCustody@HUD.gov |
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Related-party document custodians, defined as either the Issuer acting as the
document custodian (self-custody) or an affiliate of the Issuer acting as the
document custodian, are subject to additional requirements. These requirements
include:
- Self-custody:
An Issuer that meets the requirements of Part A, General Eligibility
Requirements for document custodians, may perform the custodial functions
required in this Manual for its own issuance activities, but only if:
- the issuer has a trust department with fiduciary powers in accordance
the requirements of Section A(10), Possess Fiduciary Powers;
- Such trust department is vertically independent from the Issuer’s mortgage
loan origination, servicing or selling functions. Neither the trust department,
nor any of its principals, officers, or employees, may be directly or indirectly
supervised by any principal, officer, or employee of the Issuer’s mortgage loan
origination, servicing, or selling functions;
- The trust department maintains personnel that is different and separate from
any personnel within the Issuer’s mortgage loan origination, servicing, or
selling functions, and;
- The custodial functions are performed by the trust department described
herein.
Affiliated document custodian:
Document custodians may not provide the custodial functions required by this
Guide for any Affiliate unless the following two conditions are met:
- First, the document custodian must meet and continue to satisfy the
requirements of Part A, General Eligibility Requirements for Document
Custodians; and
- Second, the document custodian must be, and remain, vertically independent
from the Affiliate Issuer. For purposes of this requirement, the document
custodian is not vertically independent if:
- its principals, officers, or employees are directly or indirectly
supervised by the Affiliate Issuer;
- it must report to its controlling entity or another Affiliate through the
Affiliate Issuer or any of the Affiliate Issuer’s employees, or;
- the document custodian, its principals, officers, or employees are
supervised by an Affiliate that is controlled by the Affiliate Issuer.
The document custodian function must be subject to periodic review and
inspection by the primary regulator. |
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Print DirectoryTriad Bank, N.A. | 5951 South Lewis Avenue Tulsa, OK 74105 (918) 749-1000 | 000587 | Truist Bank | Mortgage Custody Services 1001 Semmes Avenue Richmond, VA 23224 (804) 319-4418 | 000568 | Truist Bank | 5130 Parkway Plaza Blvd Charlotte, NC 28217 (704) 954-1852 | 000894 | Trustmark National Bank | 248 East Capital Street Suite 1025 Jackson, MS 39201 (601) 208-5909 | 000388 |
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Before executing a Master Custodial Agreement, an institution must obtain a
Ginnie Mae document custodian identification number as specified in Chapter 2-E
of the Document Custodian Manual(Appendix V-1) of the Ginnie Mae Guide. An
on-site evaluation of the site and review of eligibility evidence may be
required prior to the issuance of the custodian identification number.
The identification number must be placed on all documents on which the
document custodian's name appears.
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Ginnie Mae invites all document custodians to participate in its Document
Custodian Outreach Conference Calls.
The outreach conference call schedule will be published as it established:
Each conference call will be held from 1:00 - 2:00 p.m. EST.
Document custodians can participate in these quarterly outreach conference
calls by calling
(877) 336-1839
and using participant code 6013905.
If you have any questions about these quarterly outreach conference calls,
please send an e-mail to
GinnieMaeDocCustody@HUD.gov.
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