WASHINGTON, D.C. – Ginnie Mae reiterated existing guidelines for delinquent loan buyouts from Ginnie Mae pools with the publication today of All Participants Memorandum (APM) 22-03. The publication of APM 22-03 has been coordinated with the Federal Housing Administration (FHA), Veterans Administration (VA) and US Department of Agriculture, Rural Development Services (RDS) (collectively, “the Agencies”). APM 22-03 affirms that the Agencies’ loss mitigation policies should not be interpreted as requiring loan modifications that conflict with the terms of the Ginnie Mae MBS Guide, which states that loans may not be bought out of a pool until three consecutive payments have been missed or the borrower has completed a Trial Payment Plan (TPP) prior to a modification.  

“Ginnie Mae recognizes that many homeowners continue to face financial hardship because of the COVID-19 pandemic,” said Ginnie Mae President Alanna McCargo. “We are committed to providing Issuers with the tools they need to ensure sustainable homeownership for qualified homeowners and to coordinating our efforts with FHA, VA and RDS.”

 

About Ginnie Mae

Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.