WASHINGTON, D.C. – Ginnie Mae announced today in separate All Participants Memoranda that due to the ongoing impact of the COVID-19 National Emergency, it is extending certain delinquency reporting exemptions for issuers and the use of alternative audit procedures. Details regarding the extension of these temporary measures related to delinquency thresholds and audit policy can be found in APM 22-05, and APM 22-06, respectively.
The extended relief policies underscore Ginnie Mae’s commitment to helping issuers support the needs of homeowners as the COVID-19 National Emergency continues to affect them. The policies also recognize that COVID-19 may have impacted the ability of issuer’s independent auditors to perform certain on-site document custodian review audit activities for the fiscal year ending on or before September 30, 2022, which require physical inspection and observation.
“In order to continue protecting the healthy functioning of the housing finance market as the impact of COVID-19 lingers, issuers still need these prudent flexibilities to help manage persistent operational challenges,” said Ginnie Mae president Alanna McCargo.
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.