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Press Release​s​

Ginnie Mae Extends Issuers’ Implementation Date for Its Risk Based Capital (RBC) Requirement
Published Date: 10/21/2022 9:00 AM

WASHINGTON, D.C. – The Government National Mortgage Association (Ginnie Mae) is extending the mandatory implementation date of the RBC requirement to December 31, 2024. The RBC requirement is p​​art of a larger set of financial eligibility guidelines released simultaneously ​with Federal Housing Finance Agency requirements on August 17, 2022. The RBC requirement is an important component of measuring risk, designed to strengthen and bolster the Issuers that support the government mortgage market.

Ginnie Mae has been actively engaged with the Issuer community and industry and continues to monitor mortgage markets and engage with public and private partners. As a result of stakeholder feedback and evolving market dynamics, Ginnie Mae has officially extended the implementation date of its new RBC requirement by 1 year. Qualifying Independent Mortgage Bank (IMB) Issuers must now implement the RBC requirement no later than December 31, 2024. All other aspects of the minimum financial requirements will remain the same.

“The state of the U.S. housing market is evolving rapidly, and housing affordability has eroded nationwide, with first-time homebuyers and lower income households that Ginnie Mae exists to serve feeling the effects most acutely,” said Ginnie Mae President Alanna McCargo. “Our Issuers and the mortgage servicing industry are integral to the government mortgage system, and they are also adapting and adjusting to market conditions. As always, we are focused on working with our counterparties to manage risks and ensure continuity in serving the most underserved households through all economic cycles.”

Ginnie Mae’s Issuer Eligibility Requirements were first published on August 17, 2022 in APM 22-09 through a joint announcement with the Federal Housing Finance Agency of amended minimum financial requirements for IMB Issuers in government securitization guaranty programs.

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Ginnie Mae APM 22-11​

Ginnie Mae Fact Sheet​

Ginnie Mae/FHFA Comparison Grid – Updated

Ginnie Mae APM 22-09

Ginnie Mae FAQs

About Ginnie Mae

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