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Press Release​s​

Ginnie Mae Revises HMBS Pooling Eligibility Requirements
Contact: GinnieMaeCommunications@HUD.gov
Published Date: 9/22/2023 10:00 AM

WASHINGTON, D.C. – Today, Ginnie Mae is announcing revisions to its Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) requirements to allow securitization of multiple participations related to a particular HECM in any one issuance month. The intention of this enhancement is to reduce liquidity pressures on HMBS Issuers and ensure the HECM program remains viable and able to serve America’s seniors.

Ginnie Mae’s HMBS program offers access to the secondary market for HECM loans. The program provides Issuers the ability to securitize portions of the HECM over time as Issuers fund borrower line of credit draws and program fees. These payments are referred to as “participations” or “tails.” These changes will be available on October 1 and will allow Issuers to securitize multiple participations as soon as they are ready.

“Ginnie Mae’s HMBS program changes will enable Issuers continuous access to capital market sources of funding to securitize HMBS participations throughout the month.” said Ginnie Mae President Alanna McCargo. “Our goal is to improve Issuer liquidity and strengthen this important program for America’s seniors.”

For more information about the new requirements, including multiple participation requirements and special requirements for participation drawn other than on the first of the month, see APM—23-11​

Additional information about Ginnie Mae is available at https://www.ginniemae.gov and on Twitter, YouTube, Facebook and LinkedIn.

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 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 to carry the explicit full faith and credit of the United States Government.