WASHINGTON, D.C.—Today, in All Participants Memorandum (APM) 24-04, Ginnie Mae announced the transition from the Independent Public Accounting (IPA) module in the Ginnie Mae Enterprise Portal (GMEP) to the new Ginnie Mae Central (GMC) in MyGinnieMae. GMC will help further modernize elements of the Mortgage-Backed Securities (MBS) Program to create a more efficient statement submission process for Issuers.
Effective with Issuer submissions after May 13, 2024, Issuers will no longer submit documentation to Ginnie Mae’s Financial Reports Review Agent and instead be required to use GMC when submitting proof of their fidelity bond (protection against fraudulent, dishonest or negligent acts by the Issuer’s office, employees or others authorized to act on the Issuers behalf) and errors and omissions (E&O) insurance (protection for the Issuer against negligence or mistakes made in the performance of normal duties). Additionally, as of the above date, all extension requests must be submitted through GMC.
The APM also outlines new Issuer requirements for the submission of fidelity bond and E&O insurance, as well as audited financial statements. These requirements include the types of documentation required, submission deadlines, and certification and approval guidelines. For more information regarding the transition to the Ginnie Mae Central Portal and the new submission requirements, see APM 24-04.
“Implementing Ginnie Mae Central marks an important transformation for our MBS program and represents a milestone in our on-going modernization effort,” said Ginnie Mae Principal Executive Vice President Sam Valverde. “Ginnie Mae Central will simplify submissions for our Issuers and employ easy-to-use technology to make our program more approachable and more direct.”
If you have any questions regarding the policy changes in this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. If you have any technical questions regarding accessing GMC and/or user manuals, please email askGinnieMae@hud.gov.
Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.
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.