| 6/1/2023 | | WASHINGTON, D.C. – Today, in All Participants Memorandum (APM) 23-08, Ginnie Mae announced updates to the adoption of Single Family and Manufactured Housing Program pooling into the new Single Family Pool Delivery Module (SFPDM) in MyGinnieMae. This transition from GinnieNET to the SFPDM application will enhance user experience and align Ginnie Mae with mortgage industry standards by using the MISMO-compliant Pool Delivery Dataset (PDD).
The APM announcement included two important dates in the SFPDM adoption timeline for Issuers to remain compliant with Ginnie Mae’s Single Family and Manufactured Housing Programs:
- July 31, 2023: Issuers must begin pooling in SFPDM or testing their own MISMO-compliant PDD in the Validation and Testing Tool (VTT).
- December 1, 2023: GinnieNET remains available to issuers until December 1, 2023. After December 1, 2023, SFPDM will be the only application available for Single Family and Manufactured Housing pooling.
“This enhanced application brings new capabilities and increased insight into the progress of pool submissions through a more user-friendly interface,” said Ginnie Mae Principal Executive Vice President Sam Valverde. “We are engaged in a large and complex conversion and remain committed to working with our Issuers to execute a smooth transition of business processes.”
For more information and resources regarding the SFPDM transition, please refer to APM 23-08.
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.
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| 5/30/2023 | |
WASHINGTON, D.C. – Today, Ginnie Mae announced the transition of all outstanding London Interbank Offered Rate (LIBOR) mortgage-backed securities (MBS) to the Chicago Mercantile Exchange (CME) Group’s Term Secured Overnight Financing Rate (SOFR) (CME Term SOFR) with the publication of APMs 23-06 and 23-07. The applicable spread adjustments will also transition in accordance with all Adjustable Interest Rate (LIBOR) Act-related regulations and Mortgagee Letter 2023-09 issued by the Federal Housing Administration. MBS will begin transitioning following the retirement of LIBOR on June 30, 2023. As of April 21, the Alternative Reference Rates Committee (ARRC) recommends using the Refinitiv USD IBOR Cash Fallbacks based on the CME Term SOFR, plus applicable spread adjustments for legacy LIBOR adjustable-rate mortgages and 30-day average SOFR for new originations. Ginnie Mae follows the recommendation of the ARRC. Ginnie Mae is slated to launch a new SOFR-based pool for annually adjusting Home Equity Conversion Mortgages (HECM) on July 1, 2023. Single-family mortgages remain based on the Constant Maturity Treasury (CMT) index. The Eligible Index Types table outlines the old and new indexes for legacy Single-Family Forward Adjustable-Rate Mortgages (ARMs), Adjustable-Rate Home Equity Conversion Mortgages (HECM ARMs) and changes to new Annual HECM ARMs.
Eligible Index Types | Single-Family Forward
Adjustable-Rate Mortgages (ARMs) | Adjustable-Rate Types | Initial Note Rate and Periodic
Adjustments | Legacy LIBOR-based Hybrid ARMs | 12-month CME Term SOFR* | CMT-based Hybrid ARMs | 1-year CMT | Adjustable-Rate Home Equity
Conversion Mortgages (HECM ARMs) | Adjustable-Rate Type | Initial Note Rate and Periodic
Adjustments | Expected Average Interest Rate | Legacy LIBOR-based monthly HECM ARMs | 1-month CME Term SOFR* | 10-year CMT | Legacy LIBOR-based Annual HECM ARMs | 12-month CME Term SOFR* | 10-year CMT | New Monthly HECM ARMs | 1-year CMT | 10-year CMT | New Annual HECM ARMs | 30-day average SOFR** | 10-year CMT | 1-year CMT |
*The Refinitiv USD IBOR Cash Fallbacks based on the CME Term SOFR and applicable spread adjustment.
https://www.refinitiv.com/en/financial-data/financial-benchmarks/usd-ibor-cash-fallbacks **The compounded average of the SOFR over a rolling 30-day period, as administered and published daily by the Federal Reserve Bank of New York (30-day average SOFR).
https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index
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.
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| 5/26/2023 | | WASHINGTON D.C.– Ginnie Mae announced the collection and incorporation of additional loan-level data elements in the Reporting and Feedback System (RFS) investor reporting process in an All Participants Memorandum (APM) 23-05 today.
The data elements provide additional information about the risk of collateral for Ginnie Mae mortgage-backed securities (MBS). This collection includes changes to loan Removal Reason Code definitions and the addition of Removal Reason Code 7: Special Assistance. These changes apply to single-family, multifamily, and manufactured housing MBS.
“Our changes to the RFS will increase transparency for our global investors by enhancing data flow with our Issuers,” said Sam Valverde, Ginnie Mae Principal Executive Vice President. “We look forward to coordinating with Issuers, service bureaus and other participants and providers throughout the testing period to further define specific testing roles, requirements and schedules.”
Ginnie Mae anticipates a staged implementation and is targeting a full implementation by the second calendar quarter 2024. To allow adequate time for Issuers, service bureaus and technology partners, Ginnie Mae has established a window for testing that will commence the third calendar quarter 2023 and continue through the first calendar quarter 2024.
Further information about Issuer testing requirements, schedules, processes and procedures will be provided in a subsequent APM.
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.
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| 5/17/2023 | |
Washington, D.C. – Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.389 trillion in April, including $33 billion of total MBS issuance, leading to $16 billion of net growth. Issuance for this month was higher than March’s $28 billion, and significantly higher than February’s $24 billion. April’s new MBS issuance supports the financing of more than 112,000 households, including more than 50,700 first-time homebuyers. Approximately 72 percent of the April MBS issuance reflects new mortgages that support home purchases, as refinance activity remained low due to higher mortgage rates. For the 2023 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 177,000 first-time homebuyer loans. The April issuance includes $32 billion of Ginnie Mae II MBS and $1 billion of Ginnie Mae I MBS, including approximately $1.2 billion in loans for multifamily housing. For more information on monthly MBS issuance, UPB, REMIC monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.
Additional information about Ginnie Mae is available at
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.
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| 5/15/2023 | | Washington, D.C. – On Tuesday, Ginnie Mae hosted its inaugural Digital Summit at its headquarters in Washington, D.C. The event brought together leaders from the housing finance sector to discuss the ongoing digital transformation of the U.S. mortgage industry.
The Summit included expert-led panels that focused on the various government and private-sector digital initiatives currently underway, with particular emphasis on the importance of these efforts to the continued success of the U.S. housing sector. Featured speakers including, Ginnie Mae President Alanna McCargo and Chief Information Officer (CIO) Barbara Cooper-Jones, Fannie Mae SVP and CIO Ramon Richards, and John Bell III, the Executive Director of the Home Loan Guaranty Program at the U.S. Department of Veterans Affairs, provided insights on how the transformative work and close partnership between agencies and the industry is expanding access to affordable homeownership across the nation.
“The summit was an excellent forum for exchanging ideas and insights on various digital transformation efforts across the housing finance industry,” said Sam Valverde, Principal Executive Vice President of Ginnie Mae. “Collaboration between the private sector and federal agencies is key to maximizing the impact of digital tools, especially eMortgage adoption. By serving as a leading voice in the U.S. mortgage and housing industry, Ginnie Mae’s digital initiatives will continue to foster both a more resilient and efficient housing finance system and broader access to credit for American households.”
To learn more about Ginnie Mae’s digital transformation efforts, please read our 2022 Annual Report and visit our Digital Collateral Program page.
Additional information about Ginnie Mae is available at
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.
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| 5/12/2023 | | WASHINGTON, D.C.—Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.373 trillion at the end of Q1 2023, with the addition of $80 billion of MBS issuance during the period, with gross issuance ranging within $24-28 billion each month.
The first quarter’s new MBS issuance supported financing of more than 281,000 households, including more than 126,000 first-time homebuyers. Roughly 70% percent of the first quarter issuance volume reflects purchase money activity, resulting from a shift in market conditions and reduced loan refinance activity due to higher interest rates.
While overall issuance volumes have declined over the past year, returning to a more normalized purchase money market, current origination volumes across all four agency partners, the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs Loan Guaranty Program (VA), U.S. Department of Agriculture, Rural Housing Services (RHS) and HUD’s Public and Indian Housing (PIH), reflect strong support for affordable housing and homeownership nationwide.
During Q1 2023, the mortgage loans pooled into Ginnie Mae MBS included over 45,000 households who avoided foreclosure through our insuring and guarantying agencies partners’ loss mitigation programs. Ginnie Mae is proud to support our Issuers on the secondary capital markets and expand liquidity while supporting home retention efforts.
Q1 2023 issuance includes $77.15 billion of Ginnie Mae II MBS and $3.50 billion of Ginnie Mae I MBS, including approximately $3.13 billion in loans for multifamily housing. Approximately 30% of these multifamily MBS properties had Green or Green/Affordable designations from FHA’s lending program.
For more information on monthly MBS issuance, UPB, REMIC monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.
Additional information about Ginnie Mae is available at
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.
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| 5/11/2023 | |
Washington, D.C. – Ginnie Mae announced key appointments to the team this week as part of the government corporation’s continued work to advance its mission in affordable housing finance and build its operations and policy capacity. Laura M. Kenney joins Ginnie Mae as a career executive, serving as Senior Advisor for Strategic Operations as the search for a permanent Chief Operating Officer commences. Kenney will report to Ginnie Mae President Alanna McCargo. Kenney was most recently Executive Director in the Digital Direct Chief Operating Office at Morgan Stanley. Previously, she led E*TRADE’s efforts to design and implement a future-state regulatory reporting platform. She has more than 15 years of experience in housing finance and risk management, also having held leadership roles at JPMorgan Chase and Fannie Mae. “I am thrilled to continue to build out our executive leadership team with a seasoned housing finance risk and operations professional like Laura. We are grateful for her willingness to serve our country in this role, and at a time when we are managing varied risks in the housing market while evolving our strategy, strengthening our governance, and improving our operational infrastructure for the future,” said President McCargo. Ginnie Mae also announced the political appointment of Britt Van as Special Advisor to the President. Van will help shape the public policy and engagement strategy aimed at key intergovernmental stakeholders and Congress. She joins Ginnie Mae with 10 years of Capitol Hill, public policy, and financial services experience, most recently serving as Policy Director for the New Democrat Coalition in the U.S. House of Representatives. In that capacity, she led a vast policy portfolio on issues such as economic development, climate, housing, tax, and infrastructure for the coalition of roughly 100 members of Congress.
Additional information about Ginnie Mae is available at
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’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 to carry the explicit full faith and credit of the United States Government.
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| 5/1/2023 | | Washington, D.C. – Today, with the publication of Multiclass Participants Memorandum (MPM) 23-01, Ginnie Mae announced it will transition all outstanding LIBOR Classes of Ginnie Mae Multiclass Securities after June 30, 2023, to CME Term SOFR plus tenor spread adjustment in accordance with the Adjustable Interest Rate (LIBOR) Act (LIBOR Act) and the related regulations, and the recommendations of the Alternative Reference Rates Committee (ARRC).
In July 2017, the United Kingdom’s Financial Conduct Authority (FCA) announced that it would no longer persuade or compel contributing banks to submit rates used to calculate London Interbank Offered Rate (LIBOR) after December 31, 2021. On March 5, 2021, the Intercontinental Exchange (ICE) Benchmark Administration Limited (IBA) announced that it intended to cease publication of the overnight and one, three, six and twelve-month USD LIBOR immediately following the LIBOR publication on June 30, 2023.
Congress passed the LIBOR Act as part of the Consolidated Appropriations Act, 2022 (Pub. L. 117-103), in part, to create a clear and uniform process for replacing LIBOR in existing contracts where the terms do not provide for the use of a clearly defined or practicable replacement benchmark date, without affecting the ability of parties to use any appropriate benchmark rate in a new contract. Generally, for existing LIBOR-based ARMs without language providing for a specific replacement index, the default replacement index will be a spread-adjusted term rate based on the SOFR, as provided under the LIBOR Act.
The ARRC, in its Best Practices last updated on May 4, 2022, recommended the use of Term SOFR rates published by the CME Group Benchmark Administration Limited (CBA) plus the applicable spread adjustment as a fallback for legacy LIBOR adjustable-rate mortgages and the use of SOFR averages for new originations. Ginnie Mae has chosen to follow ARRC’s best practices recommendation.
Ginnie Mae will publish additional Participant Memoranda relating to the LIBOR/SOFR transition in the coming weeks. https://www.ginniemae.gov/investors/multiclass_resources/pages/mpmslib.aspx.
Additional information about Ginnie Mae is available at www.ginniemae.gov, 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.
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| 4/18/2023 | | Washington, D.C. – Ginnie Mae President Alanna McCargo led a delegation to Asia last week as part of an eight-day trip to Taipei, Taiwan and Seoul, South Korea, where they met with Ginnie Mae mortgage-backed securities (MBS) investors, financial institutions, and regulatory organizations in the region.
While in Taiwan, President McCargo met with the Central Bank of Taiwan and the Financial Supervisory Commission, accompanied by the American Institute in Taiwan. Ginnie Mae keynoted two luncheon conferences with large investment firms and held meetings with several banks with holdings of MBS and Ginnie Mae structured finance products. During the events, President McCargo discussed Ginnie Mae’s global mission and purpose, the current state of affordable housing in the U.S., Ginnie Mae’s structured finance offerings, and its strategy for Environmental, Social, and Governance, or ESG investing, which is an emerging area of interest in the Asian investor community.
The delegation traveled to South Korea for a series of events and meetings with government and private finance entities, including South Korea’s Housing and Urban Guaranty Corporation and the Bank of Korea. President McCargo also spoke at an investor conference with dozens of attendees from the Korean financial and insurance sectors. The U.S. Embassy in Seoul hosted an economic briefing with the Ginnie Mae delegation led by its Deputy Chief of Mission Joy M. Sakurai.
“Our global investor visits are critical to maintaining government and industry relationships and exchanging information about Ginnie Mae’s operations, risks, and our role in the U.S. housing market,” said President McCargo. “It’s been over four years since Ginnie Mae has visited partners face to face in this part of Asia, and we value the opportunity to reaffirm our commitment and our full faith and credit guaranty, which is highly valued by investors around the globe.”
Additional information about Ginnie Mae is available at 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.
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| 4/17/2023 | |
Washington, D.C. – In the latest Ginnie Mae Capital Markets Live podcast episode, Ginnie Mae Principal Executive Vice President Sam Valverde and Ginnie Mae Office of Capital Markets Director Richard Perrelli release new details on the corporation’s ongoing strategy to enhance environmental, social and governance (ESG) disclosure data for its mortgage-backed securities (MBS), underscoring Ginnie Mae’s long-standing commitment to financing affordable and sustainable housing for underserved and low-income communities. Mr. Valverde and Mr. Perrelli highlight Ginnie Mae’s social impact mission and the ways in which recently released additional disclosure increases visibility of social impact of Ginnie Mae MBS for domestic and international investors with ESG portfolio strategies. “There is undeniably strong interest among domestic and international investors for assets that use verifiable data to demonstrate real ESG impact,” said Valverde. “Since last year, Ginnie Mae has taken steps to enhance MBS disclosure to meet this demand by demonstrating the inherently social nature of an investment in our securities — that's really the theme for our ESG program.” The Ginnie Mae Capital Markets Live podcast can be heard here.
Additional information about Ginnie Mae is available at
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.
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