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All ​Participant Memorandums (APMs)

APMs (All Participant Memoranda) are issued by the Office of the President (OOP) ​generally to announce policy and MBS Guide changes accessed by Issuers, Document Custodians and other participants in Ginnie Mae programs.

5 most recent APMS
5/1/2025 - APM 25-02
Buydown and High Balance Loan Eligibility
Ginnie Mae allows Issuers to issue and settle their multiple issuer loan packages throughout the month on a flow basis. While this provides Issuers flexibility, this means that trades have already settled prior to the finalization of the Multiple Issuer Pool (MIP). Recent market conditions have led to an increase in Buydown Loans. Effective May 19, 2025, to ensure the MIPs do not contain Buydown Loans at a rate greater than ten percent (10%) of the aggregate original principal balance of the MIP, Ginnie Mae is temporarily revising requirements to apply the ten percent (10%) limit at the loan package level. 

Ginnie Mae’s guidance regarding Buydown Loans and High Balance Loans with respect to loan packages within the MIP (M SF) will be as follows: ​
  • Buydown Loans may not exceed ten percent (10%) of the aggregate original principal balance of the loan package. 
  • High Balance Loans may not exceed ten percent (10%) of the aggregate original principal balance of the loan package. 
  • If a loan is both a Buydown Loan and a High Balance Loan, the loan will count against the ten percent (10%) limit of each requirement.

The above guidance related to loan packages with buydowns within the MIP (M SF), is anticipated to be in effect for approximately six to nine months. Additional guidance will be provided that will apply buydown limits to only non-standard buydowns, as described by The Securities Industry and Financial Markets Association (SIFMA). 

Additionally, Ginnie Mae is correcting the eligibility requirements for buydown mortgage pools (C BD and X BD) to reflect that High Balance Loans are eligible collateral.

The applicable guidance in the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”) has been updated to reflect these changes. Changes were made to: Chapters 9, 24, and 25; appendices IV-04 (HUD 11717) and IV-20 (HUD 11717-II); and the Glossary. 

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. ​

3/24/2025 - APM 25-01
Document Custodian Transfer and Merger Processes Migration
As a part of the broader effort to move all participants to a common single point of gateway entry, Ginnie Mae is announcing the migration of the pool collateral transfer and merger processes for transfers of Document Custodian responsibility. This migration of the pool collateral transfer and merger processes from GinnieNET to the Document Custodian Transfer Request application within MyGinnieMae will both streamline Issuer and Document Custodian workflows as well as provide enhanced functionality. The functionality enhancements include:
  • ​Validation of the Pool collateral before submitting transfer/merger requests.
  • User friendly “Type of Transfers Labeling” for Issuers to choose from.
  • Listing of valid pools for Document Custodians to select for transfer/merger actions.
  • ​Acknowledgment from the Issuer before transfer/merger requests are submitted. 
  • Enforcing Document Custodian approval response time window.
  • Enhanced Issuer Profile Reporting to allow filtered reporting by Document Custodian.
The migration to MyGinnieMae will be effective April 14, 2025. Mortgage-Backed Securities Guide, 5500.3, Rev-1 (MBS Guide) Chapter 21, Appendix III-4 (Form HUD 11715) and Appendix V-01 (Document Custody Manual Chapter 7) have been updated accordingly to reflect the above noted process migration to MyGinnieMae. Detailed information and training materials will be available on the following Ginnie Mae websites: 

Ginnie Mae Modernization Initiatives:

Ginnie Mae Modernization Bulletins:


If you have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov​​. ​
12/26/2024 - APM 24-15
Extension of time for the submission of renewed or updated insurance policies

Issuers are required to maintain a Fidelity Bond and mortgagee Errors and Omissions (E&O) insurance that meets or exceeds the minimum coverage amounts described in the Ginnie Mae Mortgage-Backed Securities Guide, Rev-1 (MBS Guide), Chapter 2, Part 7.

Effective Immediately Ginnie Mae will allow Issuers to request an extension of up to 60 days to submit their policies. Issuers must request the extension through the insurance module of Ginnie Mae Central (GMC), at least ​15 days prior to the due date as specified in Appendix VI-20 of the MBS Guide.

Ginnie Mae has revised Chapter 3, Part 6, § A and Appendix VI-20 of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) to reflect these changes.

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​.

12/5/2024 - APM 24-14
High Balance Loans

Pursuant to the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Finance Agency (FHFA) has announced increased conforming loan limits. Accordingly, Ginnie Mae is revising its definition of High Balance Loans as follows. Effective for pools or loan packages submitted on or after January 1, 2025, a High Balance Loan is defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium) that exceeds the following limits:

​​Maximum Loan Amounts (net of any financed MIP or Guaranty Fee
​ ​
​​​
​Units
​Contiguous 48 States, District of Columbia, American Samoa, and Puerto Rico
​Alaska, Hawaii, Guam, and the U.S. Virgin Islands
​1
$806,500​$1,209,750​
​2
$1,032,650​$1,548,975​
​3
$1,248,150​​$1,872,225
​4
​$1,551,250
​​$2,326,875


​​High Balance Loans are eligible for Ginnie Mae MBS subject to the restrictions detailed in Ch. 9, Part 2, § B and Ch. 24 Part 2, § A(1) of the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”).

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management. ​

12/4/2024 - APM 24-13
Revised Requirements for High Balance Re-Performing Loans for M JM Pools

In APM 23-03, Ginnie Mae revised pooling eligibility requirements for Re-Performing Loans allowing them to be pooled into Multiple Issuer Single Family Pools (M SF). Ginnie Mae is expanding this change to enable Re-Performing High Balance Loans to be pooled in Multiple Issuer High Balance Loan (M JM) pools.

Effective with pools submitted December 4, 2024, and thereafter, High Balance Re-Performing Loans may be securitized in M JM pools only if: (1) The borrower has made Timely Payments for the three (3) months immediately preceding the issuance month associated with the MBS, and (2) The Issue Date of the MBS is at least 120 days from the last date the loan was delinquent.

High Balance Re-Performing Loans must also meet all other applicable pooling parameters.

Re-Performing loans meeting the revised seasoning requirement announced above will be eligible for delivery through Ginnie Mae’s electronic pooling application as collateral for the C RG, M SF, and M JM pool types. Additionally, when submitting an M JM loan package that contains Re-Performing Loans in Ginnie Mae’s electronic pooling application, Issuers will be required to complete the Re-Performing Loan attestation that is currently executed for C RG and M SF submissions.

Re-Performing Loans still may not be substituted for defective loans.

Chapter 18, Part 3 §B(6) and Appendix IV-20 of the Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) have been amended in accordance with this memorandum. If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.​​


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Last Modified: 2/24/2025 2:12 PM