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

12/11/2025 - APM 25-07

Single Family Liquidation Event Reports (LER)

Ginnie Mae is implementing a new liquidation reporting requirement to collect timely information about collateral for Mortgage-Backed Securities (MBS) guaranteed by Ginnie Mae. Implementation timing will allow for Issuer development and testing and is described below.

Ginnie Mae will require Single Family Issuers to report loan liquidations as they occur throughout the month. To simplify implementation, the Liquidation Event Reporting (LER) will leverage the L Record of the Issuers Monthly Report of Pool and Loan Data (Appendix VI-19) to the Ginnie Mae Mortgage-Backed Securities Guide, 5500.1, REV-1 (MBS Guide). However, only the fields pertinent to liquidations are required. The LERs do not substitute for the liquidation data contained in the Issuers Monthly Report of Pool and Loan Data, Issuers are required to submit this data as they currently do when completing monthly reporting.

Testing is anticipated to begin later this month. Ginnie Mae will make training and testing announcements via upcoming modernization bulletins; and will announce implementation dates in a future APM.

LER requirements, including the file layouts, exception feedback, and submission method are located in a new Appendix VI-24 (Reporting and Feedback System (RFS) Issuer Report of Liquidation Event Data), and Chapter 17 of the MBS Guide, which are attached to this APM. LERs must be received by Ginnie Mae no later than 5:00 AM Eastern Time, the 1st business day following the liquidation event. Corrections can be submitted through and including the last day of the Issuer’s reporting period in which the loans are liquidated.

Chapter 17 of the MBS Guide applies to the Single Family, Multifamily and Manufactured Housing programs. However, LER, and Payment Default Status (PDS) apply solely to Single Family programs. Therefore, we have combined PDS and LER requirements in a new Part 7, with Parts 4 and 5 updated accordingly.

If you have any technical questions about this announcement, please contact Ginnie Mae’s centralized service desk at askGinnieMae@HUD.gov. For any other questions, please contact your Account Executive directly.

12/8/2025 - APM 25-06

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, 2026, 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 or the VA Funding Fee) 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	$832,750	$1,249,125
2	$1,066,250	$1,599,375
3	$1,288,800	$1,933,200
4	$1,601,750	$2,402,625

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.

7/31/2025 - APM 25-05

Lost Instrument Bond for Missing Note on Re-Performing loans for Single-Family MBS Pools.

Ginnie Mae currently allows Issuers to substitute a Lost Instrument Bond (LIB) for a lost, stolen, destroyed, or missing mortgage note for modified loans or New York Consolidation, Extension and Modification Agreement (CEMA) loans that are securitized into single-family mortgage-backed securities (MBS) pools for initial certification purposes. Ginnie Mae is extending this provision to include Re-Performing loans.

Effective immediately, Ginnie Mae will allow Issuers to use an LIB that meets Ginnie Mae requirements as provided in Appendix V-01 (Document Custodian Manual Chapter 3) to the Ginnie Mae Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide) and Appendix I (Lost Instrument Bond with Limited Liability) to Appendix V-01 (Document Custodian Manual) to substitute for a lost mortgage note on reperforming loans.

Ginnie Mae has revised Appendix V-01 (Document Custodian Manual Chapter 3 to the MBS Guide to reflect that LIBs may substitute for lost mortgage notes on Re-Performing and Re-Performing modified loans at initial certification. Ginnie Mae has also added the term Lost Instrument Bond (LIB) to the MBS Guide Glossary.

If you have any questions regarding this announcement, please contact your Account Executive or Mortgage Banking Analyst in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

6/23/2025 - APM 25-04

Aligning Corrected 11708 to MBS Guide

The publication of APM 23-05: “Additional Reporting and Feedback System (RFS) Loan Level Data Elements” updated the Request for Release of Documents (Form HUD-11708) Issuers use to request loan documents from their Document Custodians. The form was updated to add a reason code 7 - Special Assistance, so that loans liquidated pursuant to the Special Assistance programs in Chapter 34 of the Ginnie Mae Mortgage-Backed Securities Guide (MBS Guide) can be identified. However, when the MBS Guide was updated, App. V-01 - Document Custody Manual (DCM) and App. V-05 - Request for Release of Documents, were not included.

Ginnie Mae has revised App. V-05 and the links in the MBS guide as well as DCM to reflect the updated Form HUD-11708.

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.

6/5/2025 - APM 25-03

Buydown Loan Eligibility in C SF Pool Type

In APM 25-02, Ginnie Mae announced a 10% limitation on buydown loans at the loan package level for loans pooled in the Multiple Issuer Pool (MIP) Single Family Pools (M SF). While this helps ensure compliance with the uniform practices described by The Securities Industry and Financial Markets Association (SIFMA), this limits pooling options for buydown loans. As such, Ginnie Mae is announcing additional flexibility in the Ginnie Mae II Custom Single Family Pools (C SF). Effective June 16, 2025, Ginnie Mae is removing the 10% limit on buydown loans in the C SF pool type.

Chapters 24 and 25 in the Mortgage-Backed Securities Guide 5500.3, Rev-1 (“MBS Guide”) have been updated to reflect these changes.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

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

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All ​Participant Memorandums (APMs)

Program Guidelines

All Participant Memorandums (APMs)