WASHINGTON, D.C. – Ginnie Mae announced, that effective February 1, 2023, it is shortening the re-pooling seasoning requirements for re-performing loans from six months to three months and allowing issuers the option to pool re-performing loans into TBA eligible Ginnie Mae II Multi-Issuer Pools.
“I am pleased that we have been able to deliver early on this policy change, which I announced late last year,” said Ginnie Mae President Alanna McCargo. “Today’s announcement demonstrates Ginnie Mae’s continued commitment to providing programs and options to Issuers that maintain the strength and liquidity of the government mortgage market,”
Effective with pools submitted February 1, 2023, and thereafter, the following changes have been made to re-performing loan securitizations:
(1) The borrower has made timely payments for the three (3) months immediately preceding the issuance month associated with the mortgage-backed securities (MBS), and
(2) The Issue Date of the MBS is at least 120 days from the last date the loan was delinquent.
Re-performing loans must also meet all other applicable pooling parameters. Since the inception of the C-RG pool-type in February 2021, approximately $39.5 billion of the securities have been issued through year end 2022.
An APM is forthcoming to effectuate these policy changes.
Additional information about Ginnie Mae is available at www.ginniemae.gov, 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.