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# Programs

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 ‭(Hidden)‬ HMBS Program

In addition to traditional mortgages, Ginnie Mae's expanding Home Equity Conversion Mortgage (HECM) securities program provides capital and liquidity for Federal Housing Administration (FHA)-insured reverse mortgages, an essential financial solution for a growing number of senior citizens. HECM loans can be pooled into HECM mortgage-backed securities (HMBS) within the Ginnie Mae II MBS program. They also can serve as collateral for Real Estate Mortgage Investment Conduits (REMIC) backed by HMBS (H-REMICs).With continued investor interest in HECM-backed securities, significant efforts have been made to support market demand for reverse mortgages. The unpaid principal balance of HMBS declined slightly to $59.0 billion in FY 2023, with 286,764 reverse mortgages in the portfolio.The structure and support that Ginnie Mae has brought to this market has increased its liquidity, which translates into better execution on the securities and, ultimately, lower costs for the growing population of senior citizens. Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs.

 ‭(Hidden)‬ Single-Family Program

Ginnie Mae's Single-Family Program is the conduit for government mortgage lending to the world-wide capital markets. This program allows borrowers in government programs to reap the benefits of the full faith and credit of the United States by adding liquidity into the market in order to lower their borrowing costs.The majority of Ginnie Mae securities are backed by single-family mortgages originated through the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), U.S. Department of Agriculture's Rural Development (RD), and Public and Indian Housing (PIH) insurance programs.At the end of FY 2023, investors held over $2.2 trillion in outstanding single-family Ginnie Mae mortgage-backed securities (MBS).  Approximately 54 percent was FHA single-family loans, 41 percent was VA single-family insured/guaranteed loans, and the remaining 5 percent was RD and PIH loans.Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs.

 ‭(Hidden)‬ Multifamily Program

Safe and affordable rental housing is essential for millions of individuals and families. Since the creation of the program in 1971, the organization has guaranteed nearly $450 billion in multifamily mortgage-backed securities.

​

Ginnie Mae's mission of supporting affordable housing and promoting stable communities extends to ensuring that decent rental units remain accessible. A critical part of that effort is facilitating the construction and renovation of multifamily housing such as apartment buildings, hospitals, nursing homes, assisted-living facilities, and other housing options. By guaranteeing pools of multifamily loans that are sold to investors in the global capital markets, Ginnie Mae enables lenders to reduce mortgage interest rates paid by property owners and developers. In addition, these projects stabilize and bring jobs to communities across the country.

The Multifamily Program portfolio increased by 5 percent ($7.6 billion), from $141.8 billion at the end of FY 2022, to $149.4 billion at the end of FY 2023 marking 29 years of consecutive growth.

In addition, Ginnie Mae's portfolio of Multifamily Rural Development (RD) loans grew in FY 2023 to an outstanding principal balance of $1.8 billion at fiscal year-end. These loans are guaranteed through the U.S. Department of Agriculture's (USDA) RD program. The number of Multifamily RD programs became more diverse in FY 2023 than in previous years as new Issuers entered the program. There were RD loans from twelve Issuers in 48 states in Ginnie Mae pools by the end of FY 2023.

Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs.

To access the Multifamily Program **Frequently Asked Questions** (FAQ's) page, please click        here.

 ‭(Hidden)‬ Manufactured Housing Program

Ginnie Mae's Manufactured Housing Program provides a guarantee for mortgage loans insured by FHA for the purchase of a new or used manufactured home. This program provides liquidity in the market that in turn lowers costs for borrowers.

 

The Manufactured Housing Program works in conjunction with the FHA Manufactured Housing Loan Modernization Act of 2007 and the Housing and Recovery Act of 2008. The Modernization Act was developed to address the diminishing market for the earlier version of the Title I Program. The limited nature of this program left low- to moderate-income borrowers with no adequate financing options for manufactured housing. Following FHA's modernization of the program, Ginnie Mae also made updates to the Title I Program to offer a securitization vehicle for manufactured housing that is backed by the US Government.

  

The Manufactured Housing Program's remaining principal balance was $144 million by the end of FY 2023, down from $167 million at the end of the FY 2022.​

 

Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs.​​

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# Products

## Multiclass Securities​

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 ‭(Hidden)‬ Platinum Securities

​A Ginnie Mae Platinum security is formed by combining Ginnie Mae MBS securities into a new single security. Platinum Securities can be constructed from fixed rate underlying Ginnie Mae Securities that have uniform coupons and original terms to maturity. Platinum Securities can also be constructed from Ginnie Mae Adjustable Rate Mortgage (ARM) Securities through the Weighted Average Coupon (WAC) ARM program. WAC ARM Platinum securities currently do not meet TBA eligibility.

Ginnie Mae Platinum Securities provide MBS investors with greater market and operating efficiencies. Investors owning smaller pools of Ginnie Mae MBS can combine new or existing MBS into larger Ginnie Mae Platinum pools. A Ginnie Mae Platinum security may be used in structured financings, repurchase transactions, and general trading. 
                                    -  Ginnie Mae Platinum securities increase marketability and liquidity for relatively illiquid MBS pools, which, when combined, still meet PSA "good delivery" guidelines. 
                                    -  Ginnie Mae Platinum pool processing costs for investors, for monthly principal and interest payments, are lower due to the fact that multiple MBS pools are combined into one larger pool. 
                                    -  Prepayment variation for Ginnie Mae Platinum securities may be less than the MBS due to the diversification of the underlying mortgages.  

Ginnie Mae Platinum Securities are issued under the Ginnie Mae Multiclass Securities Program, providing an important adjunct to Ginnie Mae's mortgage-backed securities program. Ginnie Mae requires that the pool of Ginnie Mae MBS underlying a Ginnie Mae Platinum pool consists entirely of Ginnie Mae I MBS or entirely of fixed-rate Ginnie Mae II MBS. In both cases, the securities must have the same pool type, coupon rate and delivery eligibility. Both 30-year and 15-year Ginnie Mae MBS Certificates are eligible for Ginnie Mae Platinum pools. Ginnie Mae Platinum pools can be created from seasoned or current MBS production; depositors can contribute entire or partial pools of Ginnie Mae MBS certificates.

Ginnie Mae guarantees the timely payment of principal and interest on each Ginnie Mae Platinum pool. This guaranty is backed by the full faith and credit of the United States government. In exchange for Ginnie Mae's guaranty of the Ginnie Mae Platinum pool, a guaranty fee is charged. Details of the fee may be obtained by calling Ginnie Mae's Office of Capital Markets at        (202) 475-7992.

## Ginnie Mae Platinums Trade Good Delivery for TBA Transactions

Subject to relevant Securities Industry and Financial Markets Association (SIFMA) guidelines, 30-year Ginnie Mae Platinum securities are good delivery against 30-year Ginnie Mae TBA (To Be Announced) transactions, even if the underlying Ginnie Mae MBS have a current remaining term to maturity of less than 28 years. Similarly, 15-year Ginnie Mae Platinum securities are good delivery against 15-year Ginnie Mae TBA transactions. Ginnie Mae Platinum securities trade good delivery against TBA transactions because they are identical to Ginnie Mae MBS for administrative and operational purposes​

 ‭(Hidden)‬ REMIC Securities

 Real Estate Mortgage Investment Conduits (REMICs) direct principal and interest payments from underlying mortgage-backed securities to classes with different principal balances, interest rates, average lives, prepayment characteristics and final maturities.

REMICs allow investors with different investment horizons, risk-reward preferences and asset-liability management requirements to purchase MBS tailored to their needs.

Unlike traditional pass-throughs, the principal and interest payments in REMICs are not passed through to investors pro rata; instead, they are divided into varying payment streams to create classes with different expected maturities, differing levels of seniority or subordination or other characteristics. The assets underlying REMIC securities can be either other MBS or whole mortgage loans. 

Ultimately, REMICs allow Issuers to create securities with short, intermediate and long-term maturities, flexibility that in turn allows Issuers to expand the MBS market to fit the needs of a variety of investors​​.​​​

 ‭(Hidden)‬ Stripped Mortgage-Backed Securities (SMBS)

Stripped Mortgage-Backed Securities (SMBS), which will be sold from time to time in one or more series, represent interests in separate Ginnie Mae SMBS Trusts. Ginnie Mae guarantees the timely payment of principal and interest on each class of SMBS.​

# ​Each Trust will be comprised primarily of:

                                  - Fully modified pass-through 	mortgage-backed certificates as to which Ginnie Mae has guaranteed the 	timely payment of principal and interest pursuant to the Ginnie Mae I 	Program or the Ginnie Mae II Program, 
                                  - Certificates backed by Ginnie Mae MBS certificates as to which Ginnie Mae has guaranteed the timely payment of principal and interest pursuant to the Ginnie Mae Platinum Program, 
                                  - REMIC or comparable mortgage certificates, or 
                                  - Previously issued Ginnie Mae guaranteed SMBS, in each case, evidencing interests in Trusts consisting primarily of direct or indirect interests in Ginnie Mae Certificates, as further described in the related Offering Circular Supplement.

Each series will be issued in two or more classes. Each class of securities of a series will evidence an interest in future principal payments and/or an interest in future interest payments on the Trust assets included in the related Trust. The Trust created for each issue of SMBS will be classified as a Grantor Trust. ​

 ‭(Hidden)‬ End Accordion ‭[2]‬

## Single-Class Securities​

 ‭(Hidden)‬ Start Accordion ‭[3]‬

 ‭(Hidden)‬ Ginnie Mae I

Ginnie Mae I MBS are modified pass-through mortgage-backed securities on which registered holders receive separate principal and interest payments on each of their certificates.

The underlying mortgages generally have the same or similar maturities and the same interest rate on the mortgages. Single-family Ginnie Mae I pools have a 50 basis point (0.5 percent) guaranty and servicing fee. The Ginnie Mae I MBS also permits the securitization of multifamily mortgages. Ginnie Mae I payments are made to holders on the 15th day of each month. 

The securitization 	provisions are established in detail in the 	Ginnie Mae MBS Guide. 

## Ginnie Mae I Key Program Provisions

Types of mortgage pools and guaranteed securities: 
                                  - Single-family level-payment mortgages
                                  - Single-family buydown mortgages
                                  - Single-family graduated payment mortgages
                                  - Single-family growing equity mortgages
                                  - Manufactured home loans
                                  - Project construction loans, including multifamily residential, hospital, nursing home, and group practice facility loans
                                  - Project (permanent) loans, including multifamily residential, hospital, nursing home, and group practice facility loans ​

 ‭(Hidden)‬ Ginnie Mae II

The Ginnie Mae II MBS program was introduced in 1983 in response to the changing demands of the secondary mortgage marketplace. 

Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. 

Ginnie Mae II MBS have become useful tools for "pipeline" management for our issuers. They also provide additional flexibility and liquidity. For example, Ginnie Mae II securities permit greater flexibility with respect to loan characteristics: coupon rates on the underlying mortgages can vary between 25 and 75 basis points above the interest rate on the pool for pools issued on or after July 1, 2003 and between 50 and 150 basis points for pools issued before July 1, 2003. Multiple-issuer as well as single-issuer pools are permitted under the program. 

The Ginnie Mae II MBS also allows small issuers who do not meet the dollar requirements of the Ginnie Mae I MBS program to participate in the secondary mortgage market. In addition, the Ginnie Mae II MBS permits the securitization of adjustable rate mortgages (ARMs). 

The Ginnie Mae II MBS have a central paying and transfer agent that collects payments from all issuers and makes one consolidated payment, on the 20th of each month, to each security holder.

An issuer may participate in the Ginnie Mae II MBS either by issuing custom, single-issuer pools or through participation in the issuance of multiple-issuer pools. A custom pool has a single-issuer that originates and administers the entire pool. 

A multiple issuer pool typically combines loans with similar characteristics. The resulting pool backs a single MBS issue and each participant is responsible for administering the mortgage loans that it contributes to the pool. The securitization provisions are set forth in detail in the Ginnie Mae MBS Guide.

## Ginnie Mae II Key Pro​gram Provisions 

There are five programs within Ginnie Mae II, each representing a different type of mortgage. Under each type, both the custom pool and multiple issuer pool approaches are permissible. Any one pool must consist of only one of the following mortgage types: 
                                  - Single-family level-payment mortgages (FHA, 	VA, or RD loans)
                                  - Single-family graduated payment mortgages (FHA or VA)
                                  - Single-family growing equity mortgages (FHA or VA)
                                  - Manufactured home loans (FHA or VA)
                                  - Single-family adjustable rate mortgages (FHA or VA) ​

 ‭(Hidden)‬ Ginnie Mae I vs Ginnie Mae II

 ‭(Hidden)‬ End Accordion ‭[3]‬

Last Modified: 2/3/2024 9:10 PM