Offering Circular Supplement 

(To Base Offering Circular dated July 1, 2023) 

The Securities 

The Trust will issue the Classes of

Securities listed on the front cover of

this offering circular supplement.

The Ginnie Mae Guaranty 

Ginnie Mae will guarantee the timely

payment of principal and interest on

the securities. The Ginnie Mae Guaranty is backed by the full faith and

credit of the United States of America.

The Trust and its Assets 

The Trust will own (1) Ginnie Mae

Certificates and (2) certain previously

issued certificates.

The securities may not be suitable investments for you. You 

should consider carefully the 

risks of investing in them. 

See “Risk Factors” beginning 

on page S-11 which highlights 

some of these risks. 

The Sponsor and the Co-Sponsor

will offer the securities from time to

time in negotiated transactions at

varying prices. We expect the

closing date to be March 28, 2024.

You should read the Base Offering

Circular as well as this Supplement.

The securities are exempt from

registration under the Securities

Act of 1933 and are “exempted

securities” under the Securities

Exchange Act of 1934.

$1,597,771,065 

Government National Mortgage Association 

GINNIE MAE® 

Guaranteed REMIC Pass-Through Securities 

and MX Securities 

Ginnie Mae REMIC Trust 2024-044 

Class of 

REMIC Securities 

Original 

Principal 

Balance(2) 

Interest 

Rate 

Principal 

Type(3) 

Interest 

Type(3) 

CUSIP 

Number 

Final 

Distribution 

Date(4) 

Security Group 1 

GF(1) ....................... GS(1) ....................... OP(1) ....................... PO(1) ....................... S(1) ........................ TA(1) ....................... TB(1) ....................... TC(1) ....................... TD(1) ....................... TU(1) ....................... UF(1) ....................... UT(1) ....................... YF(1) ....................... YS(1) .......................

$122,857,142

122,857,142

19,285,715

77,142,858

120,000,000

122,857,142

122,857,142

30,714,285

30,714,285

120,000,000

120,000,000

120,000,000

30,714,285

30,714,285

(5)

(5)

0.00%

0.00

(5)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

SEQ

NTL(SEQ)

SEQ

SEQ

NTL(PT)

NTL(SEQ)

NTL(SEQ)

NTL(SEQ)

NTL(SEQ)

NTL(PT) PT NTL(PT)

SEQ

NTL(SEQ)

FLT

INV/IO

PO

PO

INV/IO

INV/IO

INV/IO

INV/IO

INV/IO

INV/IO

FLT

INV/IO

FLT

INV/IO

38384KP39

38384KP47

38384KP54

38384KP62

38384KP70

38384KP88

38384KP96

38384KQ20

38384KQ38

38384KQ46

38384KQ53

38384KQ61

38384KQ79

38384KQ87

June 2051 June 2051 March 2054 June 2051 March 2054 June 2051 June 2051 March 2054 March 2054 March 2054 March 2054 March 2054 March 2054 March 2054

Security Group 2 

LM ......................... M .......................... MA ......................... ML .........................

29,976,230

35,000,000

60,000,000

13,835,183

6.00

6.00

6.00

6.00

SEQ

SEQ

SEQ

SEQ

FIX

FIX

FIX

FIX

38384KQ95

38384KR29

38384KR37

38384KR45

March 2054 October 2049 October 2049 March 2054

Security Group 3 

FB ......................... SB ......................... 75,000,000

75,000,000

(5)

(5) PT NTL(PT) FLTINV/IO 38384KR5238384KR60 March 2064 March 2064

Security Group 4 

A .......................... Z .......................... 57,977,442

7,887,187 5.505.50 SEQ/ADSEQ FIXFIX/Z 38384KR7838384KR86 June 2047 March 2054

Security Group 5 

FC ......................... SW(1) ...................... WS(1) ......................

95,000,000

63,009,388

31,990,612

(5)

(5)

(5)

PT NTL(PT)

NTL(PT)

FLT

INV/IO

INV/IO

38384KR94

38384KS28

38384KS36

March 2054 March 2054 March 2054

Security Group 6 

B .......................... BV(1) ....................... BZ(1) ....................... D .......................... DV(1) ....................... DZ(1) .......................

50,000,000

3,129,473

4,874,985

58,669,000

5,206,861

8,111,070

4.50

4.50

4.50

4.50

4.50

4.50

SEQ

AD/SEQ

SEQ

SEQ

AD/SEQ

SEQ

FIX

FIX

FIX/Z

FIX

FIX

FIX/Z

38384KS44

38384KS51

38384KS69

38384KS77

38384KS85

38384KS93

March 2052 April 2035 March 2054 June 2051 April 2035 March 2054

Security Group 7 

FG ......................... SG(1) ....................... 35,000,000

35,000,000

(5)

(5) PT NTL(PT) FLTINV/IO 38384KT2738384KT35 March 2054 March 2054

Security Group 8 

TV ......................... ZA(1) ....................... ZT(1) .......................

7,319,735

10,062,119

1,355,024

5.00

5.00

5.00

SC/SEQ/AD

SC/SEQ

SC/PT

FIX

FIX/Z

FIX/Z

38384KT43

38384KT50

38384KT68

March 2035 February 2054 September 2053

Security Group 9 

CD(1) ....................... CM ......................... CZ(1) .......................

5,000,000

50,000,000

3,764,897

3.50

3.50

3.50

SEQ/AD

SEQ/AD

SEQ

FIX

FIX

FIX/Z

38384KT76

38384KT84

38384KT92

October 2028 June 2051 March 2054

Security Group 10 

DC(1) ....................... MC ......................... ZC(1) .......................

9,117,000

70,401,000

4,937,917

3.50

3.50

3.50

SEQ/AD

SEQ/AD

SEQ

FIX

FIX

FIX/Z

38384KU25

38384KU33

38384KU41

December 2029 September 2051 March 2054

Security Group 11 

CO(1) ...................... DF(1) ....................... DO(1) ...................... DS(1) ....................... DT(1) ....................... HF(1) ....................... JF(1) ....................... JS(1) ....................... JT(1) ....................... KS(1) ....................... NT(1) ....................... TN(1) .......................

19,615,385

161,538,461

78,461,539

161,538,461

161,538,461

168,750,000

40,384,615

40,384,615

40,384,615

168,750,000

168,750,000

168,750,000

0.00

(5)

0.00

(5)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

SEQ

SEQ

SEQ

NTL(SEQ)

NTL(SEQ) PT

SEQ

NTL(SEQ)

NTL(SEQ)

NTL(PT)

NTL(PT)

NTL(PT)

PO

FLT

PO

INV/IO

INV/IO

FLT

FLT

INV/IO

INV/IO

INV/IO

INV/IO

INV/IO

38384KU58

38384KU66

38384KU74

38384KU82

38384KU90

38384KV24

38384KV32

38384KV40

38384KV57

38384KV65

38384KV73

38384KV81

March 2054 June 2051 June 2051 June 2051 June 2051 March 2054 March 2054 March 2054 March 2054 March 2054 March 2054 March 2054

Security Group 12 

H .......................... HM ......................... HZ .........................

5,000,000

50,000,000

2,395,942

4.00

4.00

4.00

SEQ/AD

SEQ/AD

SEQ

FIX

FIX

FIX/Z

38384KV99

38384KW23

38384KW31

May 2029 April 2052 July 2053

(Cover continued on next page)

J.P. Morgan Mischler Financial Group, Inc. 

The date of this Offering Circular Supplement is March 22, 2024. 
Class of 

REMIC Securities 

Original 

Principal 

Balance(2) 

Interest 

Rate 

Principal 

Type(3) 

Interest 

Type(3) 

CUSIP 

Number 

Final Distribution Date(4) 

Residuals 

R12 ........................ RR ......................... $ 0

0 0.00%0.00 NPRNPR NPRNPR 38384KW4938384KW56 July 2053 March 2064

(1) These Securities may be exchanged for MX Securities described in Schedule I to this Supplement.

(2) Subject to increase as described under “Increase in Size” in this Supplement. The amount shown for each

Notional Class (indicated by “NTL” under Principal Type) is its original Class Notional Balance and does not

represent principal that will be paid.

(3) As defined under “Class Types” in Appendix I to the Base Offering Circular. The Class Notional Balance of

each Notional Class will be reduced as shown under “Terms Sheet — Notional Classes” in this Supplement.

(4) See “Yield, Maturity and Prepayment Considerations — Final Distribution Date” in this Supplement.

(5) See “Terms Sheet — Interest Rates” in this Supplement.
AVAILABLE INFORMATION

You should purchase the securities only if you have read and understood the following documents:

• this Offering Circular Supplement (this “Supplement”),

 the Base Offering Circular and

 in the case of the Group 8 securities, each disclosure document relating to the Underlying

Certificates (the “Underlying Certificate Disclosure Documents”).

The Base Offering Circular and the Underlying Certificate Disclosure Documents are available on

Ginnie Mae’s website located at http://www.ginniemae.gov (“ginniemae.gov”).

If you do not have access to the internet, call BNY Mellon, which will act as information agent for

the Trust, at (800) 234-GNMA, to order copies of the Base Offering Circular. In addition, you can obtain

copies of any other document listed above by contacting BNY Mellon at the telephone number listed

above.

Please consult the standard abbreviations of Class Types included in the Base Offering Circular as

Appendix I and the glossary included in the Base Offering Circular as Appendix II for definitions of

capitalized terms.

TABLE OF CONTENTS

Page Page

Terms Sheet ....................... S-3 Legal Investment Considerations ....... S-47

Risk Factors ....................... S-11 Plan of Distribution ................. S-47

The Trust Assets .................... S-15 Increase in Size .................... S-47

Ginnie Mae Guaranty ................ S-16 Legal Matters ....................... S-47

Description of the Securities .......... S-16 Schedule I: Available Combinations .... S-I-1

Yield, Maturity and Prepayment Exhibit A: Underlying Certificates ...... A-1

Considerations ................... S-21 Exhibit B: Characteristics of the Mortgage

Certain United States Federal Income Loans Underlying the Group 12 Trust

Tax Consequences ................ S-44 Assets .......................... B-1

ERISA Matters ...................... S-46

S-2
TERMS SHEET

This terms sheet contains selected information for quick reference only. You should read this Supplement, particularly “Risk Factors,” and each of the other documents listed under “Available

Information.”

Sponsor: J.P. Morgan Securities LLC

Co-Sponsor: Mischler Financial Group, Inc.

Trustee: U.S. Bank National Association

Tax Administrator: The Trustee

Closing Date: March 28, 2024

Distribution Date: The 20th day of each month or, if the 20th day is not a Business Day, the first

Business Day thereafter, commencing in April 2024.

Trust Assets:

Trust Asset Original Term

Group or To Maturity

Subgroup(2) Trust Asset Type Certificate Rate (in years)

1 Ginnie Mae II 5.500% 30

2 Ginnie Mae II 6.000% 30

3 Ginnie Mae II 6.500% 40

4 Ginnie Mae II 5.500% 30

5A Ginnie Mae II 6.500% 30

5B Ginnie Mae II 6.500% 30

6A Ginnie Mae II 4.500% 30

6B Ginnie Mae II 4.500% 30

7 Ginnie Mae II 6.500% 30

8A Underlying Certificates (1) (1)

8B Underlying Certificates (1) (1)

9 Ginnie Mae II 3.500% 30

10 Ginnie Mae II 3.500% 30

11 Ginnie Mae II 5.500% 30

12 Ginnie Mae II 4.000% 30

(1) Certain information regarding the Underlying Certificates is set forth in Exhibit A

to this Supplement.

(2) The Group 5, 6 and 8 Trust Assets consist of the enumerated subgroups (each,

a “Subgroup”).

Security Groups: This series of Securities consists of multiple Security Groups (each, a “Group”), as

shown on the front cover of this Supplement and on Schedule I to this Supplement. Except in the case

of certain MX Classes in Groups 5, 7, 9 and 10, payments on each Group will be based solely on payments on the Trust Asset Group with the same numerical designation.

S-3
Assumed Characteristics of the Mortgage Loans Underlying the Group 1, 2, 3, 4, 5, 6, 7, 9, 10

and 11 Trust Assets(1):

Weighted Average

Remaining Term Weighted Average Weighted

Principal to Maturity Loan Age Average

Balance (in months) (in months) Mortgage Rate(2)

Group 1 Trust Assets

$370,000,000(3) 359 1 6.170%

Group 2 Trust Assets

$138,811,413(3) 357 2 6.639%

Group 3 Trust Assets

$75,000,000(4) 474 4 6.973%

Group 4 Trust Assets

$65,864,629(3) 348 4 6.103%

Subgroup 5A Trust Assets

$63,009,388 355 2 7.103%

Subgroup 5B Trust Assets

$31,990,612 351 2 7.011%

Subgroup 6A Trust Assets

$58,004,458(5) 254 101 4.991%

Subgroup 6B Trust Assets

$71,986,931(5) 267 89 4.997%

Group 7 Trust Assets

$35,000,000 359 1 7.118%

Group 9 Trust Assets

$58,764,897 333 21 3.950%

Group 10 Trust Assets

$84,455,917 318 40 3.923%

Group 11 Trust Assets

$468,750,000(3) 359 1 6.170%

(1) As of March 1, 2024.

(2) The Mortgage Loans underlying the Group 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 Trust

Assets may bear interest at rates ranging from 0.25% to 1.50% per annum above

the related Certificate Rate.

(3) More than 10% of the Mortgage Loans underlying the Group 1, 2, 4 and 11 Trust

Assets may be higher balance Mortgage Loans. See “Risk Factors” in this

Supplement.

(4) The Mortgage Loans underlying the Group 3 Trust Assets are modified loans with

terms greater than or equal to 361 but not more than 480 months from the pool

issuance date.

(5) The Mortgage Loans underlying the Group 6 Trust Assets may be re-performing

Mortgage Loans that were previously repurchased from one or more pools of

Mortgage Loans underlying one or more Ginnie Mae MBS Certificates.

S-4
The actual remaining terms to maturity, loan ages and Mortgage Rates of many of the Mortgage Loans

underlying the Group 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 Trust Assets will differ from the weighted averages

shown above, perhaps significantly. See “The Trust Assets — The Mortgage Loans” in this Supplement.

Characteristics of the Mortgage Loans Underlying the Group 12 Trust Assets: See Exhibit B to

this Supplement for certain information regarding the characteristics of the Mortgage Loans underlying

the Group 12 Trust Assets. The actual remaining terms to maturity, loan ages and Mortgage Rates of

many of the Mortgage Loans underlying the Group 12 Trust Assets will differ from the weighted averages shown in Exhibit B, perhaps significantly. See “The Trust Assets — The Mortgage Loans” in this

Supplement.

Characteristics of the Group 8 Trust Assets: See Exhibit A to this Supplement for certain information

regarding the characteristics of the related Underlying Certificates.

Issuance of Securities: The Securities, other than the Residual Securities, will initially be issued in

book-entry form through the book-entry system of the U.S. Federal Reserve Banks (the “Fedwire BookEntry System”). The Residual Securities will be issued in fully registered, certificated form. See

“Description of the Securities — Form of Securities” in this Supplement.

Modification and Exchange: If you own exchangeable Securities you will be able, upon notice and

payment of an exchange fee, to exchange them for a proportionate interest in the related Securities

shown on Schedule I to this Supplement. See “Description of the Securities — Modification and

Exchange” in this Supplement.

Increased Minimum Denomination Classes: Each Class that constitutes a Principal Only or

Interest Only Class. See “Description of the Securities — Form of Securities” in this Supplement.

Interest Rates: The Interest Rates for the Fixed Rate Classes are shown on the front cover of this

Supplement or on Schedule I to this Supplement.

S-5
The Floating Rate and Inverse Floating Rate Classes will bear interest at per annum rates based on a 30-

day compounded average of the Secured Overnight Financing Rate (“SOFR”) (hereinafter referred to as

“30-day Average SOFR”) as follows:

30-day Average

Initial SOFR for

Interest Interest Minimum Maximum Delay Minimum

Class Rate Formula(1) Rate(2) Rate Rate (in days) Interest Rate

Security Group 1

F ..................... 30-day Average SOFR + 0.80% 6.11928% 0.80% 8.00% 0 0.00%

FA .................... 30-day Average SOFR + 0.90% 6.21861% 0.90% 7.00% 0 0.00%

FH .................... 30-day Average SOFR + 1.00% 6.31861% 1.00% 7.00% 0 0.00%

FQ .................... 30-day Average SOFR + 0.50% 5.81861% 0.50% 7.00% 0 0.00%

GF .................... 30-day Average SOFR + 0.50% 5.81861% 0.50% 7.00% 0 0.00%

GS .................... 6.00% 30-day Average SOFR 0.68139% 0.00% 6.00% 0 6.00%

QF .................... 30-day Average SOFR + 0.75% 6.06928% 0.75% 8.00% 0 0.00%

QS .................... 7.25% 30-day Average SOFR 1.93072% 0.00% 7.25% 0 7.25%

S ..................... 7.20% 30-day Average SOFR 1.88072% 0.00% 7.20% 0 7.20%

SA .................... 6.10% 30-day Average SOFR 0.78139% 0.00% 6.10% 0 6.10%

SH .................... 6.00% 30-day Average SOFR 0.68139% 0.00% 6.00% 0 6.00%

SQ .................... 6.50% 30-day Average SOFR 1.18139% 0.00% 6.50% 0 6.50%

TA .................... 6.50% 30-day Average SOFR 0.40000% 0.00% 0.40% 0 6.50%

TB .................... 6.10% 30-day Average SOFR 0.10000% 0.00% 0.10% 0 6.10%

TC .................... 6.50% 30-day Average SOFR 0.40000% 0.00% 0.40% 0 6.50%

TD .................... 6.10% 30-day Average SOFR 0.10000% 0.00% 0.10% 0 6.10%

TE .................... 6.50% 30-day Average SOFR 0.40000% 0.00% 0.40% 0 6.50%

TG .................... 6.10% 30-day Average SOFR 0.10000% 0.00% 0.10% 0 6.10%

TH .................... 6.50% 30-day Average SOFR 0.50000% 0.00% 0.50% 0 6.50%

TU .................... 7.25% 30-day Average SOFR 0.05000% 0.00% 0.05% 0 7.25%

UF .................... 30-day Average SOFR + 0.70% 6.01928% 0.70% 8.00% 0 0.00%

US .................... 7.30% 30-day Average SOFR 1.98072% 0.00% 7.30% 0 7.30%

UT .................... 7.30% 30-day Average SOFR 0.05000% 0.00% 0.05% 0 7.30%

YF .................... 30-day Average SOFR + 0.50% 5.81861% 0.50% 7.00% 0 0.00%

YS .................... 6.00% 30-day Average SOFR 0.68139% 0.00% 6.00% 0 6.00%

Security Group 3

FB .................... 30-day Average SOFR + 1.18% 6.49998% 1.18% 6.50% 0 0.00%

SB .................... 5.32% 30-day Average SOFR 0.00002% 0.00% 5.32% 0 5.32%

Security Group 5

FC .................... 30-day Average SOFR + 1.20% 6.50000% 1.20% 6.50% 0 0.00%

SC .................... 5.30% 30-day Average SOFR 0.00000% 0.00% 5.30% 0 5.30%

SW .................... 5.30% 30-day Average SOFR 0.00000% 0.00% 5.30% 0 5.30%

WS .................... 5.30% 30-day Average SOFR 0.00000% 0.00% 5.30% 0 5.30%

Security Group 7

FG .................... 30-day Average SOFR + 1.20% 6.50000% 1.20% 6.50% 0 0.00%

SG .................... 5.30% 30-day Average SOFR 0.00000% 0.00% 5.30% 0 5.30%

Security Group 5 and 7

AS .................... 5.30% 30-day Average SOFR 0.00000% 0.00% 5.30% 0 5.30%

S-6
30-day Average

Initial SOFR for

Interest Interest Minimum Maximum Delay Minimum

Class Rate Formula(1) Rate(2) Rate Rate (in days) Interest Rate

Security Group 11

CF .................... 30-day Average SOFR + 0.80% 6.11928% 0.80% 7.50% 0 0.00%

CS .................... 6.70% 30-day Average SOFR 1.38072% 0.00% 6.70% 0 6.70%

DF .................... 30-day Average SOFR + 1.00% 6.31861% 1.00% 6.50% 0 0.00%

DS .................... 5.40% 30-day Average SOFR 0.08139% 0.00% 5.40% 0 5.40%

DT .................... 5.50% 30-day Average SOFR 0.10000% 0.00% 0.10% 0 5.50%

EF .................... 30-day Average SOFR + 1.10% 6.41861% 1.10% 6.50% 0 0.00%

ES .................... 5.40% 30-day Average SOFR 0.08139% 0.00% 5.40% 0 5.40%

FM .................... 30-day Average SOFR + 1.00% 6.31861% 1.00% 6.50% 0 0.00%

HF .................... 30-day Average SOFR + 0.75% 6.06928% 0.75% 7.50% 0 0.00%

HS .................... 6.75% 30-day Average SOFR 1.43072% 0.00% 6.75% 0 6.75%

JF ..................... 30-day Average SOFR + 1.00% 6.31861% 1.00% 6.50% 0 0.00%

JS ..................... 5.40% 30-day Average SOFR 0.08139% 0.00% 5.40% 0 5.40%

JT ..................... 5.50% 30-day Average SOFR 0.10000% 0.00% 0.10% 0 5.50%

KF .................... 30-day Average SOFR + 0.85% 6.16928% 0.85% 7.50% 0 0.00%

KS .................... 6.65% 30-day Average SOFR 1.33072% 0.00% 6.65% 0 6.65%

NT .................... 6.75% 30-day Average SOFR 0.05000% 0.00% 0.05% 0 6.75%

SM .................... 5.50% 30-day Average SOFR 0.18139% 0.00% 5.50% 0 5.50%

TM .................... 5.50% 30-day Average SOFR 0.10000% 0.00% 0.10% 0 5.50%

TN .................... 6.70% 30-day Average SOFR 0.05000% 0.00% 0.05% 0 6.70%

(1) 30-day Average SOFR will be established as described under “Description of the Securities —

Interest Distributions — Floating Rate and Inverse Floating Rate Classes” in this Supplement.

(2) The initial Interest Rate will be in effect during the first Accrual Period; the Interest Rate will adjust

monthly thereafter.

Allocation of Principal: On each Distribution Date for a Security Group, the following distributions

will be made to the related Securities:

SECURITY GROUP 1

The Group 1 Principal Distribution Amount will be allocated, concurrently, as follows:

 32.4324324324% to UF, until retired

 67.5675675676% in the following order of priority:

1. Concurrently, to GF and PO, pro rata, until retired

2. Concurrently, to OP and YF, pro rata, until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount will be allocated in the following order of priority:

1. Concurrently, to M and MA, pro rata, until retired

2. Concurrently, to LM and ML, pro rata, until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount will be allocated to FB, until retired

S-7
SECURITY GROUP 4

The Group 4 Principal Distribution Amount and the Z Accrual Amount will be allocated, sequentially, to A and Z, in that order, until retired

SECURITY GROUP 5

The Group 5 Principal Distribution Amount will be allocated to FC, until retired

SECURITY GROUP 6

The Subgroup 6A Principal Distribution Amount, the Subgroup 6B Principal Distribution Amount,

the BZ Accrual Amount and the DZ Accrual Amount will be allocated as follows:

 The BZ Accrual Amount, sequentially, to BV and BZ, in that order, until retired

 The DZ Accrual Amount, sequentially, to DV and DZ, in that order, until retired

 The Subgroup 6A Principal Distribution Amount, sequentially, to B, BV and BZ, in that order,

until retired

 The Subgroup 6B Principal Distribution Amount, sequentially, to D, DV and DZ, in that order,

until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount will be allocated to FG, until retired

SECURITY GROUP 8

The Subgroup 8A Principal Distribution Amount, the Subgroup 8B Principal Distribution Amount

and the ZA Accrual Amount will be allocated as follows:

 The Subgroup 8A Principal Distribution Amount to ZT, until retired

 The Subgroup 8B Principal Distribution Amount and the ZA Accrual Amount, sequentially, to TV

and ZA, in that order, until retired

SECURITY GROUP 9

The Group 9 Principal Distribution Amount and the CZ Accrual Amount will be allocated, sequentially, to CD, CM and CZ, in that order, until retired

SECURITY GROUP 10

The Group 10 Principal Distribution Amount and the ZC Accrual Amount will be allocated, sequentially, to DC, MC and ZC, in that order, until retired

SECURITY GROUP 11

The Group 11 Principal Distribution Amount will be allocated, concurrently, as follows:

 36% to HF, until retired

 64% in the following order of priority:

1. Concurrently, to DF and DO, pro rata, until retired

2. Concurrently, to CO and JF, pro rata, until retired

S-8
SECURITY GROUP 12

The Group 12 Principal Distribution Amount and the HZ Accrual Amount will be allocated, sequentially, to H, HM and HZ, in that order, until retired

Accrual Classes: Interest will accrue on each Accrual Class identified on the front cover of this

Supplement at the per annum rate set forth on that page. However, no interest will be distributed to the

Accrual Classes as interest. Interest so accrued on each Accrual Class on each Distribution Date will

constitute an Accrual Amount, which will be added to the Class Principal Balance of that Class on each

Distribution Date and, with respect to each Class other than Class ZT, will be distributable as principal

as set forth in this Terms Sheet under “Allocation of Principal.”

Principal will be distributed to Class ZT, when received as principal from the related Underlying Certificates, as set forth in this Terms Sheet under “Allocation of Principal.” The related Underlying Certificates

are also Accrual Classes. Interest will accrue on each Underlying Certificate at the rate set forth on the

front cover of the related Underlying Certificate Disclosure Document. However, no interest will be distributed to the Underlying Certificates as interest, but will constitute an Accrual Amount with respect to

the related Underlying Trust, which will be added to the Class Principal Balance of the related Underlying Certificate on each Distribution Date and will be distributable as principal as set forth in the Terms

Sheet of the related Underlying Certificate Disclosure Document.

Notional Classes: The Notional Classes will not receive distributions of principal but have Class

Notional Balances for convenience in describing their entitlements to interest. The Class Notional Balance of each Notional Class represents the percentage indicated below of, and reduces to that extent

with, the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group

or Subgroup indicated:

Original Class

Class Notional Balance Represents

Security Group 1

GS ........................... $122,857,142 100% of GF (SEQ Class)

QS ........................... 120,000,000 100% of UF (PT Class)

S ............................ 120,000,000 100% of UF (PT Class)

SA ........................... 153,571,427 100% of GF and YF (in the aggregate) (SEQ Classes)

SH ........................... 153,571,427 100% of GF and YF (in the aggregate) (SEQ Classes)

SQ ........................... 153,571,427 100% of GF and YF (in the aggregate) (SEQ Classes)

TA ........................... 122,857,142 100% of GF (SEQ Class)

TB ........................... 122,857,142 100% of GF (SEQ Class)

TC ........................... 30,714,285 100% of YF (SEQ Class)

TD .......................... 30,714,285 100% of YF (SEQ Class)

TE ........................... 153,571,427 100% of GF and YF (in the aggregate) (SEQ Classes)

TG .......................... 153,571,427 100% of GF and YF (in the aggregate) (SEQ Classes)

TH .......................... 153,571,427 100% of GF and YF (in the aggregate) (SEQ Classes)

TU .......................... 120,000,000 100% of UF (PT Class)

US ........................... 120,000,000 100% of UF (PT Class)

UT .......................... 120,000,000 100% of UF (PT Class)

YS ........................... 30,714,285 100% of YF (SEQ Class)

Security Group 3

SB ........................... $ 75,000,000 100% of FB (PT Class)

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Original Class

Class Notional Balance Represents

Security Group 5

SC ........................... $ 95,000,000 100% of Group 5 Trust Assets

SW .......................... 63,009,388 100% of Subgroup Group 5A Trust Assets

WS .......................... 31,990,612 100% of Subgroup Group 5B Trust Assets

Security Group 7

SG ........................... $ 35,000,000 100% of FG (PT Class)

Security Group 5 and 7

AS ........................... $130,000,000 100% of FC and FG (in the aggregate) (PT Classes)

Security Group 11

CS ........................... $168,750,000 100% of HF (PT Class)

DS ........................... 161,538,461 100% of DF (SEQ Class)

DT .......................... 161,538,461 100% of DF (SEQ Class)

ES ........................... 201,923,076 100% of DF and JF (in the aggregate) (SEQ Classes)

HS ........................... 168,750,000 100% of HF (PT Class)

JS ........................... 40,384,615 100% of JF (SEQ Class)

JT ........................... 40,384,615 100% of JF (SEQ Class)

KS ........................... 168,750,000 100% of HF (PT Class)

NT .......................... 168,750,000 100% of HF (PT Class)

SM .......................... 201,923,076 100% of DF and JF (in the aggregate) (SEQ Classes)

TM .......................... 201,923,076 100% of DF and JF (in the aggregate) (SEQ Classes)

TN .......................... 168,750,000 100% of HF (PT Class)

Tax Status:

Single REMIC Series as to each of the following Groups of Trust Assets and related Trust REMIC:

Trust Assets Trust REMIC

Group 12 Trust Assets Group 12 REMIC

Double REMIC Series as to each of the following Groups of Trust Assets and related Trust REMICs:

Trust Assets Trust REMIC

Group 1 through 11 Trust Assets Group 1 through 11 Pooling REMIC and

Group 1 through 11 Issuing REMIC

Separate REMIC elections will be made as to each of the Trust REMICs identified above. See “Certain

United States Federal Income Tax Consequences” in this Supplement and in the Base Offering Circular.

Regular and Residual Classes: Classes RR and R12 are Residual Classes and represent the Residual

Interest of the related Trust REMIC or Trust REMICs, as applicable, as described under “Certain United

States Federal Income Taxes — Residual Securities” in this Supplement. All other Classes of REMIC

Securities are Regular Classes.

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RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks. The

risks applicable to your investment depend on the principal and interest type of your securities. This section highlights certain of these risks.

The rate of principal payments on the

underlying mortgage loans will affect the

rate of principal payments on your

securities. The rate at which you will receive

principal payments will depend largely on the

rate of principal payments, including prepayments, on the mortgage loans underlying the

related trust assets. Any historical data regarding

mortgage loan prepayment rates may not be

indicative of the rate of future prepayments on

the underlying mortgage loans, and no assurances can be given about the rates at which the

underlying mortgage loans will prepay. We

expect the rate of principal payments on the

underlying mortgage loans to vary. Borrowers

generally may prepay their mortgage loans at any

time without penalty.

The terms of the mortgage loans may be modified to permit, among other things, a partial

release of security, which releases a portion of

the mortgaged property from the lien securing

the related mortgage loan. Partial releases of

security may reduce the value of the remaining

security and also allow the related borrower to

sell the released property and generate proceeds

that may be used to prepay the related mortgage

loan in whole or in part.

In addition to voluntary prepayments, mortgage

loans can be prepaid as a result of governmental

mortgage insurance claim payments, loss mitigation arrangements, repurchases or liquidations

of defaulted mortgage loans. Although under

certain circumstances Ginnie Mae issuers have

the option to repurchase defaulted mortgage

loans from the related pool underlying a Ginnie

Mae MBS certificate, they are not obligated to do

so. Defaulted mortgage loans that remain in

pools backing Ginnie Mae MBS certificates may

be subject to governmental mortgage insurance

claim payments, loss mitigation arrangements or

foreclosure, which could have the same effect as

voluntary prepayments on the cash flow available to pay the securities.

A catastrophic weather event, pandemic or other

natural disaster may affect the rate of principal

payments, including prepayments, on the underlying mortgage loans. Any such event may

damage the related mortgaged properties that

secure the mortgage loans or may lead to a

general economic downturn in the affected

regions, including job losses and declines in real

estate values. A general economic downturn may

increase the rate of defaults on the mortgage

loans in such areas resulting in prepayments on

the related securities due to governmental mortgage insurance claim payments, loss mitigation

arrangements, repurchases or liquidations of

defaulted mortgage loans. Insurance payments

on damaged or destroyed homes may also lead

to prepayments on the underlying mortgage

loans. Further, in connection with presidentially

declared major disasters, Ginnie Mae may

authorize optional special assistance to issuers,

including expanded buyout authority which

allows issuers, upon receiving written approval

from Ginnie Mae, to repurchase eligible loans

from the related pool underlying a Ginnie Mae

MBS certificate, even if such loans are not delinquent or do not otherwise meet the standard

conditions for removal or repurchase.

No assurances can be given as to the timing or

frequency of any governmental mortgage

insurance claim payments, issuer repurchases,

loss mitigation arrangements or foreclosure proceedings with respect to defaulted mortgage

loans and the resulting effect on the timing or

rate of principal payments on your securities.

Rates of principal payments can reduce

your yield. The yield on your securities probably will be lower than you expect if:

 you bought your securities at a premium

(interest only securities, for example) and

principal payments are faster than you

expected, or

 you bought your securities at a discount

(principal only securities, for example) and

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principal payments are slower than you

expected.

In addition, if your securities are interest only

securities or securities purchased at a significant

premium, you could lose money on your

investment if prepayments occur at a rapid rate.

Under certain circumstances, a Ginnie Mae

issuer has the right to repurchase a

defaulted mortgage loan from the related

pool of mortgage loans underlying a

particular Ginnie Mae MBS certificate, the

effect of which would be comparable to a

prepayment of such mortgage loan. At its

option and without Ginnie Mae’s prior consent, a

Ginnie Mae issuer may repurchase any mortgage

loan at an amount equal to par less any amounts

previously advanced by such issuer in connection with its responsibilities as servicer of

such mortgage loan to the extent that (i) in the

case of a mortgage loan included in a pool of

mortgage loans underlying a Ginnie Mae MBS

certificate issued on or before December 1, 2002,

such mortgage loan has been delinquent for four

consecutive months, and at least one delinquent

payment remains uncured or (ii) in the case of a

mortgage loan included in a pool of mortgage

loans underlying a Ginnie Mae MBS certificate

issued on or after January 1, 2003, no payment

has been made on such mortgage loan for three

consecutive months. Any such repurchase will

result in prepayment of the principal balance or

reduction in the notional balance of the securities

ultimately backed by such mortgage loan. No

assurances can be given as to the timing or frequency of any such repurchases.

The levels of 30-day Average SOFR will affect

the yields on the floating rate and inverse

floating rate securities. If 30-day Average

SOFR performs differently from what you expect,

the yield on the floating rate and inverse floating

rate securities may be lower than you expect.

Lower levels of such index will generally reduce

the yield on the floating rate securities; higher

levels of such index will generally reduce the

yield on the inverse floating rate securities. You

should bear in mind that the timing of changes

in the level of such index may affect your yield:

generally, the earlier a change, the greater the

effect on your yield. It is doubtful that such

index will remain constant.

An investment in the securities is subject to

significant reinvestment risk. The rate of

principal payments on your securities is

uncertain. You may be unable to reinvest the

payments on your securities at the same returns

provided by the securities. Lower prevailing

interest rates may result in an unexpected return

of principal. In that interest rate climate, higher

yielding reinvestment opportunities may be limited. Conversely, higher prevailing interest rates

may result in slower returns of principal, and you

may not be able to take advantage of higher

yielding investment opportunities. The final

payment on your security may occur much earlier than the final distribution date.

The rate of payments on the underlying certificates will directly affect the rate of

payments on the group 8 securities. The

underlying certificates will be sensitive in varying

degrees to:

 the rate of payments of principal (including

prepayments) of the related mortgage loans,

and

 the priorities for the distribution of principal

among the classes of the related underlying

series.

As described in the related underlying certificate

disclosure documents, the underlying certificates

included in trust asset group 8 are not entitled to

distributions of principal until a certain class of

the related underlying series has been retired

and, accordingly, distributions of principal of the

related mortgage loans for extended periods may

be applied to the distribution of principal of such

class of certificates having priority over these

underlying certificates. Accordingly, these underlying certificates may receive no principal distributions for extended periods of time.

This supplement contains no information as to

whether the underlying certificates have performed as originally anticipated. Additional

information as to the underlying certificates may

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be obtained by performing an analysis of current

principal factors of the underlying certificates in

light of applicable information contained in the

related underlying certificate disclosure documents.

Up to 10% of the mortgage loans underlying

the group 3, 5, 6, 7, 9, 10 and 12 and subgroup 8A trust assets and up to 100% of the

mortgage loans underlying the group 1, 2, 4

and 11 and subgroup 8B trust assets may be

higher balance mortgage loans. Subject to

special pooling parameters set forth in the Ginnie

Mae Mortgage-Backed Securities Guide, qualifying federally-insured or guaranteed mortgage

loans that exceed certain balance thresholds

established by Ginnie Mae (“higher balance

mortgage loans”) may be included in Ginnie Mae

guaranteed pools. There are no historical performance data regarding the prepayment rates

for higher balance mortgage loans. If the higher

balance mortgage loans prepay faster or slower

than expected, the weighted average lives and

yields of the related securities are likely to be

affected, perhaps significantly. Furthermore,

higher balance mortgage loans tend to be concentrated in certain geographic areas, which may

experience relatively higher rates of defaults in

the event of adverse economic conditions. No

assurances can be given about the prepayment

experience or performance of the higher balance

mortgage loans.

An investment in the floating rate and

inverse floating rate securities entails risks

not associated with an investment in

conventional fixed rate securities or securities linked to established market indices.

The Federal Reserve Bank of New York began to

publish SOFR in April 2018 and compounded

averages of SOFR in March 2020. Although the

Federal Reserve Bank of New York has also

published historical indicative SOFR from August

2014 to March 2018, such pre-publication data

necessarily involves assumptions, estimates and

approximations. You should not rely on any

historical changes or trends in SOFR as an

indicator of future changes in SOFR. Daily shifts

in SOFR have been, and may in the future be,

greater than those in comparable market indices.

Because the interest rate applicable to any

accrual period for securities with an interest rate

based on SOFR will be calculated by reference to

the daily rates of SOFR during an approximate

30-day period commencing and ending before

the related accrual period as described under

“Description of the Securities — Interest Distributions — Floating Rate and Inverse Floating

Rate Classes” in this supplement, the return on

and value of the floating rate and inverse floating

rate securities may fluctuate more than debt

securities linked to less volatile indices.

30-day Average SOFR is a relatively new market

index, and the floating rate and inverse floating

rate securities will likely have no established

trading market when issued, and an established

trading market may never develop or, if developed, may not be liquid. Market terms for securities indexed to 30-day Average SOFR may

evolve over time, and trading prices of some

securities indexed to 30-day Average SOFR may

be lower than those of later-issued securities as a

result. Similarly, if 30-day Average SOFR does not

prove to be widely used in similar securities, the

trading price of related SOFR-Based Classes may

be lower than those of securities linked to

indices that are more widely used. Investors in

SOFR-Based Classes may not be able to sell their

securities at all or may not be able to sell their

securities at prices that will provide them with a

yield comparable to similar investments that have

a developed secondary market, and may consequently suffer from increased pricing volatility

and market risk.

You should consult your own financial and legal

advisors about the risks associated with an

investment in the floating rate and inverse floating rate securities and the suitability of investing

in the floating rate and inverse floating rate securities in light of your particular circumstances.

Interest on the floating rate and inverse

floating rate securities will be determined

using a replacement rate if 30-day Average

SOFR is no longer available, which could

adversely affect the value of your investment

in the floating rate and inverse floating rate

securities. 30-day Average SOFR is published by

S-13
the Federal Reserve Bank of New York based on

data received from other sources, and neither

Ginnie Mae nor the trustee has any control over

its determination, calculation or publication. The

activities of the Federal Reserve Bank of New

York may directly affect prevailing 30-day Average

SOFR in unpredictable ways. There can be no

guarantee that 30-day Average SOFR will not be

discontinued or fundamentally altered in

a manner that is materially adverse to the interests

of holders of securities indexed to 30-day Average

SOFR. If the manner in which 30-day Average

SOFR is calculated is changed or if 30-day Average SOFR is discontinued, that change or discontinuance may result in a reduction of the

amount of interest payable on applicable SOFRBased Classes and the trading prices of such

Classes.

The Federal Reserve Bank of New York has

noted that it may alter the methods of calculation, publication schedule, rate revision practices or availability of 30-day Average SOFR at any

time without notice. There can be no assurance

that 30-day Average SOFR will not be discontinued or fundamentally altered in a manner

that is materially adverse to the interests of

investors in the floating rate and inverse floating

rate securities.

If 30-day Average SOFR is no longer published

or cannot be used, the amount of interest payable on the floating rate and inverse floating rate

securities will be determined using a replacement

rate, as described under “Description of the

Securities — Interest Rate Indices — Benchmark

Replacement” in the base offering circular. Ginnie Mae will have the sole discretion to make

conforming changes in connection with any

replacement rate without the consent of security

holders or any other party, as described under

“Description of the Securities — Interest Rate

Indices — Benchmark Replacement” in the base

offering circular. This could reduce the amount

of interest payable on the floating rate and

inverse floating rate securities, which could

adversely affect the return on, value of, and

market for, the floating rate and inverse floating

rate securities. Furthermore, there can be no

assurance that the characteristics of any

replacement rate will be similar to 30-day Average SOFR or that any replacement rate will

produce the economic equivalent of 30-day

Average SOFR.

The securities may not be a suitable investment for you. The securities, especially the

group 8 securities and, in particular, the interest

only, principal only, accrual and residual classes,

are not suitable investments for all investors.

In addition, although the sponsor intends to

make a market for the purchase and sale of the

securities after their initial issuance, it has no

obligation to do so. There is no assurance that a

secondary market will develop, that any secondary market will continue, or that the price at

which you can sell an investment in any class

will enable you to realize a desired yield on that

investment.

You will bear the market risks of your investment. The market values of the classes are likely

to fluctuate. These fluctuations may be significant

and could result in significant losses to you.

The secondary markets for mortgage-related

securities have experienced periods of illiquidity

and can be expected to do so in the future. Illiquidity can have a severely adverse effect on the

prices of classes that are especially sensitive to

prepayment or interest rate risk or that have

been structured to meet the investment requirements of limited categories of investors.

The residual securities may experience significant

adverse tax timing consequences. Accordingly,

you are urged to consult tax advisors and to

consider the after-tax effect of ownership of a

residual security and the suitability of the residual

securities to your investment objectives. See

“Certain United States Federal Income Tax Consequences” in this supplement and in the base

offering circular.

You are encouraged to consult advisors regarding the financial, legal, tax and other aspects of

an investment in the securities. You should not

purchase the securities of any class unless you

understand and are able to bear the prepayment,

S-14
yield, liquidity and market risks associated with securities could be lower than you expected,

that class. even if the mortgage loans prepay at the constant

prepayment rates set forth in the applicable

The actual characteristics of the underlying table.

mortgage loans will affect the weighted

average lives and yields of your securities. It is highly unlikely that the underlying mortgage

The yield and decrement tables in this supple- loans will prepay at any of the prepayment rates

ment are based on assumed characteristics which assumed in this supplement, or at any constant

are likely to be different from the actual prepayment rate.

characteristics. As a result, the yields on your

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the

Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the

Sponsor and the Trustee. The Sponsor will make certain representations and warranties with respect to

the Trust Assets. All Trust Assets, regardless of whether the assets consist of Trust MBS or the Underlying

Certificates, will evidence, directly or indirectly, Ginnie Mae Certificates.

The Trust MBS (Groups 1, 2, 3, 4, 5, 6, 7, 9, 10, 11 and 12 )

The Trust MBS are either:

1. Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae, or

2. Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by

Ginnie Mae.

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1, 2003 bears interest at a Mortgage Rate 0.50% to 1.50% per annum greater than the related Certificate Rate. Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1, 2003 bears interest at a

Mortgage Rate 0.25% to 0.75% per annum greater than the related Certificate Rate. Ginnie Mae receives a

fee (the “Ginnie Mae Certificate Guaranty Fee”) for its guaranty of each Ginnie Mae II MBS Certificate of

0.06% per annum of the outstanding principal balance of each related Mortgage Loan. The difference

between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae

Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing

fee.

The Underlying Certificates (Group 8)

The Group 8 Trust Assets are Underlying Certificates that represent beneficial ownership interests in

one or more separate trusts, the assets of which evidence direct or indirect beneficial ownership interests in certain Ginnie Mae Certificates. Each Underlying Certificate constitutes all or a portion of a class

of a separate Series of certificates described in the related Underlying Certificate Disclosure Document.

Each Underlying Certificate Disclosure Document may be obtained from the Information Agent as

described under “Available Information” in this Supplement or on ginniemae.gov. Investors are cautioned that material changes in facts and circumstances may have occurred since the date of each

Underlying Certificate Disclosure Document, including changes in prepayment rates, prevailing interest

rates and other economic factors, which may limit the usefulness of, and be directly contrary to the

assumptions used in preparing the information included in, the offering document. See “Underlying Certificates” in the Base Offering Circular.

S-15
Each Underlying Certificate provides for monthly distributions and is further described in the table

contained in Exhibit A to this Supplement.

The Mortgage Loans

The Mortgage Loans underlying the Group 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 Trust Assets are expected

to have, on a weighted average basis, the characteristics set forth in the Terms Sheet under “Assumed

Characteristics of the Mortgage Loans Underlying the Group 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 Trust Assets”

and the general characteristics described in the Base Offering Circular. The Mortgage Loans underlying

the Group 12 Trust Assets are expected to have, on a weighted average basis, the characteristics set

forth in Exhibit B to this Supplement under “Characteristics of the Mortgage Loans Underlying the

Group 12 Trust Assets” and the general characteristics described in the Base Offering Circular. The

Mortgage Loans will consist of first lien, single-family, fixed rate, residential mortgage loans that are

insured or guaranteed by the Federal Housing Administration, the United States Department of Veterans

Affairs, Rural Development (formerly the Rural Housing Service) or the United States Department of

Housing and Urban Development (“HUD”). See “The Ginnie Mae Certificates — General” in the Base

Offering Circular.

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is

not available. For purposes of this Supplement, certain assumptions have been made regarding the

remaining terms to maturity, loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust

MBS. However, the actual remaining terms to maturity, loan ages and Mortgage Rates of many of the

Mortgage Loans will differ from the characteristics assumed, perhaps significantly. This will be the case

even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characteristics. Small differences in the characteristics of the Mortgage Loans can have a significant effect on

the Weighted Average Lives and yields of the Securities. See “Risk Factors” and “Yield, Maturity and

Prepayment Considerations” in this Supplement.

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee. On each

Distribution Date, the Trustee will retain all principal and interest distributions received on such Ginnie

Mae Certificates in payment of the Trustee Fee.

GINNIE MAE GUARANTY

The Government National Mortgage Association (“Ginnie Mae”), a wholly-owned corporate

instrumentality of the United States of America within HUD, guarantees the timely payment of principal

and interest on the Securities. The General Counsel of HUD has provided an opinion to the effect that

Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will constitute general obligations of the United States, for which the full faith and credit of the United States is

pledged. See “Ginnie Mae Guaranty” in the Base Offering Circular.

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to,

and is qualified in its entirety by reference to, all of the provisions of the Trust Agreement. See

“Description of the Securities” in the Base Offering Circular.

S-16
Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained,

and may be transferred only on the Fedwire Book-Entry System. Beneficial Owners of Book-Entry Securities will ordinarily hold these Securities through one or more financial intermediaries, such as banks,

brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts

on the Fedwire Book-Entry System. By request accompanied by the payment of a transfer fee of $25,000

per Certificated Security to be issued, a Beneficial Owner may receive a Regular Security in certificated

form.

The Residual Securities will not be issued in book-entry form but will be issued in fully registered,

certificated form and may be transferred or exchanged, subject to the transfer restrictions applicable to

Residual Securities set forth in the Trust Agreement, at the Corporate Trust Office of the Trustee. See

“Description of the Securities — Forms of Securities; Book-Entry Procedures” in the Base Offering Circular.

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be

issued in minimum dollar denominations of initial principal balance of $1,000 and integral multiples of

$1 in excess of $1,000. The Increased Minimum Denomination Classes will be issued in minimum

denominations that equal $100,000 in initial principal or notional balance.

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under “Terms

Sheet — Distribution Date” in this Supplement. On each Distribution Date for a Security, or in the case

of the Certificated Securities, on the first Business Day after the related Distribution Date, the Distribution Amount will be distributed to the Holders of record as of the related Record Date. Beneficial

Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for

their benefit on the books and records of the appropriate financial intermediaries. Holders of Certificated Securities will receive distributions by check or, subject to the restrictions set forth in the Base

Offering Circular, by wire transfer. See “Description of the Securities — Distributions” and “— Method of

Distributions” in the Base Offering Circular.

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all

Classes of Securities entitled to distributions of interest.

 Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Distribution Date will consist of 30 days’ interest on its Class Principal Balance (or Class Notional

Balance) as of the related Record Date.

 Investors can calculate the amount of interest to be distributed (or accrued in the case of an

Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors

published in the preceding month. See “— Class Factors” below.

Categories of Classes

For purposes of interest distributions, the Classes will be categorized as shown under “Interest

Type” on the front cover of this Supplement and on Schedule I to this Supplement. The abbreviations

used in this Supplement to describe the interest entitlements of the Classes are explained under “Class

Types” in Appendix I to the Base Offering Circular.

S-17
Accrual Periods

The Accrual Period for each Regular and MX Class is set forth in the table below:

Class Accrual Period

Fixed Rate Classes The calendar month preceding the related Distribution Date

Floating Rate and Inverse From the 20th day of the month preceding the month of the related

Floating Rate Classes Distribution Date through the 19th day of the month of that

Distribution Date

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of

this Supplement or on Schedule I to this Supplement.

Floating Rate and Inverse Floating Rate Classes

The Floating Rate and Inverse Floating Rate Classes will bear interest as shown under “Terms

Sheet — Interest Rates” in this Supplement. The Interest Rates for the Floating Rate and Inverse Floating

Rate Classes will be based on 30-day Average SOFR as described below.

The Interest Rate for the Floating Rate and Inverse Floating Rate Classes will be based on 30-day

Average SOFR. The Trustee or its agent will determine 30-day Average SOFR as described under

“Description of the Securities — Interest Rate Indices — Determination of 30-day Average SOFR” in the

Base Offering Circular.

If 30-day Average SOFR ceases to be available or is no longer representative, a replacement rate

will be selected, as described under “Description of the Securities — Interest Rate Indices — Benchmark

Replacement” in the Base Offering Circular.

The Trustee’s determination of 30-day Average SOFR and its calculation of the Interest Rates will be

final except in the case of clear error. Investors can obtain 30-day Average SOFR levels and Interest Rates

for the current and preceding Accrual Periods on ginniemae.gov or by calling the Information Agent at

(800) 234-GNMA.

Accrual Classes

Each of Classes BZ, CZ, DZ, HZ, Z, ZA, ZC and ZT is an Accrual Class. Interest will accrue on the

Accrual Classes and be distributed as described under “Terms Sheet — Accrual Classes” in this Supplement.

Principal Distributions

The Principal Distribution Amount for each Group or Subgroup, as applicable, and each Accrual

Amount will be distributed to the Holders entitled thereto as described under “Terms Sheet — Allocation of Principal” in this Supplement. With respect to Subgroup 8A, the related Principal Distribution

Amount shall include any Accrual Amounts distributed as principal on the related Underlying Certificates

as described in the related Underlying Certificate Disclosure Document. Investors can calculate the

amount of principal to be distributed with respect to any Distribution Date by using the Class Factors

published in the preceding and current months. See “— Class Factors” below.

S-18
Categories of Classes

For purposes of principal distributions, the Classes will be categorized as shown under “Principal

Type” on the front cover of this Supplement and on Schedule I to this Supplement. The abbreviations

used in this Supplement to describe the principal entitlements of the Classes are explained under “Class

Types” in Appendix I to the Base Offering Circular.

Notional Classes

The Notional Classes will not receive principal distributions. For convenience in describing interest

distributions, the Notional Classes will have the original Class Notional Balances shown on the front

cover of this Supplement and on Schedule I to this Supplement. The Class Notional Balances will be

reduced as shown under “Terms Sheet — Notional Classes” in this Supplement.

Residual Securities

The Residual Securities will represent the beneficial ownership of the Residual Interest in the

related Trust REMIC or Trust REMICs as applicable, as described in “Certain United States Federal

Income Tax Consequences” in this Supplement and the Base Offering Circular. The Residual Securities

have no Class Principal Balance and do not accrue interest. The Residual Securities will be entitled to

receive the proceeds of the disposition of any assets remaining in the related Trust REMIC or Trust

REMICs, as applicable, after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities in the related Security Group or Groups has been reduced to zero. However, any remaining proceeds are not likely to be significant. The Residual Securities may not be transferred to a Plan

Investor, a Non-U.S. Person or a Disqualified Organization.

Class Factors

The Trustee will calculate and make available for each Class of Securities, no later than the day

preceding the Distribution Date, the factor (carried out to eight decimal places) that when multiplied by

the Original Class Principal Balance (or original Class Notional Balance) of that Class, determines the

Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to

be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any

reduction of Class Notional Balance on that Distribution Date (each, a “Class Factor”).

 The Class Factor for any Class of Securities for each month following the issuance of the Securities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

effect to any principal distribution (or addition to principal) to be made or any reduction of Class

Notional Balance on the Distribution Date occurring in that month.

 The Class Factor for each Class for the month of issuance is 1.00000000.

 The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable

for the MX Classes will be calculated assuming that the maximum possible amount of each Class

is outstanding at all times, regardless of any exchanges that may occur.

 Based on the Class Factors published in the preceding and current months (and Interest Rates),

investors in any Class (other than an Accrual Class) can calculate the amount of principal and

interest to be distributed to that Class and investors in an Accrual Class can calculate the total

amount of principal to be distributed to (or interest to be added to the Class Principal Balance

of) that Class on the Distribution Date in the current month.

 Investors may obtain current Class Factors on ginniemae.gov.

See “Description of the Securities — Distributions” in the Base Offering Circular.

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Termination

The Trustee, at its option, may purchase or cause the sale of the Trust Assets and thereby terminate

the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Securities is less than 1% of the aggregate Original Class Principal Balances of the Securities. The exercise of

this option may be influenced by a number of factors, including but not limited to, the value of the

Trust Assets then remaining in the Trust and general market conditions. The Trustee will be entitled to

retain all proceeds and any other amounts in excess of the termination price payable to the Securities

under the Trust Agreement.

On any Distribution Date upon the Trustee’s determination that the REMIC status of any Trust

REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year, the Trustee will terminate such Trust REMIC and any related Trust REMIC and retire the

related Securities. For these purposes, the Trust REMICs and the Securities with corresponding numerical

designations are related as follows:

Trust REMICs Related Securities

Group 1 through 11 Issuing and Pooling REMICs

Group 12 REMIC

Group 1 through 11 Securities

Group 12 Securities

Upon any termination of the Trust (or one or more related Trust REMICs), the Holder of any related

outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that

Holder’s allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest

thereon at the applicable Interest Rate, and any Holder of any related outstanding Notional Class Security will be entitled to receive that Holder’s allocable share of any accrued and unpaid interest thereon at

the applicable Interest Rate. The Residual Holders will be entitled to their pro rata share of any assets

remaining in the related Trust REMIC or Trust REMICs, as applicable, after payment in full of the

amounts described in the foregoing sentence. However, any remaining assets are not likely to be significant.

With respect to Security Group 12, a Holder of all of the outstanding Regular Securities of any such

Security Group and the related Class of Residual Securities will have the right to purchase the related

Trust Assets upon three Business Days’ notice (the “Notice Period”). The purchase will be for cash in an

amount equal to (A)(i) the aggregate remaining principal balance of the assets of such Security Group,

but in no event less than the aggregate outstanding principal amount of the Securities of such Security

Group, plus (ii) accrued interest on the Securities of such Security Group, less (B) amounts on deposit

in the related Trust REMIC, for distribution on the Securities of such Security Group, plus (C) a $5,000

termination fee payable to the Trustee in connection with each Security Group to be terminated. After

the Notice Period, and upon such purchase, the Trustee will terminate the related Trust REMIC. Upon

such termination, the Trustee will distribute the cash proceeds of the sale of the related Trust Assets to

the Holder of the related Securities (which distribution may be offset against amounts due on the sale of

such assets), will cancel the Securities of the related Security Group and cause the removal from the

Book-Entry Depository Account of all Classes of the related Security Group, will cancel the related Class

of Residual Securities, and will credit the remaining Trust Assets in the related Security Group to the

account of the surrendering Holder. Notwithstanding anything to the contrary contained herein, no such

termination will be allowed unless the Trustee and Ginnie Mae are provided, at no cost to either the

Trustee or Ginnie Mae, an Opinion of Counsel, acceptable to the Trustee and Ginnie Mae, to the effect

that such termination constitutes a “qualified liquidation” under the REMIC Provisions, including Section

860F(a)(4) of the Code, and such termination will not result in a disqualification of any Trust REMIC that

is not terminated at such time or the imposition of any “prohibited transactions” or “contributions” tax

under the REMIC Provisions on any Trust REMIC that is not terminated at such time.

S-20
Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for

a proportionate interest in the related MX Class shown on Schedule I to this Supplement. Similarly, all or a

portion of the related MX Class may be exchanged for proportionate interests in the related Classes of

REMIC Securities and, in the case of Combinations 10, 11, 12 and 42, other related MX Classes. This process may occur repeatedly.

Each exchange may be effected only in proportions that result in the principal and interest entitlements of the Securities received being equal to the entitlements of the Securities surrendered.

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial

Owner’s Book-Entry Depository participant. This notice must be received by the Trustee not later than

two Business Days before the proposed exchange date. The exchange date can be any Business Day

other than the last Business Day of the month. The notice must contain the outstanding principal and

notional balances of the Securities to be included in the exchange and the proposed exchange date.

The notice is required to be delivered to the Trustee by email to USBGNMATeam@USBank.com or in

writing at its Corporate Trust Office at U.S. Bank National Association, One Federal Street, 3rd Floor,

Boston, MA 02110, Attention: Ginnie Mae REMIC Program Agency Group 2024-044. The Trustee may be

contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644.

A fee will be payable to the Trustee in connection with each exchange equal to 1⁄32 of 1% of the

outstanding principal balance (or notional balance) of the Securities surrendered for exchange (but not

less than $2,000 or more than $25,000), provided however, that no fee will be payable in respect of an

interest only security unless all securities involved in the exchange are interest only securities. If the

notional balance of the interest only securities surrendered exceeds that of the interest only securities

received, the fee will be based on the latter. The fee must be paid concurrently with the exchange.

The first distribution on a REMIC Security or an MX Security received in an exchange will be made

on the Distribution Date in the month following the month of the exchange. The distribution will be

made to the Holder of record as of the Record Date in the month of exchange.

See “Description of the Securities — Modification and Exchange” in the Base Offering Circular.

YIELD, MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and

the yields realized by investors in the related Securities.

 The Mortgage Loans do not contain “due-on-sale” provisions, and any Mortgage Loan may be

prepaid in full or in part at any time without penalty.

 The rate of payments (including prepayments and payments in respect of liquidations) on the

Mortgage Loans is dependent on a variety of economic, geographic, social and other factors,

including prevailing market interest rates and general economic factors.

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in

recent years. Although there is no assurance that prepayment patterns for the Mortgage Loans will conform to patterns for more traditional types of conventional fixed rate mortgage loans, generally:

 if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans

(giving consideration to the cost of refinancing), the rate of prepayment of those Mortgage Loans

would be expected to increase; and

S-21
 if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans,

the rate of prepayment of those Mortgage Loans would be expected to decrease.

In addition, following any Mortgage Loan default and the subsequent liquidation of the underlying

Mortgaged Property, the principal balance of the Mortgage Loan will be distributed through a combination of liquidation proceeds, advances from the related Ginnie Mae Issuer and, to the extent necessary,

proceeds of Ginnie Mae’s guaranty of the Ginnie Mae Certificates. As a result, defaults experienced on

the Mortgage Loans will accelerate the distribution of principal of the Securities.

The terms of the Mortgage Loans may be modified to permit, among other things, a partial

release of security, which releases a portion of the mortgaged property from the lien securing the

related Mortgage Loan. Partial releases of security may allow the related borrower to sell the released

property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in

part.

Under certain circumstances, the Trustee has the option to purchase the Trust Assets, thereby effecting early retirement of the Securities. See “Description of the Securities — Termination” in this

Supplement.

Investors in the Group 8 Securities are urged to review the discussion under “Risk Factors — The

rate of payments on the underlying certificates will directly affect the rate of payments on the group 8

securities” in this Supplement.

Accretion Directed Classes

Classes A, BV, CD, CM, DC, DV, H, HM, MC and TV are Accretion Directed Classes. The related

Accrual Amount will be applied to making principal distributions on those Classes as described in this

Supplement.

Each of the Accretion Directed Classes (other than Classes BV and DV) has the AD designation in

the suffix position, rather than the prefix position, in its class principal type because it does not have

principal payment stability through the applicable pricing prepayment assumption. Classes BV, DV

and TV will have principal payment stability only through the prepayment rate shown in the table

below. The remaining Accretion Directed Classes are not listed in the table below because, although

they are entitled to receive payments from the related Accrual Amount, they do not have principal

payment stability through any constant prepayment rate significantly higher than 0% PSA.

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest

accrued on the related Accrual Class. With respect to the Classes listed in the table below, the Weighted

Average Life of each such Class cannot exceed its Weighted Average Life as shown in the following

table under any constant prepayment scenario, even a scenario where there are no prepayments.

 Moreover, based on the Modeling Assumptions, if the related Mortgage Loans prepay at any

constant rate at or below the rate for an Accretion Directed Class shown in the table below, the

Class Principal Balance of such Class would be reduced to zero on, but not before, its Final Distribution Date, and the Weighted Average Life of such Class would equal its maximum Weighted

Average Life shown in the table below.

S-22
 However, the Weighted Average Lives of Classes BV, DV and TV will be reduced at prepayment

speeds higher than the constant rates shown in the table below. See “Yield, Maturity and

Prepayment Considerations — Decrement Tables” in this Supplement.

Accretion Directed Classes

Maximum Weighted

Security Average Life Prepayment Rate

Group Class (in years)(1) Final Distribution Date at or below

6 BV ......... 6.0 April 2035 210% PSA

6 DV ......... 6.0 April 2035 177% PSA

8 TV .......... 6.0 March 2035 177% PSA

(1) The maximum Weighted Average Life for each Class shown in this table is

based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table

for such Class.

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions.

Therefore, even if the related Mortgage Loans prepay at a rate at or somewhat below the “at or below”

rate shown for Class BV, DV or TV, the Class Principal Balance of such Class could be reduced to zero

before its Final Distribution Date, and its Weighted Average Life could be shortened.

Assumability

Each Mortgage Loan may be assumed, subject to HUD review and approval, upon the sale of the

related Mortgaged Property. See “Yield, Maturity and Prepayment Considerations — Assumability of

Government Loans” in the Base Offering Circular.

Final Distribution Date

The Final Distribution Date for each Class, which is set forth on the front cover of this Supplement

or on Schedule I to this Supplement, is the latest date on which the related Class Principal Balance or

Class Notional Balance will be reduced to zero.

 The actual retirement of any Class may occur earlier than its Final Distribution Date.

 According to the terms of the Ginnie Mae Guaranty, Ginnie Mae will guarantee payment in full

of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date.

Modeling Assumptions

Unless otherwise indicated, the tables that follow have been prepared on the basis of the characteristics of the Underlying Certificates, the priorities of distributions on the Underlying Certificates and the

following assumptions (the “Modeling Assumptions”), among others:

1. The Mortgage Loans underlying the Group 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 Trust Assets have the

assumed characteristics shown under “Assumed Characteristics of the Mortgage Loans Underlying the

Group 1, 2, 3, 4, 5, 6, 7, 9, 10 and 11 Trust Assets” in the Terms Sheet and the Mortgage Loans underlying the Group 12 Trust Assets have the characteristics shown under “Characteristics of the Mortgage

Loans Underlying the Group 12 Trust Assets” in Exhibit B, except in the case of information set forth

under the 0% PSA Prepayment Assumption Rate, for which each Mortgage Loan underlying a Group 1,

2, 4, 5, 6, 7, 9, 10 or 11 Trust Asset is assumed to have an original and a remaining term to maturity of

360 months, each Mortgage Loan underlying a Group 3 Trust Asset is assumed to have an original and a

S-23
remaining term to maturity of 480 months and each Mortgage Loan underlying a Group 1, 2, 3, 4, 5, 6,

7, 9, 10 or 11 Trust Asset is assumed to have a Mortgage Rate of 1.50% per annum higher than the

related Certificate Rate.

2. The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the

related table.

3. Distributions on the Securities are always received on the 20th day of the month, whether or not

a Business Day, commencing in April 2024.

4. A termination of the Trust, any Trust REMIC or any Underlying Trust does not occur.

5. The Closing Date for the Securities is March 28, 2024.

6. No expenses or fees are paid by the Trust other than the Trustee Fee, which is paid as described

under “The Trust Assets — The Trustee Fee” in this Supplement.

7. Distributions on the Underlying Certificates are made as described in the related Underlying Certificate Disclosure Documents.

8. Each Class is held from the Closing Date and is not exchanged in whole or in part.

When reading the tables and the related text, investors should bear in mind that the Modeling

Assumptions, like any other stated assumptions, are unlikely to be entirely consistent with actual

experience.

 For example, most of the Mortgage Loans will not have the characteristics assumed, many Distribution Dates will occur on a Business Day after the 20th day of the month, and the Trustee

may cause a termination of the Trust as described under “Description of the Securities — Termination” in this Supplement.

 In addition, distributions on the Securities are based on Certificate Factors and Calculated Certificate Factors, as applicable, which may not reflect actual receipts on the Trust Assets.

See “Description of the Securities — Distributions” in the Base Offering Circular.

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model. The

model used in this Supplement, Prepayment Speed Assumption (“PSA”), is the standard prepayment

assumption model of The Securities Industry and Financial Markets Association. PSA represents an

assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortgage Loans to which the model is applied. See “Yield, Maturity and Prepayment Considerations —

Standard Prepayment Assumption Models” in the Base Offering Circular.

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay

at the indicated percentages of PSA (the “PSA Prepayment Assumption Rates”). As used in the tables,

each of the PSA Prepayment Assumption Rates reflects a percentage of the 100% PSA assumed prepayment rate. The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates,

and the timing of changes in the rate of prepayments actually experienced on the Mortgage

Loans will not follow the pattern described for the PSA assumption.

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balance (or, in the case of a Notional Class, the original Class Notional Balance) that would remain outstanding following the distribution made each specified month for each Regular or MX Class, based on

the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates. The

S-24
percentages set forth in the following decrement tables have been rounded to the nearest whole

percentage (including rounding down to zero).

The decrement tables also indicate the Weighted Average Life of each Class under each PSA

Prepayment Assumption Rate. The Weighted Average Life of each Class is calculated by:

(a) multiplying the net reduction, if any, of the Class Principal Balance (or the net reduction of the

Class Notional Balance, in the case of a Notional Class) from one Distribution Date to the next

Distribution Date by the number of years from the date of issuance thereof to the related Distribution Date,

(b) summing the results, and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance

or notional balance, as applicable, referred to in clause (a).

The information shown for each Notional Class is for illustrative purposes only, as a Notional Class

is not entitled to distributions of principal and has no Weighted Average Life. The Weighted Average

Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class

Notional Balance thereof is a distribution of principal.

The Weighted Average Lives are likely to vary, perhaps significantly, from those set forth

in the tables below due to the differences between the actual characteristics of the Mortgage

Loans underlying the related Trust Assets and the Modeling Assumptions.

S-25
Percentages of Original Class Principal (or Class Notional) Balances

and Weighted Average Lives

Security Group 1

PSA Prepayment Assumption Rates

Classes F, FA, FH, FQ, G, GE, GH, QF,

QS, S, SA, SH, SQ, TE, TG, TH, TU, UF, Classes GB, GC, GD, GF, GS, PO, TA Classes LC, LD, LG, OP, TC, TD, YF

US and UT and TB and YS

Distribution Date 0% 100% 244% 350% 500% 0% 100% 244% 350% 500% 0% 100% 244% 350% 500%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 99 97 95 94 91 99 97 94 92 89 100 100 100 100 100

March 2026 .......... 98 92 85 80 73 97 90 81 75 66 100 100 100 100 100

March 2027 .......... 97 86 72 63 51 96 82 65 53 38 100 100 100 100 100

March 2028 .......... 95 79 60 49 35 94 74 51 36 19 100 100 100 100 100

March 2029 .......... 94 73 51 38 24 93 67 38 22 5 100 100 100 100 100

March 2030 .......... 93 68 43 29 17 91 60 28 12 0 100 100 100 100 83

March 2031 .......... 91 63 36 23 11 89 53 20 3 0 100 100 100 100 57

March 2032 .......... 89 58 30 18 8 87 47 12 0 0 100 100 100 88 39

March 2033 .......... 88 53 25 14 5 85 41 6 0 0 100 100 100 68 27

March 2034 .......... 86 49 21 10 4 82 36 1 0 0 100 100 100 52 18

March 2035 .......... 84 44 17 8 2 80 31 0 0 0 100 100 86 40 12

March 2036 .......... 82 41 14 6 2 77 26 0 0 0 100 100 71 31 8

March 2037 .......... 79 37 12 5 1 74 21 0 0 0 100 100 59 24 6

March 2038 .......... 77 33 10 4 1 71 17 0 0 0 100 100 49 18 4

March 2039 .......... 74 30 8 3 1 68 13 0 0 0 100 100 40 14 3

March 2040 .......... 71 27 7 2 0 64 9 0 0 0 100 100 33 10 2 March 2041 .......... 68 24 5 2 0 60 6 0 0 0 100 100 27 8 1 March 2042 .......... 65 22 4 1 0 56 2 0 0 0 100 100 21 6 1 March 2043 .......... 61 19 3 1 0 51 0 0 0 0 100 96 17 4 1 March 2044 .......... 57 17 3 1 0 47 0 0 0 0 100 85 14 3 0

March 2045 .......... 53 15 2 0 0 41 0 0 0 0 100 73 11 2 0

March 2046 .......... 49 13 2 0 0 36 0 0 0 0 100 63 8 2 0

March 2047 .......... 44 11 1 0 0 30 0 0 0 0 100 53 6 1 0

March 2048 .......... 39 9 1 0 0 24 0 0 0 0 100 44 5 1 0

March 2049 .......... 34 7 1 0 0 17 0 0 0 0 100 35 4 1 0

March 2050 .......... 28 5 0 0 0 10 0 0 0 0 100 27 2 0 0

March 2051 .......... 22 4 0 0 0 2 0 0 0 0 100 20 2 0 0

March 2052 .......... 15 3 0 0 0 0 0 0 0 0 74 13 1 0 0

March 2053 .......... 81000 00000 38 6000

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 19.9 11.3 6.6 5.0 3.8 17.7 8.2 4.5 3.4 2.7 28.7 23.7 15.1 11.3 8.1

Security Group 2

PSA Prepayment Assumption Rates

Classes LM and ML Classes M and MA

Distribution Date 0% 100% 243% 350% 500% 0% 100% 243% 350% 500%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 100 100 100 100 100 99 96 92 90 86

March 2026 .......... 100 100 100 100 100 97 88 77 69 58

March 2027 .......... 100 100 100 100 100 96 79 58 44 26

March 2028 .......... 100 100 100 100 100 94 70 42 24 4

March 2029 .......... 100 100 100 100 74 92 61 28 8 0

March 2030 .......... 100 100 100 92 51 90 53 16 0 0

March 2031 .......... 100 100 100 71 35 88 45 6 0 0

March 2032 .......... 100 100 94 55 24 86 38 0 0 0

March 2033 .......... 100 100 79 43 17 83 31 0 0 0

March 2034 .......... 100 100 66 33 11 81 25 0 0 0

March 2035 .......... 100 100 55 25 8 78 19 0 0 0

March 2036 .......... 100 100 46 19 5 75 14 0 0 0

March 2037 .......... 100 100 38 15 4 71 8 0 0 0

March 2038 .......... 100 100 31 11 2 68 3 0 0 0

March 2039 .......... 100 97 26 9 2 64 0 0 0 0

March 2040 .......... 100 87 21 7 1 60 0 0 0 0

March 2041 .......... 100 78 17 5 1 56 0 0 0 0

March 2042 .......... 100 70 14 4 0 51 0 0 0 0

March 2043 .......... 100 62 11 3 0 46 0 0 0 0

March 2044 .......... 100 54 9 2 0 40 0 0 0 0

March 2045 .......... 100 47 7 1 0 34 0 0 0 0

March 2046 .......... 100 40 5 1 0 27 0 0 0 0

March 2047 .......... 100 34 4 1 0 20 0 0 0 0

March 2048 .......... 100 28 3 1 0 13 0 0 0 0

March 2049 .......... 100 23 2 0 0 5 0 0 0 0

March 2050 .......... 92 17 2 0 0 0 0 0 0 0

March 2051 .......... 71 12 1 0 0 0 0 0 0 0

March 2052 .......... 49 8 1 0 0 0 0 0 0 0

March 2053 .......... 26 3 0 0 0 0 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 27.9 21.1 12.8 9.5 6.9 16.6 6.8 3.7 2.9 2.2

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Security Group 3 PSA Prepayment Assumption Rates

Classes FB and SB

Distribution Date 0% 100% 356% 600% 800%

Initial Percent . . . . . . . . . 100 100 100 100 100

March 2025 .......... 100 97 92 87 83

March 2026 .......... 99 93 77 63 52

March 2027 .......... 99 86 60 40 27

March 2028 .......... 98 81 47 26 14

March 2029 .......... 98 75 37 16 7

March 2030 .......... 97 70 29 10 4

March 2031 .......... 97 66 22 7 2 March 2032 .......... 96 61 17 4 1 March 2033 .......... 95 57 14 3 1 March 2034 .......... 95 53 11 2 0

March 2035 .......... 94 49 8 1 0

March 2036 .......... 93 46 6 1 0

March 2037 .......... 92 43 5 0 0

March 2038 .......... 91 39 4 0 0

March 2039 .......... 90 37 3 0 0

March 2040 .......... 89 34 2 0 0

March 2041 .......... 88 31 2 0 0

March 2042 .......... 86 29 1 0 0

March 2043 .......... 85 27 1 0 0

March 2044 .......... 83 24 1 0 0

March 2045 .......... 81 22 1 0 0

March 2046 .......... 79 20 0 0 0

March 2047 .......... 77 19 0 0 0

March 2048 .......... 75 17 0 0 0

March 2049 .......... 73 15 0 0 0

March 2050 .......... 70 14 0 0 0

March 2051 .......... 67 12 0 0 0

March 2052 .......... 64 11 0 0 0

March 2053 .......... 61 10 0 0 0

March 2054 .......... 57 9 0 0 0

March 2055 .......... 53 7 0 0 0

March 2056 .......... 49 6 0 0 0

March 2057 .......... 45 5 0 0 0

March 2058 .......... 40 4 0 0 0

March 2059 .......... 34 3 0 0 0

March 2060 .......... 28 3 0 0 0

March 2061 .......... 22 2 0 0 0

March 2062 .......... 15 1 0 0 0

March 2063 .......... 8 0 0 0 0

March 2064 .......... 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 29.2 13.3 4.9 3.1 2.4

Security Group 4

PSA Prepayment Assumption Rates

Class A Class Z

Distribution Date 0% 100% 230% 350% 500% 0% 100% 230% 350% 500%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 98 95 92 89 86 106 106 106 106 106

March 2026 .......... 96 88 79 71 61 112 112 112 112 112

March 2027 .......... 94 80 64 51 37 118 118 118 118 118

March 2028 .......... 92 72 51 35 19 125 125 125 125 125

March 2029 .......... 89 64 40 23 7 132 132 132 132 132

March 2030 .......... 86 56 30 12 0 139 139 139 139 126

March 2031 .......... 84 49 21 4 0 147 147 147 147 87

March 2032 .......... 81 43 14 0 0 155 155 155 138 59

March 2033 .......... 77 36 7 0 0 164 164 164 106 40

March 2034 .......... 74 30 1 0 0 173 173 173 82 28

March 2035 .......... 70 24 0 0 0 183 183 150 63 19

March 2036 .......... 66 18 0 0 0 193 193 126 48 13

March 2037 .......... 62 13 0 0 0 204 204 104 37 9

March 2038 .......... 58 7 0 0 0 216 216 87 28 6

March 2039 .......... 53 2 0 0 0 228 228 72 21 4

March 2040 .......... 48 0 0 0 0 241 217 59 16 3

March 2041 .......... 43 0 0 0 0 254 193 48 12 2 March 2042 .......... 37 0 0 0 0 269 171 39 9 1 March 2043 .......... 31 0 0 0 0 284 150 31 7 1 March 2044 .......... 24 0 0 0 0 300 130 25 5 0

March 2045 .......... 17 0 0 0 0 317 112 20 3 0

March 2046 .......... 10 0 0 0 0 334 95 15 2 0

March 2047 .......... 2 0 0 0 0 353 79 12 2 0

March 2048 .......... 0 0 0 0 0 326 63 9 1 0

March 2049 .......... 0 0 0 0 0 281 49 6 1 0

March 2050 .......... 0 0 0 0 0 232 36 4 0 0

March 2051 .......... 0 0 0 0 0 180 23 2 0 0

March 2052 .......... 0 0 0 0 0 124 11 1 0 0

March 2053 .......... 0 0 0 0 0 64 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 14.4 7.3 4.5 3.4 2.6 26.9 21.3 15.2 11.4 8.4

S-27
Security Group 5 PSA Prepayment Assumption Rates

Classes FC and SC Class SW Class WS

Distribution Date 0% 100% 250% 439% 650% 900% 0% 100% 250% 439% 650% 900% 0% 100% 250% 439% 650% 900%

Initial Percent . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 ......... 99 97 95 92 88 84 99 97 95 92 88 84 99 97 95 91 88 84

March 2026 ......... 98 92 84 74 64 52 98 92 84 74 64 52 98 92 84 74 64 52

March 2027 ......... 97 86 71 54 39 24 97 86 71 54 39 24 97 86 71 54 39 24

March 2028 ......... 96 79 59 39 23 11 96 80 59 39 23 11 96 79 59 39 23 11

March 2029 ......... 95 74 50 29 14 5 95 74 50 29 14 5 95 74 50 29 14 5

March 2030 ......... 94 68 42 21 8 2 94 68 42 21 8 2 94 68 41 21 8 2

March 2031 ......... 92 63 35 15 5 1 92 63 35 15 5 1 92 63 35 15 5 1

March 2032 ......... 91 58 29 11 3 0 91 58 29 11 3 0 91 58 29 11 3 0

March 2033 ......... 89 53 24 8 2 0 89 54 24 8 2 0 89 53 24 8 2 0

March 2034 ......... 88 49 20 6 1 0 88 49 20 6 1 0 88 49 20 6 1 0

March 2035 ......... 86 45 17 4 1 0 86 45 17 4 1 0 86 45 17 4 1 0

March 2036 ......... 84 41 14 3 0 0 84 41 14 3 0 0 84 41 14 3 0 0

March 2037 ......... 82 38 11 2 0 0 82 38 11 2 0 0 82 37 11 2 0 0

March 2038 ......... 79 34 9 1 0 0 79 34 9 1 0 0 79 34 9 1 0 0

March 2039 ......... 77 31 8 1 0 0 77 31 8 1 0 0 77 31 8 1 0 0

March 2040 ......... 74 28 6 1 0 0 74 28 6 1 0 0 74 28 6 1 0 0

March 2041 ......... 71 25 5 1 0 0 71 25 5 1 0 0 71 25 5 1 0 0

March 2042 ......... 68 22 4 0 0 0 68 22 4 0 0 0 68 22 4 0 0 0

March 2043 ......... 64 20 3 0 0 0 64 20 3 0 0 0 64 19 3 0 0 0

March 2044 ......... 60 17 3 0 0 0 60 17 3 0 0 0 60 17 3 0 0 0

March 2045 ......... 56 15 2 0 0 0 56 15 2 0 0 0 56 15 2 0 0 0

March 2046 ......... 52 13 2 0 0 0 52 13 2 0 0 0 52 13 2 0 0 0

March 2047 ......... 47 11 1 0 0 0 47 11 1 0 0 0 47 10 1 0 0 0

March 2048 ......... 42 9 1 0 0 0 42 9 1 0 0 0 42 9 1 0 0 0

March 2049 ......... 36 7 1 0 0 0 36 7 1 0 0 0 36 7 1 0 0 0

March 2050 ......... 30 5 0 0 0 0 30 5 0 0 0 0 30 5 0 0 0 0

March 2051 ......... 23 4 0 0 0 0 23 4 0 0 0 0 23 3 0 0 0 0

March 2052 ......... 16 2 0 0 0 0 16 2 0 0 0 0 16 2 0 0 0 0

March 2053 ......... 8 1 0 0 0 0 8 1 0 0 0 0 8 0 0 0 0 0

March 2054 ......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) ........ 20.5 11.4 6.5 4.1 3.0 2.3 20.5 11.4 6.5 4.1 3.0 2.3 20.5 11.3 6.4 4.1 3.0 2.3

Security Group 6

PSA Prepayment Assumption Rates

Class B Class BL Class BV

Distribution Date 0% 100% 136% 250% 400% 0% 100% 136% 250% 400% 0% 100% 136% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 99 90 88 80 70 100 100 100 100 100 93 93 93 93 93

March 2026 .......... 97 81 76 63 47 100 100 100 100 100 85 85 85 85 85

March 2027 .......... 95 72 66 49 31 100 100 100 100 100 78 78 78 78 78

March 2028 .......... 94 64 57 37 18 100 100 100 100 100 69 69 69 69 69

March 2029 .......... 92 56 48 28 9 100 100 100 100 100 61 61 61 61 61

March 2030 .......... 90 49 41 20 2 100 100 100 100 91 52 52 52 52 52

March 2031 .......... 88 42 34 13 0 100 100 100 100 70 42 42 42 42 0

March 2032 .......... 86 36 27 7 0 100 100 100 100 51 33 33 33 33 0

March 2033 .......... 84 30 22 3 0 100 100 100 94 37 22 22 22 22 0

March 2034 .......... 81 25 16 0 0 100 100 100 80 26 12 12 12 0 0

March 2035 .......... 78 20 12 0 0 100 100 100 64 19 0 0 0 0 0

March 2036 .......... 76 15 7 0 0 100 100 100 50 13 0 0 0 0 0

March 2037 .......... 73 11 4 0 0 100 100 99 39 9 0 0 0 0 0

March 2038 .......... 70 6 0 0 0 100 100 89 30 6 0 0 0 0 0

March 2039 .......... 66 3 0 0 0 100 98 73 23 4 0 0 0 0 0

March 2040 .......... 63 0 0 0 0 100 85 59 17 3 0 0 0 0 0

March 2041 .......... 59 0 0 0 0 100 68 46 12 2 0 0 0 0 0

March 2042 .......... 55 0 0 0 0 100 52 34 8 1 0 0 0 0 0

March 2043 .......... 51 0 0 0 0 100 36 23 5 1 0 0 0 0 0

March 2044 .......... 47 0 0 0 0 100 22 14 3 0 0 0 0 0 0

March 2045 .......... 42 0 0 0 0 100 9 6 1 0 0 0 0 0 0

March 2046 .......... 37 0 0 0 0 100 2 1 0 0 0 0 0 0 0

March 2047 .......... 32 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2048 .......... 26 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2049 .......... 20 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2050 .......... 14 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2051 .......... 7 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2052 .......... 0 0 0 0 0 82 0 0 0 0 0 0 0 0 0

March 2053 .......... 0 0 0 0 0 42 0 0 0 0 0 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 17.7 6.5 5.5 3.5 2.3 28.8 18.2 17.0 12.8 8.9 6.0 6.0 6.0 5.9 5.0

S-28
Security Group 6 PSA Prepayment Assumption Rates

Class BZ Class D Class DV

Distribution Date 0% 100% 136% 250% 400% 0% 100% 136% 250% 400% 0% 100% 136% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 105 105 105 105 105 98 90 87 79 68 93 93 93 93 93

March 2026 .......... 109 109 109 109 109 97 80 75 61 45 85 85 85 85 85

March 2027 .......... 114 114 114 114 114 95 71 65 47 27 78 78 78 78 78

March 2028 .......... 120 120 120 120 120 93 63 55 34 14 69 69 69 69 69

March 2029 .......... 125 125 125 125 125 91 55 46 24 4 61 61 61 61 61

March 2030 .......... 131 131 131 131 131 89 47 38 16 0 52 52 52 52 17

March 2031 .......... 137 137 137 137 135 87 41 31 9 0 42 42 42 42 0

March 2032 .......... 143 143 143 143 98 85 34 24 3 0 33 33 33 33 0

March 2033 .......... 150 150 150 150 70 83 28 18 0 0 22 22 22 0 0

March 2034 .......... 157 157 157 153 50 80 22 13 0 0 12 12 12 0 0

March 2035 .......... 164 164 164 121 35 77 17 8 0 0 0 0 0 0 0

March 2036 .......... 164 164 164 95 25 74 12 4 0 0 0 0 0 0 0

March 2037 .......... 164 164 164 74 17 71 8 0 0 0 0 0 0 0 0

March 2038 .......... 164 164 164 56 12 68 3 0 0 0 0 0 0 0 0

March 2039 .......... 164 164 135 42 8 64 0 0 0 0 0 0 0 0 0

March 2040 .......... 164 154 106 31 5 61 0 0 0 0 0 0 0 0 0

March 2041 .......... 164 120 81 22 3 57 0 0 0 0 0 0 0 0 0

March 2042 .......... 164 87 58 14 2 53 0 0 0 0 0 0 0 0 0

March 2043 .......... 164 58 37 9 1 48 0 0 0 0 0 0 0 0 0

March 2044 .......... 164 30 19 4 0 44 0 0 0 0 0 0 0 0 0

March 2045 .......... 164 4 3 0 0 39 0 0 0 0 0 0 0 0 0

March 2046 .......... 164 0 0 0 0 33 0 0 0 0 0 0 0 0 0

March 2047 .......... 164 0 0 0 0 28 0 0 0 0 0 0 0 0 0

March 2048 .......... 164 0 0 0 0 22 0 0 0 0 0 0 0 0 0

March 2049 .......... 164 0 0 0 0 15 0 0 0 0 0 0 0 0 0

March 2050 .......... 164 0 0 0 0 9 0 0 0 0 0 0 0 0 0

March 2051 .......... 164 0 0 0 0 1 0 0 0 0 0 0 0 0 0

March 2052 .......... 161 0 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2053 .......... 83 0 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 29.0 18.3 17.2 13.5 9.9 17.2 6.2 5.2 3.2 2.1 6.0 6.0 6.0 5.7 4.6

PSA Prepayment Assumption Rates

Class DZ Class VB Class ZB

Distribution Date 0% 100% 136% 250% 400% 0% 100% 136% 250% 400% 0% 100% 136% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 105 105 105 105 105 93 93 93 93 93 105 105 105 105 105

March 2026 .......... 109 109 109 109 109 85 85 85 85 85 109 109 109 109 109

March 2027 .......... 114 114 114 114 114 78 78 78 78 78 114 114 114 114 114

March 2028 .......... 120 120 120 120 120 69 69 69 69 69 120 120 120 120 120

March 2029 .......... 125 125 125 125 125 61 61 61 61 61 125 125 125 125 125

March 2030 .......... 131 131 131 131 131 52 52 52 52 30 131 131 131 131 131

March 2031 .......... 137 137 137 137 103 42 42 42 42 0 137 137 137 137 115

March 2032 .......... 143 143 143 143 75 33 33 33 33 0 143 143 143 143 84

March 2033 .......... 150 150 150 148 54 22 22 22 8 0 150 150 150 149 60

March 2034 .......... 157 157 157 119 39 12 12 12 0 0 157 157 157 132 43

March 2035 .......... 164 164 164 95 28 0 0 0 0 0 164 164 164 105 31

March 2036 .......... 164 164 164 75 20 0 0 0 0 0 164 164 164 83 22

March 2037 .......... 164 164 162 59 14 0 0 0 0 0 164 164 163 65 15

March 2038 .......... 164 164 136 46 10 0 0 0 0 0 164 164 146 50 10

March 2039 .......... 164 159 112 35 7 0 0 0 0 0 164 161 121 38 7

March 2040 .......... 164 132 91 26 4 0 0 0 0 0 164 140 97 28 5

March 2041 .......... 164 107 72 19 3 0 0 0 0 0 164 111 75 20 3

March 2042 .......... 164 83 55 14 2 0 0 0 0 0 164 85 56 14 2

March 2043 .......... 164 61 39 9 1 0 0 0 0 0 164 60 38 9 1

March 2044 .......... 164 41 26 5 1 0 0 0 0 0 164 37 23 5 1

March 2045 .......... 164 22 13 3 0 0 0 0 0 0 164 15 9 2 0

March 2046 .......... 164 4 3 0 0 0 0 0 0 0 164 3 2 0 0

March 2047 .......... 164 0 0 0 0 0 0 0 0 0 164 0 0 0 0

March 2048 .......... 164 0 0 0 0 0 0 0 0 0 164 0 0 0 0

March 2049 .......... 164 0 0 0 0 0 0 0 0 0 164 0 0 0 0

March 2050 .......... 164 0 0 0 0 0 0 0 0 0 164 0 0 0 0

March 2051 .......... 164 0 0 0 0 0 0 0 0 0 164 0 0 0 0

March 2052 .......... 120 0 0 0 0 0 0 0 0 0 135 0 0 0 0

March 2053 .......... 62 0 0 0 0 0 0 0 0 0 70 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 28.7 18.2 16.8 12.9 9.2 6.0 6.0 6.0 5.8 4.7 28.8 18.2 17.0 13.2 9.5

S-29
Security Group 7 PSA Prepayment Assumption Rates

Classes FG and SG

Distribution Date 0% 100% 250% 439% 650% 900%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 98 95 92 89 85

March 2026 ..... 98 93 85 76 66 55

March 2027 ..... 97 86 72 56 40 26

March 2028 ..... 96 80 60 40 24 12

March 2029 ..... 95 74 50 29 15 5

March 2030 ..... 94 69 42 21 9 2

March 2031 ..... 92 64 35 15 5 1

March 2032 ..... 91 59 29 11 3 0

March 2033 ..... 89 54 25 8 2 0

March 2034 ..... 88 50 20 6 1 0

March 2035 ..... 86 46 17 4 1 0

March 2036 ..... 84 42 14 3 0 0

March 2037 ..... 82 38 12 2 0 0

March 2038 ..... 79 35 10 2 0 0

March 2039 ..... 77 31 8 1 0 0

March 2040 ..... 74 28 6 1 0 0

March 2041 ..... 71 26 5 1 0 0

March 2042 ..... 68 23 4 0 0 0

March 2043 ..... 64 20 3 0 0 0

March 2044 ..... 60 18 3 0 0 0

March 2045 ..... 56 16 2 0 0 0

March 2046 ..... 52 13 2 0 0 0

March 2047 ..... 47 11 1 0 0 0

March 2048 ..... 42 9 1 0 0 0

March 2049 ..... 36 8 1 0 0 0

March 2050 ..... 30 6 0 0 0 0

March 2051 ..... 23 4 0 0 0 0

March 2052 ..... 16 3 0 0 0 0

March 2053 ..... 8 1 0 0 0 0

March 2054 ..... 0 0 0 0 0 0

Weighted Average

Life (years) .... 20.5 11.6 6.6 4.2 3.1 2.4

Security Groups 5 and 7

PSA Prepayment Assumption Rates

Class AS

Distribution Date 0% 100% 250% 439% 650% 900%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 97 95 92 88 84

March 2026 ..... 98 92 84 75 64 53

March 2027 ..... 97 86 71 55 39 24

March 2028 ..... 96 80 60 40 24 11

March 2029 ..... 95 74 50 29 14 5

March 2030 ..... 94 68 42 21 9 2

March 2031 ..... 92 63 35 15 5 1

March 2032 ..... 91 58 29 11 3 0

March 2033 ..... 89 54 24 8 2 0

March 2034 ..... 88 49 20 6 1 0

March 2035 ..... 86 45 17 4 1 0

March 2036 ..... 84 41 14 3 0 0

March 2037 ..... 82 38 11 2 0 0

March 2038 ..... 79 34 9 1 0 0

March 2039 ..... 77 31 8 1 0 0

March 2040 ..... 74 28 6 1 0 0

March 2041 ..... 71 25 5 1 0 0

March 2042 ..... 68 22 4 0 0 0

March 2043 ..... 64 20 3 0 0 0

March 2044 ..... 60 17 3 0 0 0

March 2045 ..... 56 15 2 0 0 0

March 2046 ..... 52 13 2 0 0 0

March 2047 ..... 47 11 1 0 0 0

March 2048 ..... 42 9 1 0 0 0

March 2049 ..... 36 7 1 0 0 0

March 2050 ..... 30 5 0 0 0 0

March 2051 ..... 23 4 0 0 0 0

March 2052 ..... 16 2 0 0 0 0

March 2053 ..... 8 1 0 0 0 0

March 2054 ..... 0 0 0 0 0 0

Weighted Average

Life (years) .... 20.5 11.4 6.5 4.2 3.0 2.3

S-30
Security Group 8 PSA Prepayment Assumption Rates

Class TV Class TZ Class ZA Class ZT

Distribution Date 0% 100% 300% 450% 700% 900% 0% 100% 300% 450% 700% 900% 0% 100% 300% 450% 700% 900% 0% 100% 300% 450% 700% 900%

Initial Percent ...... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 ........ 93 93 93 93 93 93 105 105 105 105 105 105 105 105 105 105 105 105 105 105 105 105 105 105

March 2026 ........ 86 86 86 86 86 86 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110

March 2027 ........ 78 78 78 78 78 77 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116

March 2028 ........ 70 70 70 70 57 0 122 122 122 122 121 87 122 122 122 122 122 91 122 122 122 122 114 56

March 2029 ........ 61 61 61 61 0 0 128 128 128 128 93 40 128 128 128 128 97 41 128 128 128 128 65 25

March 2030 ........ 52 52 52 34 0 0 135 135 135 133 53 18 135 135 135 135 55 19 135 135 135 121 37 12

March 2031 ........ 43 43 43 0 0 0 142 142 142 115 30 8 142 142 142 119 32 8 142 142 142 87 21 5

March 2032 ........ 33 33 32 0 0 0 149 149 148 82 17 4 149 149 149 85 18 4 149 149 144 62 12 2

March 2033 ........ 22 22 0 0 0 0 157 157 144 59 10 2 157 157 147 61 10 2 157 157 115 45 7 1

March 2034 ........ 11 11 0 0 0 0 165 165 118 42 6 1 165 165 121 43 6 1 165 165 92 32 4 0

March 2035 ........ 0 0 0 0 0 0 173 173 94 30 3 0 173 173 97 31 3 0 173 173 74 23 2 0

March 2036 ........ 0 0 0 0 0 0 174 174 75 21 2 0 173 173 77 22 2 0 182 182 59 16 1 0

March 2037 ........ 0 0 0 0 0 0 175 175 60 15 1 0 173 173 62 16 1 0 191 191 47 11 1 0

March 2038 ........ 0 0 0 0 0 0 176 176 47 11 1 0 173 173 49 11 1 0 201 201 37 8 0 0

March 2039 ........ 0 0 0 0 0 0 177 177 38 7 0 0 173 173 39 8 0 0 211 205 29 6 0 0

March 2040 ........ 0 0 0 0 0 0 179 174 30 5 0 0 173 173 30 5 0 0 222 185 23 4 0 0

March 2041 ........ 0 0 0 0 0 0 180 172 23 4 0 0 173 172 24 4 0 0 234 166 18 3 0 0

March 2042 ........ 0 0 0 0 0 0 181 169 18 3 0 0 173 172 19 3 0 0 246 147 14 2 0 0

March 2043 ........ 0 0 0 0 0 0 183 156 14 2 0 0 173 159 14 2 0 0 258 130 11 1 0 0

March 2044 ........ 0 0 0 0 0 0 184 139 11 1 0 0 173 142 11 1 0 0 271 114 8 1 0 0

March 2045 ........ 0 0 0 0 0 0 186 123 8 1 0 0 173 126 8 1 0 0 285 99 6 1 0 0

March 2046 ........ 0 0 0 0 0 0 188 106 6 1 0 0 173 109 6 1 0 0 300 85 5 0 0 0

March 2047 ........ 0 0 0 0 0 0 186 89 4 0 0 0 173 92 5 0 0 0 281 71 3 0 0 0

March 2048 ........ 0 0 0 0 0 0 181 74 3 0 0 0 173 76 3 0 0 0 245 58 2 0 0 0

March 2049 ........ 0 0 0 0 0 0 177 59 2 0 0 0 173 61 2 0 0 0 206 46 2 0 0 0

March 2050 ........ 0 0 0 0 0 0 171 45 2 0 0 0 172 47 2 0 0 0 164 34 1 0 0 0

March 2051 ........ 0 0 0 0 0 0 156 32 1 0 0 0 161 33 1 0 0 0 119 23 1 0 0 0

March 2052 ........ 0 0 0 0 0 0 105 20 1 0 0 0 110 21 1 0 0 0 70 13 0 0 0 0

March 2053 ........ 0 0 0 0 0 0 46 8 0 0 0 0 50 9 0 0 0 0 19 3 0 0 0 0

March 2054 ........ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) ...... 6.0 6.0 5.6 4.7 3.6 3.0 28.0 23.2 13.2 9.5 6.3 4.9 28.4 23.6 13.2 9.5 6.3 4.9 26.2 21.2 12.2 8.7 5.7 4.4

Security Group 9

PSA Prepayment Assumption Rates

Class CD Class CM Class CZ

Distribution Date 0% 100% 135% 250% 400% 0% 100% 135% 250% 400% 0% 100% 135% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 80 11 0 0 0 100 100 99 92 82 104 104 104 104 104

March 2026 .......... 59 0 0 0 0 100 92 88 75 59 107 107 107 107 107

March 2027 .......... 37 0 0 0 0 100 84 78 60 41 111 111 111 111 111

March 2028 .......... 14 0 0 0 0 100 76 69 48 28 115 115 115 115 115

March 2029 .......... 0 0 0 0 0 99 68 60 38 18 119 119 119 119 119

March 2030 .......... 0 0 0 0 0 96 61 53 30 11 123 123 123 123 123

March 2031 .......... 0 0 0 0 0 94 55 46 23 5 128 128 128 128 128

March 2032 .......... 0 0 0 0 0 91 49 39 17 1 132 132 132 132 132

March 2033 .......... 0 0 0 0 0 88 43 33 11 0 137 137 137 137 107

March 2034 .......... 0 0 0 0 0 85 38 28 7 0 142 142 142 142 78

March 2035 .......... 0 0 0 0 0 82 32 23 3 0 147 147 147 147 57

March 2036 .......... 0 0 0 0 0 78 28 18 0 0 152 152 152 152 42

March 2037 .......... 0 0 0 0 0 75 23 14 0 0 158 158 158 127 30

March 2038 .......... 0 0 0 0 0 71 19 11 0 0 163 163 163 103 22

March 2039 .......... 0 0 0 0 0 67 15 7 0 0 169 169 169 82 16

March 2040 .......... 0 0 0 0 0 63 11 4 0 0 175 175 175 66 11

March 2041 .......... 0 0 0 0 0 59 8 1 0 0 181 181 181 52 8

March 2042 .......... 0 0 0 0 0 54 5 0 0 0 188 188 165 41 6

March 2043 .......... 0 0 0 0 0 49 1 0 0 0 194 194 139 32 4

March 2044 .......... 0 0 0 0 0 44 0 0 0 0 201 180 115 24 3

March 2045 .......... 0 0 0 0 0 39 0 0 0 0 208 150 94 18 2

March 2046 .......... 0 0 0 0 0 34 0 0 0 0 216 123 75 14 1

March 2047 .......... 0 0 0 0 0 28 0 0 0 0 223 97 58 10 1

March 2048 .......... 0 0 0 0 0 22 0 0 0 0 231 74 43 7 0

March 2049 .......... 0 0 0 0 0 15 0 0 0 0 240 52 29 4 0

March 2050 .......... 0 0 0 0 0 9 0 0 0 0 248 32 18 2 0

March 2051 .......... 0 0 0 0 0 2 0 0 0 0 257 13 7 1 0

March 2052 .......... 00000 00000 191 0000

March 2053 .......... 00000 00000 98 0000

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 2.4 0.6 0.5 0.3 0.2 18.0 8.6 7.2 4.6 3.0 28.7 23.2 21.6 16.3 11.4

S-31
Security Group 10 PSA Prepayment Assumption Rates

Class DC Class MC Class ZC

Distribution Date 0% 100% 135% 250% 400% 0% 100% 135% 250% 400% 0% 100% 135% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 84 23 4 0 0 100 100 100 92 82 104 104 104 104 104

March 2026 .......... 68 0 0 0 0 100 94 89 75 59 107 107 107 107 107

March 2027 .......... 51 0 0 0 0 100 85 79 61 41 111 111 111 111 111

March 2028 .......... 33 0 0 0 0 100 77 70 49 28 115 115 115 115 115

March 2029 .......... 14 0 0 0 0 100 69 61 39 18 119 119 119 119 119

March 2030 .......... 0 0 0 0 0 99 62 53 30 11 123 123 123 123 123

March 2031 .......... 0 0 0 0 0 97 55 46 23 6 128 128 128 128 128

March 2032 .......... 0 0 0 0 0 94 49 39 17 1 132 132 132 132 132

March 2033 .......... 0 0 0 0 0 91 43 33 12 0 137 137 137 137 111

March 2034 .......... 0 0 0 0 0 88 38 28 7 0 142 142 142 142 81

March 2035 .......... 0 0 0 0 0 84 32 23 4 0 147 147 147 147 59

March 2036 .......... 0 0 0 0 0 81 28 19 1 0 152 152 152 152 43

March 2037 .......... 0 0 0 0 0 77 23 14 0 0 158 158 158 131 31

March 2038 .......... 0 0 0 0 0 74 19 11 0 0 163 163 163 105 22

March 2039 .......... 0 0 0 0 0 70 15 7 0 0 169 169 169 84 16

March 2040 .......... 0 0 0 0 0 65 11 4 0 0 175 175 175 66 11

March 2041 .......... 0 0 0 0 0 61 7 1 0 0 181 181 181 52 8

March 2042 .......... 0 0 0 0 0 56 4 0 0 0 188 188 164 40 5

March 2043 .......... 0 0 0 0 0 52 1 0 0 0 194 194 135 31 4

March 2044 .......... 0 0 0 0 0 47 0 0 0 0 201 173 110 23 2

March 2045 .......... 0 0 0 0 0 41 0 0 0 0 208 140 87 17 2

March 2046 .......... 0 0 0 0 0 36 0 0 0 0 216 110 67 12 1

March 2047 .......... 0 0 0 0 0 30 0 0 0 0 223 82 49 8 1

March 2048 .......... 0 0 0 0 0 24 0 0 0 0 231 56 33 5 0

March 2049 .......... 0 0 0 0 0 17 0 0 0 0 240 32 18 3 0

March 2050 .......... 0 0 0 0 0 11 0 0 0 0 248 10 6 1 0

March 2051 .......... 00000 30000 257 0000

March 2052 .......... 00000 00000 209 0000

March 2053 .......... 00000 00000 107 0000

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 3.0 0.7 0.5 0.3 0.2 18.5 8.6 7.3 4.6 3.0 28.8 22.6 21.2 16.3 11.5

Security Groups 9 and 10

PSA Prepayment Assumption Rates

Class GA Class GZ

Distribution Date 0% 100% 135% 250% 400% 0% 100% 135% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 83 19 3 0 0 104 104 104 104 104

March 2026 .......... 65 0 0 0 0 107 107 107 107 107

March 2027 .......... 46 0 0 0 0 111 111 111 111 111

March 2028 .......... 26 0 0 0 0 115 115 115 115 115

March 2029 .......... 9 0 0 0 0 119 119 119 119 119

March 2030 .......... 0 0 0 0 0 123 123 123 123 123

March 2031 .......... 0 0 0 0 0 128 128 128 128 128

March 2032 .......... 0 0 0 0 0 132 132 132 132 132

March 2033 .......... 0 0 0 0 0 137 137 137 137 109

March 2034 .......... 0 0 0 0 0 142 142 142 142 80

March 2035 .......... 0 0 0 0 0 147 147 147 147 58

March 2036 .......... 0 0 0 0 0 152 152 152 152 42

March 2037 .......... 0 0 0 0 0 158 158 158 130 30

March 2038 .......... 0 0 0 0 0 163 163 163 104 22

March 2039 .......... 0 0 0 0 0 169 169 169 83 16

March 2040 .......... 0 0 0 0 0 175 175 175 66 11

March 2041 .......... 0 0 0 0 0 181 181 181 52 8

March 2042 .......... 0 0 0 0 0 188 188 164 41 5

March 2043 .......... 0 0 0 0 0 194 194 137 31 4

March 2044 .......... 0 0 0 0 0 201 176 112 24 3

March 2045 .......... 0 0 0 0 0 208 145 90 18 2

March 2046 .......... 0 0 0 0 0 216 115 70 13 1

March 2047 .......... 0 0 0 0 0 223 88 53 9 1

March 2048 .......... 0 0 0 0 0 231 64 37 6 0

March 2049 .......... 0 0 0 0 0 240 41 23 3 0

March 2050 .......... 0 0 0 0 0 248 19 11 1 0

March 2051 .......... 0 0 0 0 0 257 6 3 0 0

March 2052 .......... 0 0 0 0 0 201 0 0 0 0

March 2053 .......... 0 0 0 0 0 103 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 2.8 0.6 0.5 0.3 0.2 28.7 22.9 21.3 16.3 11.5

S-32
Security Group 11 PSA Prepayment Assumption Rates

Classes AT, CF, CS, EF, ES, FM, HF, HS,

KF, KS, NT, SM, TM and TN Classes CO, JD, JE, JF, JG, JS and JT Classes DF, DO, DS, DT, JA, JB and JC

Distribution Date 0% 100% 244% 350% 500% 0% 100% 244% 350% 500% 0% 100% 244% 350% 500%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 99 97 95 94 91 100 100 100 100 100 99 97 94 92 89

March 2026 .......... 98 92 85 80 73 100 100 100 100 100 97 90 81 75 66

March 2027 .......... 97 86 72 63 51 100 100 100 100 100 96 82 65 53 38

March 2028 .......... 95 79 60 49 35 100 100 100 100 100 94 74 51 36 19

March 2029 .......... 94 73 51 38 24 100 100 100 100 100 93 67 38 22 5

March 2030 .......... 93 68 43 29 17 100 100 100 100 83 91 60 28 12 0

March 2031 .......... 91 63 36 23 11 100 100 100 100 57 89 53 20 3 0

March 2032 .......... 89 58 30 18 8 100 100 100 88 39 87 47 12 0 0

March 2033 .......... 88 53 25 14 5 100 100 100 68 27 85 41 6 0 0

March 2034 .......... 86 49 21 10 4 100 100 100 52 18 82 36 1 0 0

March 2035 .......... 84 44 17 8 2 100 100 86 40 12 80 31 0 0 0

March 2036 .......... 82 41 14 6 2 100 100 71 31 8 77 26 0 0 0

March 2037 .......... 79 37 12 5 1 100 100 59 24 6 74 21 0 0 0

March 2038 .......... 77 33 10 4 1 100 100 49 18 4 71 17 0 0 0

March 2039 .......... 74 30 8 3 1 100 100 40 14 3 68 13 0 0 0

March 2040 .......... 71 27 7 2 0 100 100 33 10 2 64 9 0 0 0

March 2041 .......... 68 24 5 2 0 100 100 27 8 1 60 6 0 0 0

March 2042 .......... 65 22 4 1 0 100 100 21 6 1 56 2 0 0 0

March 2043 .......... 61 19 3 1 0 100 96 17 4 1 51 0 0 0 0

March 2044 .......... 57 17 3 1 0 100 85 14 3 0 47 0 0 0 0

March 2045 .......... 53 15 2 0 0 100 73 11 2 0 41 0 0 0 0

March 2046 .......... 49 13 2 0 0 100 63 8 2 0 36 0 0 0 0

March 2047 .......... 44 11 1 0 0 100 53 6 1 0 30 0 0 0 0

March 2048 .......... 39 9 1 0 0 100 44 5 1 0 24 0 0 0 0

March 2049 .......... 34 7 1 0 0 100 35 4 1 0 17 0 0 0 0

March 2050 .......... 28 5 0 0 0 100 27 2 0 0 10 0 0 0 0

March 2051 .......... 22 4 0 0 0 100 20 2 0 0 2 0 0 0 0

March 2052 .......... 15 3 0 0 0 74 13 1 0 0 0 0 0 0 0

March 2053 .......... 8 1 0 0 0 38 6 0 0 0 0 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 19.9 11.3 6.6 5.0 3.8 28.7 23.7 15.1 11.3 8.1 17.7 8.2 4.5 3.4 2.7

Security Group 12

PSA Prepayment Assumption Rates

Class H Class HM Class HZ

Distribution Date 0% 100% 140% 250% 400% 0% 100% 140% 250% 400% 0% 100% 140% 250% 400%

Initial Percent . . . . . . . . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

March 2025 .......... 75 17 0 0 0 100 100 99 93 84 104 104 104 104 104

March 2026 .......... 50 0 0 0 0 100 93 88 76 61 108 108 108 108 108

March 2027 .......... 23 0 0 0 0 100 85 78 62 44 113 113 113 113 113

March 2028 .......... 0 0 0 0 0 99 77 69 50 31 117 117 117 117 117

March 2029 .......... 0 0 0 0 0 96 70 61 41 21 122 122 122 122 122

March 2030 .......... 0 0 0 0 0 93 63 53 32 14 127 127 127 127 127

March 2031 .......... 0 0 0 0 0 90 57 47 25 8 132 132 132 132 132

March 2032 .......... 0 0 0 0 0 87 51 40 19 4 138 138 138 138 138

March 2033 .......... 0 0 0 0 0 83 45 35 15 1 143 143 143 143 143

March 2034 .......... 0 0 0 0 0 80 40 29 10 0 149 149 149 149 121

March 2035 .......... 0 0 0 0 0 76 35 25 7 0 155 155 155 155 88

March 2036 .......... 0 0 0 0 0 72 30 20 4 0 161 161 161 161 64

March 2037 .......... 0 0 0 0 0 67 26 16 1 0 168 168 168 168 46

March 2038 .......... 0 0 0 0 0 63 22 13 0 0 175 175 175 157 33

March 2039 .......... 0 0 0 0 0 58 18 9 0 0 182 182 182 125 24

March 2040 .......... 0 0 0 0 0 54 14 7 0 0 189 189 189 99 17

March 2041 .......... 0 0 0 0 0 49 11 4 0 0 197 197 197 78 12

March 2042 .......... 0 0 0 0 0 44 8 1 0 0 205 205 205 61 8

March 2043 .......... 0 0 0 0 0 38 5 0 0 0 214 214 193 47 6

March 2044 .......... 0 0 0 0 0 33 2 0 0 0 222 222 158 36 4

March 2045 .......... 0 0 0 0 0 27 0 0 0 0 231 217 126 27 3

March 2046 .......... 0 0 0 0 0 21 0 0 0 0 241 173 98 19 2

March 2047 .......... 0 0 0 0 0 14 0 0 0 0 251 133 74 13 1

March 2048 .......... 0 0 0 0 0 8 0 0 0 0 261 96 52 9 1

March 2049 .......... 0 0 0 0 0 1 0 0 0 0 271 62 33 5 0

March 2050 .......... 0 0 0 0 0 0 0 0 0 0 201 41 21 3 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0 119 23 11 2 0

March 2052 .......... 0 0 0 0 0 0 0 0 0 0 35 6 3 0 0

March 2053 .......... 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0

March 2054 .......... 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 2.0 0.6 0.5 0.3 0.2 16.0 9.0 7.5 4.9 3.2 26.8 23.8 22.2 17.5 12.5

S-33
Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or

MX Class based on:

 the anticipated yield of that Class resulting from its purchase price,

 the investor’s own projection of Mortgage Loan prepayment rates under a variety of scenarios,

 in the case of the Group 8 Securities, the investor’s own projection of payment rates on the

Underlying Certificates under a variety of scenarios and

 in the case of a Floating Rate or an Inverse Floating Rate Class, the investor’s own projection of

levels of 30-day Average SOFR under a variety of scenarios.

No representation is made regarding Mortgage Loan prepayment rates, Underlying Certificate payment rates, 30-day Average SOFR levels or the yield of any Class.

Prepayments: Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the

related Mortgage Loans.

 In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest

Only Classes), faster than anticipated rates of principal payments could result in actual yields to

investors that are lower than the anticipated yields.

 Investors in the Interest Only Classes should also consider the risk that rapid rates of principal

payments could result in the failure of investors to recover fully their investments.

 In the case of Regular Securities or MX Securities purchased at a discount (especially the Principal Only Classes), slower than anticipated rates of principal payments could result in actual

yields to investors that are lower than the anticipated yields.

See “Risk Factors — Rates of principal payments can reduce your yield” in this Supplement.

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low prevailing interest rates.

During periods of low prevailing interest rates, the yields at which an investor may be able to

reinvest amounts received as principal payments on the investor’s Class of Securities may be lower than

the yield on that Class.

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high prevailing interest rates.

During periods of high prevailing interest rates, the amount of principal payments available to an

investor for reinvestment at those high rates may be relatively low.

The Mortgage Loans will not prepay at any constant rate until maturity, nor will all of the Mortgage

Loans underlying any Trust Asset Group prepay at the same rate at any one time. The timing of changes

in the rate of prepayments may affect the actual yield to an investor, even if the average rate of principal

prepayments is consistent with the investor’s expectation. In general, the earlier a prepayment of

principal on the Mortgage Loans, the greater the effect on an investor’s yield. As a result, the effect on

an investor’s yield of principal prepayments occurring at a rate higher (or lower) than the rate

S-34
anticipated by the investor during the period immediately following the Closing Date is not likely to be

offset by a later equivalent reduction (or increase) in the rate of principal prepayments.

30-day Average SOFR: Effect on Yields of the Floating Rate and Inverse Floating Rate Classes

Low levels of 30-day Average SOFR can reduce the yield of the Floating Rate Classes. High levels of

30-day Average SOFR can reduce the yield of the Inverse Floating Rate Classes. In addition, the Floating

Rate Classes will not necessarily benefit from a higher yield at high levels of 30-day Average SOFR and

certain Inverse Floating Rate Classes may not benefit from particularly low levels of 30-day Average

SOFR because the rate on such Classes is capped at a maximum rate described under “Terms Sheet —

Interest Rates.”

Payment Delay: Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its

Interest Rate and purchase price because, on each Distribution Date, 30 days’ interest will be payable on

(or added to the principal amount of) that Class even though interest began to accrue approximately

50 days earlier.

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of

specified Classes at various constant percentages of PSA and, in the case of the Inverse Floating Rate

Classes, at various constant levels of 30-day Average SOFR.

The Mortgage Loans will not prepay at any constant rate until maturity, and it is unlikely that

30-day Average SOFR will remain constant. Moreover, it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumptions. Therefore, the

actual pre-tax yield of any Class may differ from those shown in the applicable table below for

that Class even if the Class is purchased at the assumed price shown.

The yields were calculated by

1. determining the monthly discount rates that, when applied to the applicable assumed streams

of cash flows to be paid on the applicable Class, would cause the discounted present value of

the assumed streams of cash flows to equal the assumed purchase price of that Class plus

accrued interest (in the case of interest-bearing Classes), and

2. converting the monthly rates to corporate bond equivalent rates.

These calculations do not take into account variations that may occur in the interest rates at which

investors may be able to reinvest funds received by them as distributions on their Securities and consequently do not purport to reflect the return on any investment in any Class when those reinvestment

rates are considered.

The information set forth in the following tables was prepared on the basis of the Modeling

Assumptions and the assumptions that (1) the Interest Rate applicable to each Inverse Floating Rate

Class for each Accrual Period following the first Accrual Period will be based on the indicated level of

30-day Average SOFR and (2) the purchase price of each Class (expressed as a percentage of Original

Class Principal Balance or original Class Notional Balance) plus accrued interest (in the case of interestbearing Classes) is as indicated in the related table. The assumed purchase price is not necessarily

that at which actual sales will occur.

S-35
SECURITY GROUP 1

Sensitivity of Class GS to Prepayments

Assumed Price 6.125%*

PSA Prepayment Assumption Rates

30-day Average SOFR

4.31861% ..................

5.31861% ..................

5.65931% ..................

6.00000% and above .........

100%

19.4%

(1.5)%

(11.1)%

**

244%

7.0%

(18.7)%

(31.7)%

**

350%

(2.8)%

(31.7)%

(46.8)%

**

500%

(16.5)%

(48.8)%

(65.9)%

**

Sensitivity of Class OP to Prepayments

Assumed Price 79.421875%

100%

PSA Prepayment Assumption Rates

244% 350% 500%

1.0% 1.5% 2.1% 2.9%

Sensitivity of Class PO to Prepayments

Assumed Price 79.421875%

PSA Prepayment Assumption Rates

100% 244% 350% 500%

3.0% 5.4% 7.0% 9.0%

Sensitivity of Class QS to Prepayments

Assumed Price 9.8125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31928% .................... 24.8% 17.5% 12.0% 4.1%

5.31928% .................... 13.2% 5.5% (0.3)% (8.8)%

6.28464% .................... 1.4% (6.7)% (12.8)% (21.9)%

7.25000% and above ........... **   ** 

Sensitivity of Class S to Prepayments

Assumed Price 9.78125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31928% .................... 24.3% 17.0% 11.5% 3.6%

5.31928% .................... 12.7% 4.9% (0.9)% (9.4)%

6.25964% .................... 1.1% (7.0)% (13.1)% (22.2)%

7.20000% and above ........... **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-36
Sensitivity of Class SA to Prepayments

Assumed Price 6.1875%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% ................... 23.5% 16.1% 10.6% 2.6%

5.31861% ................... 4.9% (3.1)% (9.2)% (18.1)%

5.70931% ................... (3.6)% (11.7)% (18.0)% (27.2)%

6.10000% and above .......... **   ** 

Sensitivity of Class SH to Prepayments

Assumed Price 6.125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% ................... 21.9% 14.5% 8.9% 0.9%

5.31861% ................... 3.0% (5.1)% (11.2)% (20.2)%

5.65931% ................... (4.8)% (13.0)% (19.2)% (28.5)%

6.00000% and above .......... **   ** 

Sensitivity of Class SQ to Prepayments

Assumed Price 6.5%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% .................... 29.0% 21.8% 16.5% 8.7%

5.31861% .................... 11.5% 3.7% (2.2)% (10.8)%

5.90931% .................... 0.4% (7.7)% (13.9)% (23.0)%

6.50000% and above ........... **   ** 

Sensitivity of Class TA to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.10% and below ............. 159.9% 153.0% 147.8% 140.2%

6.30% . . . . . . . . . . . . . . . . . . . . . . . 68.7% 60.3% 53.6% 43.9%

6.50% and above ............. **   ** 

Sensitivity of Class TB to Prepayments

Assumed Price 0.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.00% and below ............. 215.9% 209.3% 204.3% 197.1%

6.05% . . . . . . . . . . . . . . . . . . . . . . . 92.5% 84.7% 78.7% 69.9%

6.10% and above ............. **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-37
Sensitivity of Class TC to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.10% and below ............. 167.2% 167.2% 167.2% 167.1%

6.30% ....................... 76.3% 76.3% 76.2% 75.4%

6.50% and above ............. **   ** 

Sensitivity of Class TD to Prepayments

Assumed Price 0.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.00% and below ............. 223.3% 223.3% 223.3% 223.3%

6.05% ....................... 99.9% 99.8% 99.8% 99.4%

6.10% and above ............. **   ** 

Sensitivity of Class TE to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.10% and below ............. 161.4% 156.1% 152.1% 146.4%

6.30% ....................... 70.4% 64.2% 59.6% 53.0%

6.50% and above ............. **   ** 

Sensitivity of Class TG to Prepayments

Assumed Price 0.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.00% and below ............. 217.4% 212.2% 208.4% 202.8%

6.05% ....................... 94.0% 88.2% 83.9% 77.7%

6.10% and above ............. **   ** 

Sensitivity of Class TH to Prepayments

Assumed Price 0.375%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.00% and below ............. 170.3% 165.0% 161.0% 155.4%

6.25% ....................... 74.2% 68.1% 63.5% 57.0%

6.50% and above ............. **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-38
Sensitivity of Class TU to Prepayments

Assumed Price 0.03125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

7.200% and below ............ 217.4% 212.2% 208.4% 202.8%

7.225% ...................... 94.0% 88.2% 83.9% 77.7%

7.250% and above ............ **   ** 

Sensitivity of Class US to Prepayments

Assumed Price 9.875%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31928% .................... 25.2% 17.9% 12.4% 4.5%

5.31928% .................... 13.6% 5.9% 0.1% (8.3)%

6.30964% .................... 1.7% (6.4)% (12.6)% (21.6)%

7.30000% and above ........... **   ** 

Sensitivity of Class UT to Prepayments

Assumed Price 0.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

7.250% and below ................ 88.7% 82.8% 78.4% 72.1%

7.275% ......................... 38.2% 31.3% 26.2% 18.8%

7.300% and above ................ **   ** 

Sensitivity of Class YS to Prepayments

Assumed Price 6.125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% ..................... 28.7% 27.9% 26.4% 23.0%

5.31861% ..................... 10.2% 7.3% 3.9% (2.1)%

5.65931% ..................... 2.4% (2.0)% (6.6)% (14.0)%

6.00000% and above ............ **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-39
SECURITY GROUP 3

Sensitivity of Class SB to Prepayments

Assumed Price 2.125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 356% 600% 800%

4.31998% .................. 44.6% 31.0% 17.5% 6.0%

5.31998% .................. (33.2)% (47.8)% (72.9)% (95.6)%

5.31999% .................. (34.9)% (50.1)% (77.1)% **

5.32000% and above .........   **  **

SECURITY GROUP 5

Sensitivity of Class SC to Prepayments

Assumed Price 2.616125%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 250% 439% 650% 900%

3.83047% ............ 54.8% 47.7% 38.6% 28.2% 15.5%

4.32031% ............ 33.1% 25.5% 15.7% 4.4% (9.5)%

4.81016% ............ 11.9% 3.7% (7.1)% (19.8)% (35.6)%

5.30000% and above . . .   **  ** **

Sensitivity of Class SW to Prepayments

Assumed Price 2.9%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 250% 439% 650% 900%

3.83047% ............ 48.3% 41.1% 31.8% 21.2% 8.2%

4.32031% ............ 28.9% 21.2% 11.2% (0.3)% (14.5)%

4.81016% ............ 9.9% 1.5% (9.4)% (22.2)% (38.3)%

5.30000% and above . . .   **  ** **

Sensitivity of Class WS to Prepayments

Assumed Price 2.057%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 250% 439% 650% 900%

3.83047% ............ 73.1% 66.4% 57.7% 47.8% 35.8%

4.32031% ............ 44.7% 37.4% 28.0% 17.3% 4.1%

4.81016% ............ 17.6% 9.6% (0.9)% (13.1)% (28.3)%

5.30000% and above . . .   **  ** **

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-40
SECURITY GROUP 7

Sensitivity of Class SG to Prepayments

Assumed Price 2.6328125%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 250% 439% 650% 900%

3.82796% ............ 54.7% 47.9% 39.2% 29.3% 17.4%

4.31864% ............ 33.1% 25.7% 16.2% 5.3% (7.9)%

4.80932% ............ 12.0% 3.9% (6.7)% (19.1)% (34.5)%

5.30000% and above . . .   **  ** **

SECURITY GROUPS 5 and 7

Sensitivity of Class AS to Prepayments

Assumed Price 2.625%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 250% 439% 650% 900%

3.82979% ............ 54.6% 47.7% 38.7% 28.4% 15.9%

4.31986% ............ 33.0% 25.5% 15.7% 4.5% (9.2)%

4.80993% ............ 11.9% 3.7% (7.0)% (19.6)% (35.3)%

5.30000% and above . . .   **  ** **

SECURITY GROUP 11

Sensitivity of Class CO to Prepayments

Assumed Price 81.1875%

PSA Prepayment Assumption Rates

100% 244% 350% 500%

0.9% 1.4% 1.9% 2.6%

Sensitivity of Class CS to Prepayments

Assumed Price 8.041875%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31928% .................... 24.5% 17.2% 11.7% 3.7%

5.31928% .................... 10.3% 2.5% (3.5)% (12.1)%

6.00964% .................... (0.3)% (8.4)% (14.6)% (23.7)%

6.70000% and above ........... **   ** 

Sensitivity of Class DO to Prepayments

Assumed Price 81.1875%

PSA Prepayment Assumption Rates

100% 244% 350% 500%

2.7% 4.9% 6.3% 8.1%

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-41
Sensitivity of Class DS to Prepayments

Assumed Price 4.25%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% .................. 16.8% 4.0% (6.1)% (20.2)%

5.31861% .................. (21.7)% (46.8)% (64.3)% (85.7)%

5.35931% .................. (27.1)% (54.7)% (73.5)% (95.9)%

5.40000% and above ......... **   ** 

Sensitivity of Class DT to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

5.40% and below .............. 25.2% 13.7% 4.5% (8.5)%

5.45% ....................... 5.5% (9.6)% (21.4)% (37.2)%

5.50% and above .............. **   ** 

Sensitivity of Class ES to Prepayments

Assumed Price 4.25%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% .................. 19.5% 12.0% 6.3% (1.8)%

5.31861% .................. (12.7)% (20.8)% (27.0)% (36.3)%

5.35931% .................. (16.6)% (24.6)% (30.8)% (40.0)%

5.40000% and above ......... **   ** 

Sensitivity of Class HS to Prepayments

Assumed Price 8.104375%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31928% .................... 24.9% 17.6% 12.1% 4.2%

5.31928% .................... 10.8% 3.0% (2.9)% (11.5)%

6.03464% .................... 0.1% (8.1)% (14.2)% (23.3)%

6.75000% and above ........... **   ** 

Sensitivity of Class JS to Prepayments

Assumed Price 4.25%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% ................... 26.3% 25.4% 23.7% 20.1%

5.31861% ................... (5.7)% (11.8)% (17.3)% (26.0)%

5.35931% ................... (9.8)% (16.5)% (22.4)% (31.4)%

5.40000% and above .......... **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-42
Sensitivity of Class JT to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

5.40% and below ................. 34.2% 33.6% 32.5% 29.7%

5.45% .......................... 16.2% 14.2% 11.6% 6.6%

5.50% and above ................. **   ** 

Sensitivity of Class KS to Prepayments

Assumed Price 7.979375%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31928% .................... 24.0% 16.7% 11.2% 3.2%

5.31928% .................... 9.7% 1.9% (4.1)% (12.7)%

5.98464% .................... (0.6)% (8.7)% (14.9)% (24.1)%

6.65000% and above ........... **   ** 

Sensitivity of Class NT to Prepayments

Assumed Price 0.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.700% and below ................ 88.7% 82.8% 78.4% 72.1%

6.725% ......................... 38.2% 31.3% 26.2% 18.8%

6.750% and above ................ **   ** 

Sensitivity of Class SM to Prepayments

Assumed Price 4.5625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

4.31861% .................. 20.0% 12.5% 6.9% (1.2)%

5.31861% .................. (7.7)% (15.8)% (22.1)% (31.4)%

5.40931% .................. (12.4)% (20.6)% (26.8)% (36.1)%

5.50000% and above ......... **   ** 

Sensitivity of Class TM to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

5.40% and below ............... 27.5% 20.3% 14.9% 7.1%

5.45% . . . . . . . . . . . . . . . . . . . . . . . . . 9.1% 1.2% (4.7)% (13.4)%

5.50% and above ............... **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

S-43
Sensitivity of Class TN to Prepayments

Assumed Price 0.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 244% 350% 500%

6.650% and below ................ 88.7% 82.8% 78.4% 72.1%

6.675% ......................... 38.2% 31.3% 26.2% 18.8%

6.700% and above ................ **   ** 

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion, when read in conjunction with the discussion of “Certain United

States Federal Income Tax Consequences” in the Base Offering Circular, describes the material United

States federal income tax considerations for investors in the Securities. However, these two tax discussions do not purport to deal with all United States federal tax consequences applicable to all categories of investors, some of which may be subject to special rules.

REMIC Elections

In the opinion of Cleary Gottlieb Steen & Hamilton LLP, the Trust will constitute a Double REMIC

Series as to the Group 1 through 11 Trust Assets and a Single REMIC Series as to the Group 12 Trust

Assets, each for United States federal income tax purposes. Separate REMIC elections will be made for

the Group 1 through 11 Pooling REMIC, the Group 1 through 11 Issuing REMIC and the Group 12

REMIC.

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Group 1 through 11 Issuing

REMIC or the Group 12 REMIC, as applicable, for United States federal income tax purposes. Income on

the Regular Securities must be reported under an accrual method of accounting.

The Principal Only, Notional and Accrual Classes of Regular Securities will be issued with original

issue discount (“OID”), and certain other Classes of Regular Securities may be issued with OID.

See “Certain United States Federal Income Tax Consequences — Tax Treatment of Regular Securities —

Original Issue Discount,” “— Variable Rate Securities” and “— Interest Weighted Securities and

Non-VRDI Securities” in the Base Offering Circular.

S-44
The prepayment assumption that should be used in determining the rates of accrual of OID, if any,

on the Regular Securities (as described in “Yield, Maturity and Prepayment Considerations” in this Supplement) is as follows:

Group(s) PSA

1 and 11

2

3

4

5 and 7

6

8

9 and 10

12

244%

243%

356%

230%

439%

136%

450%

135%

140%

In the case of the Floating Rate Classes, the interest rate values to be used for these determinations

are the initial Interest Rates as set forth in the Terms Sheet under “Interest Rates.” No representation is

made, however, about the rate at which prepayments on the Mortgage Loans underlying any Group of

Trust Assets actually will occur or the level of 30-day Average SOFR at any time after the date of this

Supplement. See “Certain United States Federal Income Tax Consequences” in the Base Offering Circular.

The Regular Securities generally will be treated as “regular interests” in a REMIC for domestic building and loan associations and “real estate assets” for real estate investment trusts (“REITs”) as described

in “Certain United States Federal Income Tax Consequences” in the Base Offering Circular. Similarly,

interest on the Regular Securities will be considered “interest on obligations secured by mortgages on

real property” for REITs as described in “Certain United States Federal Income Tax Consequences” in the

Base Offering Circular.

Residual Securities

Each Class of Residual Securities will represent the beneficial ownership of the Residual Interest in

the related Trust REMIC or Trust REMICs, as shown below:

Residual Securities Trust REMIC

Class R12 Securities Group 12 REMIC

Class RR Securities Group 1 through 11 Pooling REMIC and

Group 1 through 11 Issuing REMIC

The Residual Securities generally will be treated as “residual interests” in a REMIC for domestic

building and loan associations and as “real estate assets” for REITs, as described in “Certain United States

Federal Income Tax Consequences” in the Base Offering Circular, but will not be treated as debt for

United States federal income tax purposes. Instead, the Holders of the Residual Securities will be

required to report, and will be taxed on, their pro rata shares of the taxable income or loss of the related

Trust REMIC or Trust REMICs, as applicable, and these requirements will continue until there are no

outstanding regular interests in the respective Trust REMIC or Trust REMICs, as applicable. Thus,

Residual Holders will have taxable income attributable to the Residual Securities even though they will

not receive principal or interest distributions with respect to the Residual Securities, which could result

in a negative after-tax return for the Residual Holders. Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payments on the Residual Securities, the related

Trust REMIC or Trust REMICs, as applicable, may have substantial taxable income in certain periods,

and offsetting tax losses may not occur until much later periods. Accordingly, the Holders of the

S-45
Residual Securities may experience substantial adverse tax timing consequences. Prospective investors

are urged to consult their own tax advisors and consider the after-tax effect of ownership of the

Residual Securities and the suitability of the Residual Securities to their investment objectives.

Prospective Holders of Residual Securities should be aware that, at issuance, based on the expected

prices of the Regular and Residual Securities and the prepayment assumption described above, the

residual interests represented by the Residual Securities will be treated as “noneconomic residual interests” as that term is defined in Treasury regulations.

OID accruals on the Underlying Certificates will be computed using the same prepayment assumption as set forth under “Certain United States Federal Income Tax Consequences — Regular Securities”

in this Supplement.

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX

Classes, see “Certain United States Federal Income Tax Consequences — Tax Treatment of MX Securities”,

“— Exchanges of MX Classes and Regular Classes” and “— Taxation of Foreign Holders of REMIC Securities and MX Securities” in the Base Offering Circular.

Investors should consult their own tax advisors in determining the United States federal,

state, local, foreign and any other tax consequences to them of the purchase, ownership and

disposition of the Securities.

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities. The

Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America. The Regular and MX Securities will qualify as “guaranteed governmental mortgage pool certificates” within the

meaning of a Department of Labor regulation, the effect of which is to provide that mortgage loans and

participations therein underlying a “guaranteed governmental mortgage pool certificate” will not be

considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act

of 1974, as amended (“ERISA”), or subject to Section 4975 of the Code (each, a “Plan”), solely by reason

of the Plan’s purchase and holding of that certificate.

Prospective Plan Investors should consult with their advisors to determine whether the

purchase, holding or resale of a Security could give rise to a transaction that is prohibited or is

not otherwise permissible under either ERISA or the Code.

Governmental plans and certain church plans, while not subject to the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions of ERISA and the Code, may nevertheless be

subject to local, state or other federal laws that are substantially similar to the foregoing provisions of

ERISA and the Code (“Similar Law”).

Fiduciaries of any such Plans or governmental or church plans subject to Similar Law should consult with their counsel before purchasing any of the Securities.

See “ERISA Considerations” in the Base Offering Circular.

The Residual Securities are not offered to, and may not be transferred to, a Plan Investor.

S-46
LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to

review by certain regulatory authorities may be subject to restrictions on investment in the Securities. No

representation is made about the proper characterization of any Class for legal investment or

other purposes, or about the permissibility of the purchase by particular investors of any Class

under applicable legal investment restrictions.

Investors should consult their own legal advisors regarding applicable investment

restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing

in the Securities.

See “Legal Investment Considerations” in the Base Offering Circular.

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement, the Sponsor has agreed to purchase

all of the Securities if any are sold and purchased. The Sponsor proposes to offer the Regular and MX

Classes to the public from time to time for sale in negotiated transactions at varying prices to be

determined at the time of sale, plus accrued interest, if any, from (1) March 1, 2024 on the Fixed Rate

Classes and (2) March 20, 2024 on the Floating Rate and Inverse Floating Rate Classes. The Sponsor may

effect these transactions by sales to or through certain securities dealers. These dealers may receive

compensation in the form of discounts, concessions or commissions from the Sponsor and/or commissions from any purchasers for which they act as agents. Some of the Securities may be sold through

dealers in relatively small sales. In the usual case, the commission charged on a relatively small sale of

securities will be a higher percentage of the sales price than that charged on a large sale of securities.

INCREASE IN SIZE

Before the Closing Date, Ginnie Mae, the Trustee and the Sponsor may agree to increase the size of

this offering. In that event, the Securities will have the same characteristics as described in this Supplement, except that the Original Class Principal Balance (or original Class Notional Balance) of each Class

receiving principal distributions or interest distributions based upon a notional balance from the same

Trust Asset Group will increase by the same proportion. The Trust Agreement, the Final Data Statement

and the Supplemental Statement, if any, will reflect any increase in the size of the transaction.

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton Andrews Kurth LLP, for the

Trust by Cleary Gottlieb Steen & Hamilton LLP and Marcell Solomon & Associates, P.C., and for the

Trustee by Faegre Drinker Biddle & Reath LLP.

S-47
S-I-1

Schedule I

Available Combinations(1)

REMIC Securities MX Securities

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Security Group 1

Combination 1

GF $122,857,142 FQ $153,571,427 PT (5) FLT 38384KW64 March 2054

YF 30,714,285

Combination 2

GF $122,857,142 FA $153,571,427 PT (5) FLT 38384KW72 March 2054

TA 122,857,142TC 30,714,285

YF 30,714,285

Combination 3

GF $122,857,142 FH $153,571,427 PT (5) FLT 38384KW80 March 2054

TA 122,857,142TB 122,857,142TC 30,714,285

TD 30,714,285YF 30,714,285

Combination 4

GF $ 2,857,142 GC $ 80,000,000 SEQ 0.250% FIX 38384KW98 June 2051

GS 2,857,142PO 77,142,858TA 2,857,142TB 2,857,142

Combination 5

GF $ 77,142,858 GD $154,285,716 SEQ 3.500% FIX 38384KX22 June 2051

GS 77,142,858

PO 77,142,858

TA 77,142,858

TB 77,142,858
REMIC Securities MX Securities

S-I-2

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Combination 6

GF $102,857,142 GB $180,000,000 SEQ 4.000% FIX 38384KX30 June 2051GS 102,857,142PO 77,142,858TA 102,857,142TB 102,857,142

Combination 7

OP $ 19,285,715 LG $ 20,000,000 SEQ 0.250% FIX 38384KX48 March 2054

TC 714,285

TD 714,285YF 714,285YS 714,285

Combination 8

OP $ 19,285,715 LC $ 38,571,430 SEQ 3.500% FIX 38384KX55 March 2054

TC 19,285,715TD 19,285,715YF 19,285,715YS 19,285,715

Combination 9

OP $ 19,285,715 LD $ 45,000,000 SEQ 4.000% FIX 38384KX63 March 2054

TC 25,714,285TD 25,714,285YF 25,714,285YS 25,714,285

Combination 10

GC(6) $ 80,000,000 G $100,000,000 PT 0.250% FIX 38384KX71 March 2054

LG(6) 20,000,000

Combination 11

GD(6) $154,285,716 GE $192,857,146 PT 3.500% FIX 38384KX89 March 2054

LC(6) 38,571,430
REMIC Securities MX Securities

S-I-3

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Combination 12

GB(6) $180,000,000 GH $225,000,000 PT 4.000% FIX 38384KX97 March 2054

LD(6) 45,000,000

Combination 13

TA $122,857,142 TE $153,571,427 NTL(PT) (5) INV/IO 38384KY21 March 2054

TC 30,714,285

Combination 14

TB $122,857,142 TG $153,571,427 NTL(PT) (5) INV/IO 38384KY39 March 2054TD 30,714,285

Combination 15

TA $122,857,142 TH $153,571,427 NTL(PT) (5) INV/IO 38384KY47 March 2054TB 122,857,142TC 30,714,285TD 30,714,285

Combination 16

GS $122,857,142 SH $153,571,427 NTL(PT) (5) INV/IO 38384KY54 March 2054

YS 30,714,285

Combination 17

GS $122,857,142 SA $153,571,427 NTL(PT) (5) INV/IO 38384KY62 March 2054

TB 122,857,142TD 30,714,285YS 30,714,285

Combination 18

GS $122,857,142 SQ $153,571,427 NTL(PT) (5) INV/IO 38384KY70 March 2054

TA 122,857,142TB 122,857,142TC 30,714,285TD 30,714,285YS 30,714,285
REMIC Securities MX Securities

S-I-4

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Combination 19

TU $120,000,000 F $120,000,000 PT (5) FLT 38384KY88 March 2054

UF 120,000,000UT 120,000,000

Combination 20

UF $120,000,000 QF $120,000,000 PT (5) FLT 38384KY96 March 2054

UT 120,000,000

Combination 21

S $120,000,000 QS $120,000,000 NTL(PT) (5) INV/IO 38384KZ20 March 2054

TU 120,000,000

Combination 22

S $120,000,000 US $120,000,000 NTL(PT) (5) INV/IO 38384KZ38 March 2054

TU 120,000,000UT 120,000,000

Security Group 5

Combination 23

SW $ 63,009,388 SC $ 95,000,000 NTL(PT) (5) INV/IO 38384KZ46 March 2054

WS 31,990,612

Security Group 6

Combination 24

BV $ 3,129,473 VB $ 8,336,334 AD/SEQ 4.500% FIX 38384KZ53 April 2035

DV 5,206,861

Combination 25

BZ $ 4,874,985 ZB $ 12,986,055 SEQ 4.500% FIX/Z 38384KZ61 March 2054DZ 8,111,070

Combination 26

BV $ 3,129,473 BL $ 21,322,389 SEQ 4.500% FIX 38384KZ79 March 2054BZ 4,874,985DV 5,206,861DZ 8,111,070
REMIC Securities MX Securities

S-I-5

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Security Groups 5 and 7

Combination 27(7)

SG $ 35,000,000 AS $130,000,000 NTL(PT) (5) INV/IO 38384KZ87 March 2054

SW 63,009,388

WS 31,990,612

Security Group 8

Combination 28

ZA $ 10,062,119 TZ $ 11,417,143 SC/PT/SEQ 5.000% FIX/Z 38384KZ95 February 2054

ZT 1,355,024

Security Groups 9 and 10

Combination 29(7)

CD $ 5,000,000 GA $ 14,117,000 SEQ/AD 3.500% FIX 38384K2A8 December 2029

DC 9,117,000

Combination 30(7)

CZ $ 3,764,897 GZ $ 8,702,814 SEQ 3.500% FIX/Z 38384K2B6 March 2054

ZC 4,937,917

Security Group 11

Combination 31

DF $ 1,538,461 JA $ 80,000,000 SEQ 0.125% FIX 38384K2C4 June 2051

DO 78,461,539

DS 1,538,461

DT 1,538,461

Combination 32

DF $ 91,538,461 JB $170,000,000 SEQ 3.500% FIX 38384K2D2 June 2051

DO 78,461,539

DS 91,538,461DT 91,538,461

Combination 33

DF $125,538,461 JC $204,000,000 SEQ 4.000% FIX 38384K2E0 June 2051

DO 78,461,539

DS 125,538,461

DT 125,538,461
REMIC Securities MX Securities

S-I-6

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Combination 34

CO $ 19,615,385 JD $ 42,500,000 SEQ 3.500% FIX 38384K2F7 March 2054JF 22,884,615JS 22,884,615JT 22,884,615

Combination 35

CO $ 19,615,385 JE $ 51,000,000 SEQ 4.000% FIX 38384K2G5 March 2054

JF 31,384,615JS 31,384,615JT 31,384,615

Combination 36

CO $ 19,615,385 JG $ 20,000,000 SEQ 0.125% FIX 38384K2H3 March 2054JF 384,615JS 384,615JT 384,615

Combination 37

DF $161,538,461 FM $201,923,076 PT (5) FLT 38384K2J9 March 2054

JF 40,384,615

Combination 38

DF $161,538,461 EF $201,923,076 PT (5) FLT 38384K2K6 March 2054DT 161,538,461JF 40,384,615JT 40,384,615

Combination 39

DS $161,538,461 SM $201,923,076 NTL(PT) (5) INV/IO 38384K2L4 March 2054

DT 161,538,461JS 40,384,615JT 40,384,615

Combination 40

DS $161,538,461 ES $201,923,076 NTL(PT) (5) INV/IO 38384K2M2 March 2054

JS 40,384,615
REMIC Securities MX Securities

S-I-7

Maximum

Original Class Original Class

Principal Balance Principal Balance Final

or Class Related or Class Notional Principal Interest Interest CUSIP Distribution

Class Notional Balance MX Class Balance(2) Type(3) Rate Type(3) Number Date(4)

Combination 41

DT $161,538,461 TM $201,923,076 NTL(PT) (5) INV/IO 38384K2N0 March 2054

JT 40,384,615

Combination 42

JA(6) $ 80,000,000 AT $100,000,000 PT 0.125% FIX 38384K2P5 March 2054

JG(6) 20,000,000

Combination 43

HF $168,750,000 KF $168,750,000 PT (5) FLT 38384K2Q3 March 2054

NT 168,750,000TN 168,750,000

Combination 44

HF $168,750,000 CF $168,750,000 PT (5) FLT 38384K2R1 March 2054

NT 168,750,000

Combination 45

KS $168,750,000 CS $168,750,000 NTL(PT) (5) INV/IO 38384K2S9 March 2054

TN 168,750,000

Combination 46

KS $168,750,000 HS $168,750,000 NTL(PT) (5) INV/IO 38384K2T7 March 2054

NT 168,750,000TN 168,750,000

(1) All exchanges must comply with minimum denomination restrictions.

(2) The amount shown for each MX Class represents the maximum Original Class Principal Balance (or original Class Notional Balance) of

that Class, assuming it were to be issued on the Closing Date.

(3) As defined under “Class Types” in Appendix I to the Base Offering Circular.

(4) See “Yield, Maturity and Prepayment Considerations — Final Distribution Date” in this Supplement.

(5) The Interest Rate will be calculated as described under “Terms Sheet — Interest Rates” in this Supplement.(6) MX Class.(7) Derived from REMIC classes relating to separate Groups.
Exhibit A

Underlying Certificates

Original

Trust Final Principal Underlying Principal Percentage of Ginnie

Asset CUSIP Interest Interest Distribution Principal Balance Certificate Balance Class Mae

Subgroup Issuer Series Class Issue Date Number Rate Type(1) Date Type(1) of Class Factor(2) in Trust in Trust I or II

8A Ginnie Mae 2023-115 GZ August 30, 2023 38384CC72 5.00% FIX/Z August 2053 SEQ $ 833,472 1.02953379 $ 858,087.59 100.0000000000% II

8A Ginnie Mae 2023-133 ZH September 29, 2023 38384EMD4 5.00 FIX/Z September 2053 SEQ 484,693 1.02526184 496,937.24 100.0000000000 II

8B Ginnie Mae 2023-149 LH(4) October 30, 2023 38384DFL6 5.00 FIX October 2053 SEQ 359,808 1.00000000 359,808.00 100.0000000000 II8B Ginnie Mae 2024-001 LH(4) January 30, 2024 38384H3Y2 5.00 FIX January 2054 SEQ 1,774,108 1.00000000 1,774,108.00 100.0000000000 II

8B Ginnie Mae 2024-019 HL(3)(4) February 29, 2024 38384KEL1 5.00 FIX February 2054 SEQ 15,247,938 1.00000000 15,247,938.00 100.0000000000 II

(1) As defined under “Class Types” in Appendix I to the Base Offering Circular.

(2) Underlying Certificate Factors are as of March 2024.

(3) MX Class.(4) More than 10% of the Mortgage Loans underlying this Underlying Certificate may be higher balance Mortgage Loans. See “Risk Factors” in

this Supplement.

A-1
Exhibit B

Characteristics of the Mortgage Loans Underlying the Group 12 Trust Assets(1)

Weighted Average

Remaining Term Weighted Average

to Maturity Loan Age Weighted Average

Pool Number Principal Balance (in months) (in months) Mortgage Rate(2)

Group 12 Trust Assets

784330 ....................... $ 888,776.67 183 161 4.402%

BL7755 ....................... 4,487,071.20 302 58 4.696

BL9226 ....................... 8,196,519.18 302 58 4.700

BM5458 ...................... 8,405,451.21 301 57 4.720

CL0129 ....................... 1,113,058.53 338 21 4.311

CO3939 ...................... 5,869,940.19 340 19 4.584

CO5575 ...................... 1,021,041.97 330 20 4.452

CO9745 ...................... 2,228,717.22 334 18 4.402

CP2958 ....................... 991,702.78 341 17 4.375

CP8969 ....................... 1,230,292.23 339 19 4.548

CS2121 ....................... 19,333,254.84 341 17 4.489

CT5449 ...................... 1,098,463.51 261 19 4.381

CW0823 ...................... 2,531,653.18 349 11 4.633

$57,395,942.71

(1) As of March 1, 2024.

(2) The Mortgage Loans underlying the Group 12 Trust Assets may bear interest at rates ranging from

0.25% to 1.50% per annum above the related Certificate Rate.

B-1
$1,597,771,065 

Government National 

Mortgage Association 

GINNIE MAE® 

Guaranteed REMIC 

Pass-Through Securities 

and MX Securities 

Ginnie Mae REMIC Trust 2024-044 

OFFERING CIRCULAR SUPPLEMENT

March 22, 2024 

J. P. Morgan 

Mischler Financial Group, Inc.