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# All ​Participant Memorandums (APMs)

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

| 5 most recent APMS |
|--------------------|
| 4/1/2024 - APM 24-05Updates to the Summary of Addresses in the MBS Guide
Ginnie Mae leverages the assistance of outside contractors to conduct critical business operations in support of Ginnie Mae's mission and maintains a list of their contact information in the Summary of Addresses section of the Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide). Due to operational changes, Ginnie Mae is revising the Summary of Addresses to reflect updated contact information for several critical tasks so that that Ginnie Mae program participants can continue to reach the proper contacts for their varied needs.

Effective April 1, 2024, the address and contact information pertaining to critical tasks such as final certification and recertification submissions; letters of credit; security holder payments (for transfer advice, undelivered security holder payments, etc.); certain Pool Processing Agent functions; and securities (for lost securities) will be:

Ginnie Mae Operations

c/o The Bank of New York Mellon

600 Colonial Center Parkway – 4th Floor

Lake Mary, FL  32746

Phone: 1-833-466-2435 Option # 1, Option #5

Email: ginniemae1@bnymellon.com

Ginnie Mae is also correcting the phone numbers for MyGinnieMae (MGM) and payments to security holders (concerns regarding payment) in the MBS Guide's Summary of Addresses.   

Lastly, the contact information pertaining to the Central Paying and Transfer Agent (Remaining Principal Balances) is obsolete and is being removed from the Summary of Addresses.​

Central Paying and Transfer Agent (Remaining Principal Balances)

 

Ginnie Mae Relationship Services                ATTN: Remaining Principal Balances                c/o The Bank of New York Mellon                240 Greenwich Street - 20 West New York, NY 10286

Phone: 1-800-234-4662 Email:

ginniemae1@bnymellon.com
- Questions regarding reporting instructions
- Obtain information on reporting media
- Obtain RPB Report Identification Number
- Concerns regarding RPB reporting and/or RPB corrections

 

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| 3/26/2024 - APM 24-04Ginnie Mae Central Application for Issuer Insurance and Audited Financial Statement Submissions  
Ginnie Mae is transitioning from the Independent Public Accounting (IPA) module in the Ginnie Mae Enterprise Portal (GMEP) to the new Ginnie Mae Central application (GMC) in MyGinnieMae. In a continued effort to further modernize elements of the Mortgage-Backed Securities Program, this system transition will allow for greater efficiencies for Issuers to submit the required fidelity bond, errors and omissions insurance and financial statements to Ginnie Mae.  

**New Requirements for Fidelity Bond and Errors and Omissions Insurance Submission**

Effective with Issuer submissions on and after May 13, 2024, Issuers will be required to use GMC when submitting proof of their fidelity bond and errors and omissions (E&O) insurance and will no longer submit documentation to Ginnie Mae’s Financial Reports Review Agent. In accordance with the updated language provided in Chapter 3, Part 6, § A & D of the Mortgage-Backed Securities Guide, 5500.1, Rev. 1 (MBS Guide), fidelity bond and E&O insurance submissions will no longer be required with the audited financial statement submissions. Issuers will now submit a full and valid copy of the fidelity bond and E&O insurance policies and any supporting documentation at the time the fidelity bond and/or E&O insurance policies are renewed, or new policies are obtained. Issuers must submit the required policy documentation within 30 days of obtaining or renewing their coverage.  

During this submission process, an authorized signatory for the Issuer, which can be found on the Issuer’s Form HUD-11702, must certify the fidelity bond and E&O insurance information being submitted. Issuers are no longer required to include an insurance certificate with their submission but have the option to do so if they so choose. Applicants seeking approval to become Ginnie Mae Issuers will continue to submit fidelity bond and E&O insurance policies as required by Chapter 2, Part 7 and Chapter 7 Part 4 of the MBS Guide as part of the application process.  

**New Requirements for Audited Financial Statement Submissions**

Effective with Issuer submissions on and after May 13, 2024, Issuers will be required to use GMC to submit audited financial statements that are due 90 days after the end of the Issuer’s fiscal year. At submission, audited financial statements must be certified by the Issuer’s chief executive officer, chief financial officer, or equivalent. The officer completing the certification must also be listed on the Issuer’s Form HUD 11702, Resolution of Board of Directors, and Certificate of Authorized Signatures (HUD 11702), that is in effect as of the date of the certification.  In the event an Issuer changes their fiscal year-end, Ginnie Mae will now require Issuers to notify their Account Executive in writing of a change in their fiscal year-end within five (5) business days from its decision to change its fiscal year-end date, per the updated guidance in Chapter 3, Part 7, § A of the MBS Guide.  

Extension requests in accordance with the requirements of Chapter 3, Part 7 §C of the MBS Guide will no longer be accepted by letter.  Effective on and after May 13, 2024, extension requests must be submitted through GMC. The extension request must be certified by the Issuer’s chief executive officer, chief financial officer, or equivalent. Additionally, the officer completing the certification for any Ginnie Mae Issuer must also be listed on the Issuer’s Form HUD 11702, that is in effect as of the date of the certification. 

**Accessing and Using the Ginnie Mae Central Portal**

Issuers should review the revised Appendix VI-20 for instructions on submitting their fidelity bond and E&O insurance policy; insurance policy cancellation or termination notices; audited financial statements; and extension requests (if any). Detailed information on the submission process will be located in the Ginnie Mae Central Insurance and Financials User Manuals, which will be posted on Ginnie Mae’s website at https://www.ginniemae.gov/issuers/issuer_training/Pages/modernization.aspx. Their availability will be announced via a Modernization Bulletin. 

Ginnie Mae has revised Chapters 2 and 3, and Appendix VI-20 of MBS Guide to reflect these changes. Chapter 6 of the HUD Consolidated Audit Guide (Audit Guide) will be updated at a future date. Until the Audit Guide update takes place, the requirements in the MBS guide supersede the requirements in the Audit Guide if the requirements in these two documents conflict.

If you have any questions regarding the policy changes in this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management.  If you have any technical questions regarding accessing GMC and/or user manuals, please email askGinnieMae@hud.gov​.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 3/11/2024 - APM 24-03Clarifications to Reporting and Feedback System (RFS) Loan Level Data Elements Announced in APM 23-05 
In APM 23-05, Ginnie Mae announced requirements for the collection of additional loan-level data elements to be incorporated as part of the Reporting and Feedback System (RFS) investor reporting process. The purpose of this APM is to incorporate feedback obtained from industry outreach and provide further clarifications to the previously announced data elements.  The field clarifications are noted below and apply to Single Family, Multifamily and Manufactured Housing MBS. Appendix VI-19—Issuers Monthly Report of Pool and Loan Data (Appendix VI-19) of the Ginnie Mae Mortgage-Backed Securities Guide 5500.3, Rev-1 (MBS Guide) has been updated accordingly.  Effective September 1, 2024, Issuers will be required to report the additional loan level elements for August 2024 activity.

L-Loan Record
​Field #​Field Name​Definition/Remarks​23​Actual Loan UPB​Loan UPB is revised to Actual Loan UPB and defined within the Loan Record Field Instructions section.​35​Curtailment Principal Code​Code 3 "Other Funds Curtailment" has been renumbered to Code 4 and a new Code 3 has been defined as "Both Borrower Funds Curtailment and Claim Funds Curtailment". Further detail is provided in the Loan Record Field Instructions sections.
V-Various Loan Record
​Field #​Element Name​Definition/Remarks​27​Document Custodian​​Data type changed from "Character" to "Numeric"
The three items listed above are noted as revised elements. For all additional clarifications and minor revisions to instructions, refer to Appendix VI-19.

Testing will begin in March 2024. Detailed information regarding testing and implementation schedules, testing procedures, and training materials can be found on the Modernization Initiatives page on Ginnie Mae’s website athttps://www.ginniemae.gov/issuers/issuer_training/Pages/modernization.aspx If you are an Issuer, service bureau or other industry participant and have technical questions regarding this announcement, please contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 3/4/2024 - APM 24-02Cybersecurity Incident Notification Requirement 
Ginnie Mae remains dedicated to the security and integrity of all operational systems and critical technology infrastructure related to the issuance and servicing of Ginnie Mae Mortgage-Backed Securities (MBS). In support of these objectives, Ginnie Mae will be implementing Cybersecurity Incident reporting requirements.  Effective immediately, Issuers, including those who subservice for others will be required to notify Ginnie Mae of a Significant Cybersecurity Incident, as described below.

A Significant Cybersecurity Incident (Cyber Incident), is an event that actually or potentially jeopardizes, without lawful authority, the confidentiality, integrity, or availability of information or an information system; or constitutes a violation or imminent threat of violation of security policies, security procedures, or acceptable use policies and  has the potential to directly or indirectly impact the Issuer’s ability to meet its obligations under the terms of the Guaranty Agreement.  The requirement to notify Ginnie Mae applies to all Issuers.  Issuers who subservice for others must also notify Ginnie Mae when a Cyber Incident affects one or more of their subservicing clients. 

Issuers must notify Ginnie Mae within 48 hours of detection that a Cyber Incident may have occurred.  The notification must be sent to Ginnie Mae via email to: Ginnie_Mae_Cybersecurity_Incident@hud.gov​ and contain the following information: 
- ​Date/time of Cyber Incident,
- A summary of the incident based on what is known at the time of notification, 
- Designated point(s) of contact who will be responsible for coordinating any follow-up activities on behalf of the notifying party.

Once the notification is received, representatives from Ginnie Mae will contact the designated point of contact to obtain additional information and establish the appropriate level of engagement needed depending on the scope and nature of the incident.  Ginnie Mae is reviewing its information security requirements with the intent of further refining its information security, business continuity and reporting requirements. 

Ginnie Mae has revised Chapter 03, Part 18 of the Mortgage-Backed Securities Guide, 5500.3, REV-1 (MBS Guide), by adding Section C to reflect this new requirement. Additionally, the term Cybersecurity Incident has been added to the MBS Guide Glossary.

If you have any questions about the policy announced in this APM, please contact your Account Executive directly.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 2/28/2024 - APM 24-01Manufactured Housing Applicant and Issuer Financial Eligibility Requirements
In support of the Department of Housing and Urban Development’s (HUD) Strategic Plan to address the important role of Manufactured Housing, the Federal Housing Administration (FHA) and Ginnie Mae have jointly prioritized and committed to updating their respective programs for Title I Manufactured Housing to provide greater affordable financing and securitization opportunities for personal property manufactured housing. 

Following extensive industry outreach and the completion of a 2022 RFI, Ginnie Mae has embarked on a comprehensive review of the data and feedback received from industry stakeholders and RFI respondents. Particular focus has been placed on the evolving risks encountered by the Manufactured Housing Mortgage-Backed Securities (MH MBS) Program since the last major program update in 2010 following the Housing and Economic Recovery Act of 2008, (Public Law 110-289) (HERA). Drawing from the results of the review and in conjunction with FHA’s proposed policy changes, Ginnie Mae is announcing the first of a series of modernizations to the MH MBS Program. In support of housing finance system stability as well as Ginnie Mae manufactured housing Issuer financial consistency across economic cycles, Ginnie Mae is revising its financial eligibility requirements in the Mortgage-Backed Securities Guide 5500.3 Rev-1 (“MBS Guide”) for institutions seeking approval as Ginnie Mae Manufactured Housing Issuers (“MH Applicants”) and existing, approved Ginnie Mae MH Issuers. Additionally, MH Issuers that are non-depository mortgage companies will be required to maintain a Risk-Based Capital Ratio (“RBCR”). The financial eligibility requirements are detailed below. 

Ginnie Mae monitors performance and assesses risk on an on-going basis, and reserves the right to revise the financial requirements, in its sole discretion, at any time. 

Chapter 2, Chapter 3, Chapter 30, and Appendix IV-24 (MH Prospectus) of the MBS Guide have been updated accordingly. The MH MBS Program financial eligibility requirements announced in this APM will be effective immediately as of March 1, 2024 for MH MBS Applicants and will be effective June 1, 2024 for MH Issuers with the exception of Issuer RBCR requirements. RBCR requirements for MH MBS Issuers will be effective December 31, 2024.​

**Revised Net Worth Requirements**

For all MH MBS Applicants, the minimum Net Worth requirement is $2,500,000 plus 250 basis points (2.5%) of the Applicant’s total effective MH MBS non-agency securities outstanding obligations. For more information, please see revised portions of Chapter 2, Part 9, § A(2) included with this APM. 

The minimum Net Worth requirement for all MH MBS Issuers is $2,500,000, plus 250 basis points (2.5%) of the Issuer’s total effective MH MBS outstanding obligations. The total effective MH MBS outstanding obligations are the sum of 1). all MH MBS securities outstanding, 2). available commitment authority to issue new MH MBS pools, and 3). Total MH MBS pools funded. For more information, please see revised portions of Chapter 3, Part 8, § D(1) included with this APM.

**Liquidity Requirements**

In addition to the list of liquid assets that are eligible to meet Ginnie Mae’s liquidity requirement as stated in Chapter 2, Part 9 § B(1) and Chapter 3, Part 8 § D(2), Ginnie Mae requires MH MBS Program Applicants and MH MBS Issuers to maintain appropriate levels of liquidity to meet and sustain financial obligations under the MH MBS Program. As stated in Chapter 2, Part 8, § D(2), MH Applicants are required to have  liquid assets, equal to at least $1,000,000. MH Issuers are required to maintain liquid assets of the greater of at least $1,000,000 which may be comprised of cash, cash equivalents as defined under FAS95, and AAA rated government securities marked to market, as defined under FAS95 or 50 basis points of the Issuer’s total effective MH outstanding obligations. 

**Institution-wide Capital Requirements for Certain Manufactured Housing Applicants and Issuers**

Ginnie Mae’s Institution-wide Capital Requirements for certain Manufactured Housing Applicants and Issuers will continue to be applied to measure the entity’s ability to sustain the volatility of market disruptions and reflect the varying risk among different asset types. MH Issuers that are not covered by the requirements for financial institutions in the MBS Guide Chapter 3, Part 8, § D(3)(a) and (b) must maintain a Risk-Based Capital Ratio (“RBCR”) of at least 6% in addition to continuing to maintain a Leverage Ratio of at least 6%. RBCR is Adjusted Net Worth (as defined by Ginnie Mae) divided by Total Risk-based Assets. For more information and details regarding Institution-wide Capital Requirements, please see Chapter 2, Part 9, § B(2)(c) for MH Applicants, and Chapter 3, Part 8 § D(3)(c) and (d) for MH Issuers.

Chapter 6 of the HUD Consolidated Audit Guide (“Audit Guide”) will be updated to direct independent auditors to the MBS Guide for the current Institution-wide Capital Requirements for Applicants and Issuers. Until the Audit Guide update takes place, the requirements in the MBS Guide supersede the requirements in the Audit Guide if the requirements in these two guidance documents conflict.

If you have questions, please contact your Account Executive in the Office of Issuer and Portfolio Management directly.                                               |

Last Modified: 2/8/2023 9:41 AM