Offering Circular Supplement

(To Base Offering Circular dated July 1, 2023)

$1,518,935,179

Government National Mortgage Association

GINNIE MAE®

Guaranteed REMIC Pass-Through Securities

and MX Securities

Ginnie Mae REMIC Trust 2024-043

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-12 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.

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

CS(1) ............... FA ................. FC ................. LA(1) .............. LM(1) .............. LV(1) .............. LZ(1) .............. SA(1) .............. TA(1) ..............

$ 50,000,000

50,000,000

50,000,000

37,112,029

2,597,971

4,331,247

5,958,753

50,000,000

50,000,000

(5)

(5)

(5)

5.00%

5.00

5.00

5.00

(5)

(5)

NTL(PT)

PT

PT

SEQ

SEQ

SEQ/AD

SEQ

NTL(PT)

NTL(PT)

INV/IO

FLT

FLT

FIX

FIX

FIX

FIX/Z

INV/IO

INV/IO

38384KMN8

38384KMP3

38384KMQ1

38384KMR9

38384KMS7

38384KMT5

38384KMU2

38384KMV0

38384KMW8

March 2054

March 2054

March 2054

September 2050

July 2051

March 2035

March 2054

March 2054

March 2054

Security Group 2

BA ................ BZ(1) .............. 51,798,591

8,034,645

4.50

4.50

SEQ/AD

SEQ

FIX

FIX/Z

38384KMX6

38384KMY4

October 2047

April 2050

Security Group 3

DA ................ DZ ................. 50,000,000

6,693,070

5.50

5.50

SEQ/AD

SEQ

FIX

FIX/Z

38384KMZ1

38384KNA5

July 2047

March 2054

Security Group 4

D(1) ............... DB(1) .............. FD ................. SD .................38,283,000

11,717,000

100,000,000

100,000,000

5.00

5.00

(5)

(5)

SEQ

SEQ

PT

NTL(PT)

FIX

FIX

FLT

INV/IO

38384KNB3

38384KNC1

38384KND9

38384KNE7

February 2051

March 2054

March 2054

March 2054

Security Group 5

FE ................. SE ................. 75,000,000

75,000,000

(5)

(5)

PT

NTL(PT)

FLT

INV/IO

38384KNF4

38384KNG2

March 2054

March 2054

Security Group 6

JA ................. JZ ................. 50,000,000

4,497,022

5.50

5.50

SEQ/AD

SEQ

FIX

FIX/Z

38384KNH0

38384KNJ6

May 2049

March 2054

Security Group 7

GT(1) .............. 30,000,000 6.50 PT FIX 38384KNK3 March 2054

Security Group 8

V .................. Z .................. 8,446,000

14,432,000

5.00

5.00

SC/SEQ/AD

SC/SEQ

FIX

FIX/Z

38384KNL1

38384KNM9

June 2033

February 2054

Security Group 9

EA ................. EZ ................. 50,000,000

9,779,783

3.50

3.50

SEQ/AD

SEQ

FIX

FIX/Z

38384KNN7

38384KNP2

June 2047

April 2052

Security Group 10

CA(1) .............. CB ................. CE(1) .............. CL ................. IO .................62,575,043

50,000,000

160,677,114

100,000,000

31,104,346

5.50

5.50

5.50

5.50

6.00

SEQ

SEQ

SEQ

SEQ

NTL(PT)

FIX

FIX

FIX

FIX

FIX/IO

38384KNQ0

38384KNR8

38384KNS6

38384KNT4

38384KNU1

June 2047

March 2054

August 2048

March 2054

March 2054

Security Group 11

FB(1) ............... SB ................. 173,532,302

173,532,302

(5)

(5)

PT

NTL(PT)

FLT

INV/IO

38384KNV9

38384KNW7

March 2054

March 2054

Security Group 12

QA ................ QZ(1) .............. 103,170,000

15,957,134

4.50

4.50

SEQ/AD

SEQ

FIX

FIX/Z

38384KNX5

38384KNY3

October 2047

August 2050

Security Group 13

HF ................. HP(1) .............. HS ................. HY(1) .............. HZ .................32,049,738

22,488,000

32,049,738

1,883,000

7,678,738

(5)

5.00

(5)

5.00

5.00

PT

PAC/AD

NTL(PT)

PAC/AD

SUP

FLT

FIX

INV/IO

FIX

FIX/Z

38384KNZ0

38384KPA3

38384KPB1

38384KPC9

38384KPD7

March 2054

July 2053

March 2054

March 2054

March 2054

Security Group 14

KA ................ KI ................. 50,000,000

2,083,333

5.75

6.00

PT

NTL(PT)

FIX

FIX/IO

38384KPE5

38384KPF2

February 2054

February 2054

Security Group 15

GN ................ 17,675,460 (5) PT WAC/DLY 38384KPG0 March 2054

(Cover continued on next page)

Goldman Sachs & Co. LLC Ramirez & Co., 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)

Security Group 16

WA .................. $ 1,824,783 (5) PT WAC/DLY 38384KPH8 May 2051

Security Group 17

MV(1) ................ MZ(1) ................ VM(1) ................ ZM(1) ................13,989,000

15,402,891

17,652,752

13,698,113

6.00%

6.00

6.00

6.00

SC/SEQ/AD

SC/SEQ

SC/PT

SC/PT

FIX

FIX/Z

FIX

FIX/Z

38384KPJ4

38384KPK1

38384KPL9

38384KPM7

January 2035

October 2053

September 2034

November 2053

Residual

R .................... 0 0.00 NPR NPR 38384KPN5 March 2054

(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 and 17 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 ERISA Matters ...................... S-46

Risk Factors ....................... S-12 Legal Investment Considerations ....... S-47

The Trust Assets .................... S-16 Plan of Distribution ................. S-47

Ginnie Mae Guaranty ................ S-18 Increase in Size .................... S-47

Description of the Securities .......... S-18 Legal Matters ....................... S-47

Yield, Maturity and Prepayment Schedule I: Available Combinations .... S-I-1

Considerations ................... S-23 Schedule II: Scheduled Principal

Certain United States Federal Income Balances ....................... S-II-1

Tax Consequences ................ S-44 Exhibit A: Underlying Certificates ...... A-1

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: Goldman Sachs & Co. LLC

Co-Sponsor: Samuel A. Ramirez & Company 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)

1A Ginnie Mae II 6.00000% 30

1B Ginnie Mae II 6.00000% 30

2 Ginnie Mae II 4.50000% 30

3 Ginnie Mae II 5.50000% 30

4A Ginnie Mae II 6.00000% 30

4B Ginnie Mae II 6.00000% 30

4C Ginnie Mae II 6.00000% 30

4D Ginnie Mae II 6.00000% 30

4E Ginnie Mae II 6.00000% 30

5 Ginnie Mae II 6.50000% 30

6 Ginnie Mae II 5.50000% 30

7 Ginnie Mae II 6.50000% 30

8 Underlying Certificate (1) (1)

9 Ginnie Mae II 3.50000% 30

10 Ginnie Mae II 6.00000% 30

11 Ginnie Mae II 7.00000% 30

12 Ginnie Mae II 4.50000% 30

13 Ginnie Mae II 6.50000% 30

14 Ginnie Mae II 6.00000% 30

15 Ginnie Mae II 4.05348%(3) 30

16A Ginnie Mae II 5.00000% 30

16B Ginnie Mae II 6.58989%(4) 30

16C Ginnie Mae I 4.91710%(5) 30

16D Ginnie Mae II 5.50000% 20

17A Underlying Certificates (1) (1)

S-3
Trust Asset Original Term

Group or To Maturity

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

17B Underlying Certificates (1) (1)

17C Underlying Certificates (1) (1)

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

to this Supplement.

(2) The Group 1, 4, 16 and 17 Trust Assets consist of the enumerated subgroups

(each, a “Subgroup”).

(3) The Ginnie Mae II MBS Certificates that constitute the Group 15 Trust Assets

have Certificate Rates ranging from 2.50% to 6.50%. The Weighted Average Certificate Rate shown for the Group 15 Trust Assets represents the weighted average of the Certificate Rates of those Trust Assets, weighted on the basis of the

respective principal balances of such Trust MBS as of the Closing Date.

(4) The Ginnie Mae II MBS Certificates that constitute the Subgroup 16B Trust

Assets have Certificate Rates ranging from 4.50% to 8.00%. The Weighted Average Certificate Rate shown for the Subgroup 16B Trust Assets represents the

weighted average of the Certificate Rates of those Trust Assets, weighted on the

basis of the respective principal balances of such Trust MBS as of the Closing

Date.

(5) The Ginnie Mae I MBS Certificates that constitute the Subgroup 16C Trust Assets

have Certificate Rates ranging from 4.50% to 5.00%. The Weighted Average Certificate Rate shown for the Subgroup 16C Trust Assets represents the weighted

average of the Certificate Rates of those Trust Assets, weighted on the basis of

the respective principal balances of such Trust MBS as of the Closing Date.

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 1, 2, 4 and 12, payments on each Group will be based solely on payments on the Trust Asset Group with the same numerical designation.

Assumed Characteristics of the Mortgage Loans Underlying the Group 1, 3, 4, 5, 6, 7, 10, 11, 13,

15 and 16 Trust Assets(1):

Weighted Average

Remaining Term Weighted Average Weighted

Principal to Maturity Loan Age Average

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

Subgroup 1A Trust Assets

$75,000,000 350 8 6.530%

Subgroup 1B Trust Assets

$75,000,000 350 8 6.530%

Group 3 Trust Assets

$56,693,070 352 6 6.083%

Subgroup 4A Trust Assets

$49,798,488 358 1 6.667%

Subgroup 4B Trust Assets

$15,140,159 352 7 6.609%

S-4
Weighted Average

Remaining Term Weighted Average Weighted

Principal to Maturity Loan Age Average

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

Subgroup 4C Trust Assets

$55,334,330 358 1 6.493%

Subgroup 4D Trust Assets

$18,727,023 359 1 6.688%

Subgroup 4E Trust Assets

$11,000,000 360 0 6.450%

Group 5 Trust Assets

$75,000,000 357 1 7.150%

Group 6 Trust Assets

$54,497,022 354 0 5.983%

Group 7 Trust Assets

$30,000,000 358 1 7.035%

Group 10 Trust Assets

$373,252,157 358 0 6.550%

Group 11 Trust Assets

$173,532,302 343 14 7.524%

Group 13 Trust Assets

$64,099,476 343 14 7.039%

Group 15 Trust Assets

$17,675,460.21 315 37 4.390%

Subgroup 16A Trust Assets

$11,534.68(3) 192 165 5.389%

Subgroup 16B Trust Assets

$1,341,699.22 141 164 7.017%

Subgroup 16C Trust Assets

$30,351.24 168 176 5.417%

Subgroup 16D Trust Assets

$441,197.86 158 73 5.935%

(1) As of March 1, 2024.

(2) The Mortgage Loans underlying the Group 1, 3, 4, 5, 6, 7, 10, 11, 13 and 15 and

Subgroup 16A, 16B and 16D 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 Subgroup 16A Trust Assets

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

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

underlying the Group 1, 3, 4, 5, 6, 7, 10, 11, 13, 15 and 16 Trust Assets will differ from the weighted

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

Supplement.

S-5
Characteristics of the Mortgage Loans Underlying the Group 2, 9, 12 and 14 Trust Assets(1):

Weighted Average

Remaining Term Weighted Average

Principal to Maturity Loan Age Weighted Average

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

Group 2 Trust Assets(3)

786962 ...................... $ 42,883,636.40 283 72 4.928%

CP8779 ...................... 2,313,832.37 285 73 4.875%

CQ5156 ..................... 2,716,082.68 289 68 4.906%

CR4263 ...................... 4,878,866.49 291 67 4.967%

CR6420 ...................... 2,694,843.48 285 71 4.998%

CS0472 ...................... 2,292,347.57 287 68 4.856%

CS0520 ...................... 2,053,627.92 287 70 4.983%

$ 59,833,236.91

Group 9 Trust Asset(3)

787010 ...................... $ 59,779,783.08 298 59 3.950%

Group 12 Trust Asset(3)

787151 ...................... $119,127,134.46 288 69 4.931%

Group 14 Trust Asset

MA9489 ..................... $ 50,000,000.89 357 2 6.553%

(1) As of March 1, 2024.

(2) The Mortgage Loans underlying the Group 2, 9, 12 and 14 Trust Assets may bear interest at rates

ranging from 0.25% to 1.50% per annum above the related Certificate Rate.

(3) The Mortgage Loans underlying the Group 2, 9 and 12 Trust Assets may be reperforming Mortgage

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

or more Ginnie Mae MBS Certificates.

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

underlying the Group 2, 9, 12 and 14 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 Group 8 and 17 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 an Interest Only Class.

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

S-6
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.

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:

Class

Interest

Rate Formula(1)

Initial

Interest

Rate(2)

Minimum

Rate

Maximum

Rate

Delay

(in days)

30-day Average SOFR

for Minimum

Interest Rate

Security Group 1

CS . . . . . . . . . . . . . 5.27% 30-day Average SOFR 0.00000% 0.00% 5.27% 0 5.27%

FA ............. 30-day Average SOFR + 1.23% 6.50000% 1.23% 6.50% 0 0.00%

FC ............. 30-day Average SOFR + 1.10% 6.42407% 1.10% 6.50% 0 0.00%

S . . . . . . . . . . . . . . . 5.27% 30-day Average SOFR 0.00000% 0.00% 5.27% 0 5.27%

SA . . . . . . . . . . . . . 5.27% 30-day Average SOFR 0.00000% 0.00% 5.27% 0 5.27%

SC . . . . . . . . . . . . . 5.40% 30-day Average SOFR 0.07593% 0.00% 5.40% 0 5.40%

TA . . . . . . . . . . . . . 5.40% 30-day Average SOFR 0.07593% 0.00% 0.13% 0 5.40%

Security Group 4

FD ............. 30-day Average SOFR + 1.18% 6.50000% 1.18% 6.50% 0 0.00%

SD . . . . . . . . . . . . . 5.32% 30-day Average SOFR 0.00000% 0.00% 5.32% 0 5.32%

Security Group 5

FE ............. 30-day Average SOFR + 1.18% 6.50000% 1.18% 6.50% 0 0.00%

SE . . . . . . . . . . . . . 5.32% 30-day Average SOFR 0.00000% 0.00% 5.32% 0 5.32%

Security Group 11

F .............. 30-day Average SOFR + 0.95% 6.26861% 0.95% 7.00% 0 0.00%

FB ............. 30-day Average SOFR + 0.95% 6.26861% 0.95% 7.00% 0 0.00%

SB . . . . . . . . . . . . . 6.05% 30-day Average SOFR 0.73139% 0.00% 6.05% 0 6.05%

Security Group 13

HF ............. 30-day Average SOFR + 0.80% 6.12000% 0.80% 8.00% 0 0.00%

HS . . . . . . . . . . . . . 7.20% 30-day Average SOFR 1.88000% 0.00% 7.20% 0 7.20%

(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.

Each of Classes GN and WA is a Weighted Average Coupon Class. Class GN will accrue interest during

each Accrual Period at a per annum Interest Rate equal to the Weighted Average Certificate Rate

(“WACR”) of the Group 15 Trust Assets for that Accrual Period. Class WA will accrue interest during

each Accrual Period at a per annum Interest Rate equal to the WACR of the Group 16 Trust Assets for

that Accrual Period. The approximate initial Interest Rate for each Weighted Average Coupon Class,

which will be in effect for the first Accrual Period, is as follows:

Approximate

Class Initial Interest Rate

GN ........................................................... 4.05348%

WA .......................................................... 6.28850%

S-7
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 Subgroup 1A Principal Distribution Amount, the Subgroup 1B Principal Distribution Amount

and the LZ Accrual Amount will be allocated as follows:

 The LZ Accrual Amount, sequentially, to LV and LZ, in that order, until retired

 66.6666666667% of the Subgroup 1A Principal Distribution Amount to FA, until retired

 66.6666666667% of the Subgroup 1B Principal Distribution Amount to FC, until retired

 33.3333333333% of the Subgroup 1A Principal Distribution Amount and 33.3333333333% of the

Subgroup 1B Principal Distribution Amount, sequentially, to LA, LM, LV and LZ, in that order,

until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount and the BZ Accrual Amount will be allocated, sequentially, to BA and BZ, in that order, until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount and the DZ Accrual Amount will be allocated, sequentially, to DA and DZ, in that order, until retired

SECURITY GROUP 4

The Group 4 Principal Distribution Amount will be allocated as follows:

 66.6666666667% to FD, until retired

 33.3333333333%, sequentially, to D and DB, in that order, until retired

SECURITY GROUP 5

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

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the JZ Accrual Amount will be allocated, sequentially, to JA and JZ, in that order, until retired

SECURITY GROUP 7

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

SECURITY GROUP 8

The Group 8 Principal Distribution Amount and the Z Accrual Amount will be allocated, sequentially, to V and Z, in that order, until retired

S-8
SECURITY GROUP 9

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

SECURITY GROUP 10

The Group 10 Principal Distribution Amount will be allocated, concurrently, as follows:

 30.1605873908%, sequentially, to CA and CB, in that order, until retired

 69.8394126092%, sequentially, to CE and CL, in that order, until retired

SECURITY GROUP 11

The Group 11 Principal Distribution Amount will be allocated to FB, until retired

SECURITY GROUP 12

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

SECURITY GROUP 13

The Group 13 Principal Distribution Amount and the HZ Accrual Amount will be allocated, concurrently, as follows:

 50% of the Group 13 Principal Distribution Amount to HF, until retired

 50% of the Group 13 Principal Distribution Amount and the HZ Accrual Amount in the following

order of priority:

1. Sequentially, to HP and HY, in that order, until reduced to their Aggregate Scheduled

Principal Balance for that Distribution Date

2. To HZ, until retired

3. Sequentially, to HP and HY, in that order, without regard to their Aggregate Scheduled

Principal Balance, until retired

SECURITY GROUP 14

The Group 14 Principal Distribution Amount will be allocated to KA, until retired

SECURITY GROUP 15

The Group 15 Principal Distribution Amount will be allocated to GN, until retired

SECURITY GROUP 16

The Group 16 Principal Distribution Amount will be allocated to WA, until retired

S-9
SECURITY GROUP 17

The Subgroup 17A Principal Distribution Amount, the Subgroup 17B Principal Distribution Amount,

the Subgroup 17C Principal Distribution Amount and the MZ Accrual Amount will be allocated as

follows:

 The Subgroup 17A Principal Distribution Amount and the MZ Accrual Amount, sequentially, to

MV and MZ, in that order, until retired

 The Subgroup 17B Principal Distribution Amount to ZM, until retired

 The Subgroup 17C Principal Distribution Amount to VM, until retired

Scheduled Principal Balances: The Aggregate Scheduled Principal Balances for the Classes listed

below are included in Schedule II to this Supplement. They were calculated using among other things

the following Structuring Range:

Security Group Structuring Range

PAC Classes

13 HP and HY (in the aggregate) ........................ 200% PSA through 450% PSA

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 ZM, will be distributable as principal

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

Principal will be distributed to Class ZM, 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 or Schedule I, as applicable, 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

indicated:

Original Class

Class Notional Balance Represents Approximately

Security Group 1

CS ..................... $ 50,000,000 100% of FC (PT Class)

S ...................... 100,000,000 100% of FA and FC (in the aggregate) (PT Classes)

SA ..................... 50,000,000 100% of FA (PT Class)

SC ..................... 50,000,000 100% of FC (PT Class)

TA ..................... 50,000,000 100% of FC (PT Class)

S-10
Original Class

Class Notional Balance Represents Approximately

Security Group 4

SD ..................... $100,000,000 100% of FD (PT Class)

Security Group 5

SE ..................... $ 75,000,000 100% of FE (PT Class)

Security Group 7

GI ..................... $ 6,923,076 23.0769230769% of GT (PT Class)

Security Group 10

IO ..................... $ 31,104,346 8.3333333333% of the Group 10 Trust Assets

Security Group 11

SB ..................... $173,532,302 100% of FB (PT Class)

Security Group 13

HS ..................... $ 32,049,738 100% of HF (PT Class)

Security Group 14

KI ..................... $ 2,083,333 4.1666666667% of KA (PT Class)

Tax Status: Single REMIC Series. See “Certain United States Federal Income Tax Consequences” in this

Supplement and in the Base Offering Circular.

Regular and Residual Classes: Class R is a Residual Class and represents the Residual Interest of the

Trust REMIC. All other Classes of REMIC Securities are Regular Classes.

S-11
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

S-12
 you bought your securities at a discount and

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.

Support securities will be more sensitive to

rates of principal payments than other

securities. If principal prepayments result in

principal distributions on any distribution date

equal to or less than the amount needed to

produce scheduled payments on the PAC classes,

the support class will not receive any principal

distribution on that date. If prepayments result in

principal distributions on any distribution date

greater than the amount needed to produce

scheduled payments on the PAC classes for that

distribution date, this excess will be distributed to

the support class.

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

payments on the group 8 and 17 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

S-13
included in trust asset groups 8 and 17 are not

entitled to distributions of principal (other than

from any applicable accrual amount) until certain

classes of the related underlying series have 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 classes of certificates having priority

over the underlying certificates. Accordingly, the

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

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 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13,

14, 15 and 17 and subgroup 16B, 16C and

16D trust assets and up to 100% of the mortgage loans underlying the subgroup 16A

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.

S-14
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

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 and 17 securities and, in particular, the

support, interest 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.

S-15
The residual securities may experience significant The actual characteristics of the underlying

adverse tax timing consequences. Accordingly, mortgage loans will affect the weighted

you are urged to consult tax advisors and to average lives and yields of your securities.

consider the after-tax effect of ownership of a The yield and decrement tables in this suppleresidual security and the suitability of the residual ment are based on assumed characteristics which

securities to your investment objectives. See are likely to be different from the actual

“Certain United States Federal Income Tax Con- characteristics. As a result, the yields on your

sequences” in this supplement and in the base securities could be lower than you expected,

offering circular. even if the mortgage loans prepay at the constant

prepayment rates set forth in the applicable

You are encouraged to consult advisors regard- table.

ing the financial, legal, tax and other aspects of

an investment in the securities. You should not

purchase the securities of any class unless you It is highly unlikely that the underlying mortgage

understand and are able to bear the prepayment, loans will prepay at any of the prepayment rates

yield, liquidity and market risks associated with assumed in this supplement, or at any constant

that class. prepayment rate.

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions on or 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, 12, 13, 14, 15 and 16)

The Subgroup 16C Trust Assets are either:

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

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

Ginnie Mae.

Each Mortgage Loan underlying a Ginnie Mae I MBS Certificate bears interest at a Mortgage Rate 0.50%

per annum greater than the related Certificate Rate. The difference between the Mortgage Rate and the

Certificate Rate is used to pay the related servicers of the Mortgage Loans a monthly servicing fee and

Ginnie Mae a fee for its guaranty of the Ginnie Mae I MBS Certificate of 0.44% per annum and 0.06%

per annum, respectively, of the outstanding principal balance of the Mortgage Loan.

The Group 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15 and Subgroup 16A, 16B and 16D Trust Assets

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

S-16
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 (Groups 8 and 17)

The Group 8 and 17 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.

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, 3, 4, 5, 6, 7, 10, 11, 13, 15 and 16 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, 3, 4, 5, 6, 7, 10, 11, 13, 15 and

16 Trust Assets” and the general characteristics described in the Base Offering Circular. The Mortgage

Loans underlying the Group 2, 9, 12 and 14 Trust Assets are expected to have on a weighted average

basis, the characteristics set forth in the Terms Sheet under “Characteristics of the Mortgage Loans

Underlying the Group 2, 9, 12 and 14 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.

S-17
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.

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 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

S-18
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.

Accrual Periods

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

Class Accrual Period

Fixed Rate and The calendar month preceding the related Distribution Date

Delay Classes

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

Inverse Floating Date through the 19th day of the month of that Distribution Date

Rate Classes

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.

S-19
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.

Weighted Average Coupon Classes

The Weighted Average Coupon Classes will bear interest as shown under “Terms Sheet — Interest

Rates” in this Supplement.

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, DZ, EZ, HZ, JZ, LZ, MZ, QZ, Z and ZM 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 17B, 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.

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 Trust

REMIC, 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 Trust REMIC after the Class Principal Balance or Class Notional Balance of each

Class of Regular Securities has been reduced to zero. However, any remaining proceeds are not likely to

S-20
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.

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 the 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 the Trust and retire the Securities.

Upon any termination of the Trust, the Holder of any 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 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 Trust REMIC after payment in full of

S-21
the amounts described in the foregoing sentence. However, any remaining assets are not likely to

be significant.

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 or Classes shown on Schedule I to this Supplement. Similarly, all or a portion of the related MX Class or Classes may be exchanged for proportionate interests in

the related Class or Classes of REMIC Securities and, in the case of Combinations 7, 8 and 9, 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.

In the case of Combination 9, the related REMIC Securities may be exchanged for proportionate

interests in various subcombinations of MX Classes. Similarly, all or a portion of these MX Classes may

be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of

the related MX Classes. Each subcombination 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. See the example under “Description of the Securities — Modification and Exchange”

in the Base Offering Circular.

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 2024-043. 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.

S-22
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

 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 and 17 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 and 17 securities” in this Supplement.

Accretion Directed Classes

Classes BA, DA, EA, HP, HY, JA, LV, MV, QA and V are Accretion Directed Classes. The related

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

Supplement.

Each of the Accretion Directed Classes 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 LV, MV and V will have principal

S-23
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 Amounts, they do not have principal payment stability through any

constant prepayment rate significantly higher than 0% PSA, except within any applicable Effective

Range.

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

accrued on the related Accrual Classes. 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.

 However, the Weighted Average Lives of Classes LV, MV and V, 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

1 LV ............ 6.0 March 2035 209% PSA

8 V............. 5.0 June 2033 204% PSA

17 MV ........... 6.0 January 2035 116% 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 LV, MV or V, 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.

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement, each PAC Class will receive principal payments in accordance

with a schedule calculated on the basis of, among other things, a Structuring Range. See “Terms Sheet —

Scheduled Principal Balances.” However, whether any such Class will adhere to its schedule and

receive “Scheduled Payments” on a Distribution Date will largely depend on the level of prepayments

experienced by the related Mortgage Loans.

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will

receive Scheduled Payments. That range may differ from the Structuring Range used to create the

S-24
related principal balance schedule. Based on the Modeling Assumptions, the initial Effective Range for

the PAC Classes is as follows:

Security Group Initial Effective Range

PAC Classes

13 HP and HY (in the aggregate) ...................... 200% PSA through 450% PSA

 The principal payment stability of the PAC Classes will be supported by the Support Class.

If the Class supporting a given Class is retired before the Class being supported is retired,

the outstanding Class will no longer have an Effective Range and will become more sensitive to

prepayments on the related Mortgage Loans.

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the

Modeling Assumptions, which were used to determine the initial Effective Range. If the initial Effective

Range were calculated using the actual characteristics of the related Mortgage Loans, the initial Effective

Range could differ from that shown in the above table Therefore, even if the Mortgage Loans were to

prepay at a constant rate within the initial Effective Range shown for any Class in the above table, that

Class could fail to receive Scheduled Payments.

Moreover, the related Mortgage Loans will not prepay at any constant rate. Non-constant prepayment rates can cause any PAC Class not to receive Scheduled Payments, even if prepayment rates

remain within the initial Effective Range for that Class. Further, the Effective Range for any PAC Class

can narrow, shift over time or cease to exist depending on the actual characteristics of the related Mortgage Loans.

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any

PAC Class, the amount available to pay principal on the Securities may be insufficient to produce

Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended, perhaps significantly.

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any

PAC Class, its supporting Class may be retired earlier than that PAC Class, and its Weighted Average Life

may be shortened, perhaps significantly.

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.

S-25
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, 3, 4, 5, 6, 7, 10, 11, 13, 15 and 16 Trust Assets have

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

the Group 1, 3, 4, 5, 6, 7, 10, 11, 13, 15 and 16 Trust Assets” in the Terms Sheet and the Mortgage Loans

underlying the Group 2, 9, 12 and 14 Trust Assets have the characteristics shown under “Characteristics

of the Mortgage Loans Underlying the Group 2, 9, 12 and 14 Trust Assets” in the Terms Sheet, except in

the case of information set forth under the 0% PSA Prepayment Assumption Rate, for which each Mortgage Loan underlying a Group 1, 3, 4, 5, 6, 7, 10, 11 or 13 Trust Asset is assumed to have an original

and a remaining term to maturity of 360 months and 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 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.

S-26
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

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-27
Percentages of Original Class Principal (or Class Notional) Balances

and Weighted Average Lives

Security Group 1

PSA Prepayment Assumption Rates

Classes AT and S Classes CS, FC, SC and TA Classes FA and SA Class LA

Distribution Date 0% 100% 225% 350% 500% 0% 100% 225% 350% 500% 0% 100% 225% 350% 500% 0% 100% 225% 350% 500%

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

March 2025 .......... 99 96 92 89 84 99 96 92 89 84 99 96 92 89 84 99 95 90 85 79

March 2026 .......... 98 90 80 71 61 98 90 80 71 61 98 90 80 71 61 97 86 74 62 48

March 2027 .......... 97 83 69 56 42 97 83 69 56 42 97 83 69 56 42 96 77 58 40 22 March 2028 .......... 96 77 58 43 29 96 77 58 43 29 96 77 58 43 29 94 69 44 24 5

March 2029 .......... 95 71 50 34 20 95 71 50 34 20 95 71 50 34 20 93 61 32 11 0

March 2030 .......... 93 66 42 26 14 93 66 42 26 14 93 66 42 26 14 91 54 22 0 0

March 2031 .......... 92 61 36 20 10 92 61 36 20 10 92 61 36 20 10 89 47 14 0 0

March 2032 .......... 90 56 30 16 7 90 56 30 16 7 90 56 30 16 7 87 40 6 0 0

March 2033 .......... 89 51 26 12 4 89 51 26 12 4 89 51 26 12 4 85 34 0 0 0

March 2034 .......... 87 47 22 9 3 87 47 22 9 3 87 47 22 9 3 82 29 0 0 0

March 2035 .......... 85 43 18 7 2 85 43 18 7 2 85 43 18 7 2 80 23 0 0 0

March 2036 .......... 83 39 15 5 1 83 39 15 5 1 83 39 15 5 1 77 18 0 0 0

March 2037 .......... 80 36 13 4 1 80 36 13 4 1 80 36 13 4 1 74 13 0 0 0

March 2038 .......... 78 32 11 3 1 78 32 11 3 1 78 32 11 3 1 70 9 0 0 0

March 2039 .......... 75 29 9 2 0 75 29 9 2 0 75 29 9 2 0 67 5 0 0 0

March 2040 .......... 73 26 7 2 0 73 26 7 2 0 73 26 7 2 0 63 1 0 0 0

March 2041 .......... 70 23 6 1 0 70 23 6 1 0 70 23 6 1 0 59 0 0 0 0

March 2042 .......... 66 21 5 1 0 66 21 5 1 0 66 21 5 1 0 55 0 0 0 0

March 2043 .......... 63 18 4 1 0 63 18 4 1 0 63 18 4 1 0 50 0 0 0 0

March 2044 .......... 59 16 3 1 0 59 16 3 1 0 59 16 3 1 0 45 0 0 0 0

March 2045 .......... 55 14 3 0 0 55 14 3 0 0 55 14 3 0 0 39 0 0 0 0

March 2046 .......... 50 12 2 0 0 50 12 2 0 0 50 12 2 0 0 33 0 0 0 0

March 2047 .......... 46 10 2 0 0 46 10 2 0 0 46 10 2 0 0 27 0 0 0 0

March 2048 .......... 40 8 1 0 0 40 8 1 0 0 40 8 1 0 0 20 0 0 0 0

March 2049 .......... 35 6 1 0 0 35 6 1 0 0 35 6 1 0 0 12 0 0 0 0

March 2050 .......... 29 5 1 0 0 29 5 1 0 0 29 5 1 0 0 4 0 0 0 0

March 2051 .......... 22 3 0 0 0 22 3 0 0 0 22 3 0 0 0 0 0 0 0 0

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

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

Weighted Average

Life (years) . . . . . . . . . 20.2 10.9 6.6 4.6 3.3 20.2 10.9 6.6 4.6 3.3 20.2 10.9 6.6 4.6 3.3 17.4 7.1 3.9 2.7 2.0

PSA Prepayment Assumption Rates

Class LB Class LC Class LM Class LV

Distribution Date 0% 100% 225% 350% 500% 0% 100% 225% 350% 500% 0% 100% 225% 350% 500% 0% 100% 225% 350% 500%

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

March 2025 .......... 100 100 100 100 100 99 95 90 86 80 100 100 100 100 100 93 93 93 93 93

March 2026 .......... 100 100 100 100 100 98 87 75 64 51 100 100 100 100 100 86 86 86 86 86

March 2027 .......... 100 100 100 100 100 96 79 60 44 27 100 100 100 100 100 78 78 78 78 78

March 2028 .......... 100 100 100 100 100 95 71 48 29 11 100 100 100 100 100 70 70 70 70 70

March 2029 .......... 100 100 100 100 78 93 64 37 17 0 100 100 100 100 0 61 61 61 61 56

March 2030 .......... 100 100 100 100 54 92 57 27 7 0 100 100 100 100 0 52 52 52 52 0

March 2031 .......... 100 100 100 79 37 90 50 19 0 0 100 100 100 0 0 42 42 42 39 0

March 2032 .......... 100 100 100 61 25 88 44 12 0 0 100 100 100 0 0 33 33 33 0 0

March 2033 .......... 100 100 100 47 17 86 39 6 0 0 100 100 98 0 0 22 22 22 0 0

March 2034 .......... 100 100 84 36 12 83 33 1 0 0 100 100 21 0 0 11 11 11 0 0

March 2035 .......... 100 100 71 28 8 81 28 0 0 0 100 100 0 0 0 0 0 0 0 0

March 2036 .......... 100 100 59 21 5 78 23 0 0 0 100 100 0 0 0 0 0 0 0 0

March 2037 .......... 100 100 50 16 4 75 19 0 0 0 100 100 0 0 0 0 0 0 0 0

March 2038 .......... 100 100 41 12 2 72 15 0 0 0 100 100 0 0 0 0 0 0 0 0

March 2039 .......... 100 100 34 9 2 69 11 0 0 0 100 100 0 0 0 0 0 0 0 0

March 2040 .......... 100 100 28 7 1 65 7 0 0 0 100 100 0 0 0 0 0 0 0 0

March 2041 .......... 100 91 23 5 1 62 4 0 0 0 100 54 0 0 0 0 0 0 0 0

March 2042 .......... 100 81 19 4 0 58 0 0 0 0 100 4 0 0 0 0 0 0 0 0

March 2043 .......... 100 71 15 3 0 53 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2044 .......... 100 62 12 2 0 48 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2045 .......... 100 53 10 2 0 43 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2046 .......... 100 45 8 1 0 37 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2047 .......... 100 38 6 1 0 31 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2048 .......... 100 31 4 1 0 25 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2049 .......... 100 24 3 0 0 18 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2050 .......... 100 18 2 0 0 10 0 0 0 0 100 0 0 0 0 0 0 0 0 0

March 2051 .......... 87 12 1 0 0 2 0 0 0 0 37 0 0 0 0 0 0 0 0 0

March 2052 .......... 60 6 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2053 .......... 31 1 0 0 0 0 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 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 28.3 21.8 14.2 9.9 7.0 18.0 7.8 4.3 3.0 2.2 26.9 17.1 9.6 6.5 4.6 6.0 6.0 6.0 5.2 4.3

S-28
Security Group 1 PSA Prepayment Assumption Rates

Class LY Class LZ

Distribution Date 0% 100% 225% 350% 500% 0% 100% 225% 350% 500%

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

March 2025 .......... 100 100 100 100 100 105 105 105 105 105

March 2026 .......... 100 100 100 100 100 110 110 110 110 110

March 2027 .......... 100 100 100 100 100 116 116 116 116 116

March 2028 .......... 100 100 100 100 100 122 122 122 122 122

March 2029 .......... 100 100 100 100 98 128 128 128 128 128

March 2030 .......... 100 100 100 100 67 135 135 135 135 116

March 2031 .......... 100 100 100 98 46 142 142 142 142 80

March 2032 .......... 100 100 100 76 32 149 149 149 132 55

March 2033 .......... 100 100 100 59 22 157 157 157 102 37

March 2034 .......... 100 100 100 45 15 165 165 165 78 26

March 2035 .......... 100 100 89 35 10 173 173 153 60 17

March 2036 .......... 100 100 74 27 7 173 173 128 46 12

March 2037 .......... 100 100 62 20 5 173 173 107 35 8

March 2038 .......... 100 100 52 16 3 173 173 90 27 5

March 2039 .......... 100 100 43 12 2 173 173 74 20 4

March 2040 .......... 100 100 36 9 1 173 173 61 15 2

March 2041 .......... 100 100 29 7 1 173 173 51 12 2

March 2042 .......... 100 100 24 5 1 173 173 41 9 1

March 2043 .......... 100 89 19 4 0 173 154 33 6 1

March 2044 .......... 100 78 16 3 0 173 134 27 5 0

March 2045 .......... 100 67 12 2 0 173 116 21 3 0

March 2046 .......... 100 57 10 1 0 173 98 17 2 0

March 2047 .......... 100 47 7 1 0 173 82 13 2 0

March 2048 .......... 100 39 6 1 0 173 66 10 1 0

March 2049 .......... 100 30 4 0 0 173 52 7 1 0

March 2050 .......... 100 22 3 0 0 173 38 5 0 0

March 2051 .......... 100 15 2 0 0 173 25 3 0 0

March 2052 .......... 76 8 1 0 0 130 13 1 0 0

March 2053 .......... 39 1 0 0 0 68 2 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 28.7 23.0 15.4 10.7 7.6 28.7 23.0 15.5 11.3 8.3

Security Group 2 PSA Prepayment Assumption Rates

Class BA Class BZ

Distribution Date 0% 100% 150% 300% 400% 0% 100% 150% 300% 400%

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

March 2025 .......... 97 90 86 76 70 105 105 105 105 105

March 2026 .......... 93 80 74 57 47 109 109 109 109 109

March 2027 .......... 89 71 63 41 29 114 114 114 114 114

March 2028 .......... 86 63 53 29 16 120 120 120 120 120

March 2029 .......... 82 55 44 18 6 125 125 125 125 125

March 2030 .......... 77 47 35 9 0 131 131 131 131 121

March 2031 .......... 73 40 27 2 0 137 137 137 137 89

March 2032 .......... 68 33 20 0 0 143 143 143 119 65

March 2033 .......... 63 26 14 0 0 150 150 150 93 47

March 2034 .......... 58 20 8 0 0 157 157 157 73 34

March 2035 .......... 53 14 2 0 0 164 164 164 57 25

March 2036 .......... 47 8 0 0 0 171 171 153 44 18

March 2037 .......... 41 3 0 0 0 179 179 130 34 12

March 2038 .......... 35 0 0 0 0 188 173 110 26 9

March 2039 .......... 28 0 0 0 0 196 149 92 19 6

March 2040 .......... 21 0 0 0 0 205 127 75 14 4

March 2041 .......... 14 0 0 0 0 215 106 61 10 3

March 2042 .......... 6 0 0 0 0 224 87 48 7 2

March 2043 .......... 0 0 0 0 0 223 69 37 5 1

March 2044 .......... 0 0 0 0 0 180 52 27 3 1

March 2045 .......... 0 0 0 0 0 134 37 19 2 0

March 2046 .......... 0 0 0 0 0 87 22 11 1 0

March 2047 .......... 0 0 0 0 0 36 9 4 0 0

March 2048 .......... 0 0 0 0 0 1 0 0 0 0

March 2049 .......... 0 0 0 0 0 0 0 0 0 0

March 2050 .......... 0 0 0 0 0 0 0 0 0 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 10.8 6.0 4.8 2.8 2.2 21.4 18.1 16.1 11.2 8.9

S-29
Security Group 3 PSA Prepayment Assumption Rates

Class DA Class DZ

Distribution Date 0% 100% 200% 300% 400% 0% 100% 200% 300% 400%

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

March 2025 .......... 98 95 92 89 87 106 106 106 106 106

March 2026 .......... 96 87 80 72 65 112 112 112 112 112

March 2027 .......... 94 79 66 55 44 118 118 118 118 118

March 2028 .......... 92 71 54 40 28 125 125 125 125 125

March 2029 .......... 89 63 44 28 16 132 132 132 132 132

March 2030 .......... 86 56 34 18 6 139 139 139 139 139

March 2031 .......... 84 49 26 10 0 147 147 147 147 139

March 2032 .......... 81 43 19 3 0 155 155 155 155 103

March 2033 .......... 78 36 12 0 0 164 164 164 142 76

March 2034 .......... 74 30 6 0 0 173 173 173 113 57

March 2035 .......... 71 24 0 0 0 183 183 183 90 42

March 2036 .......... 67 18 0 0 0 193 193 158 72 31

March 2037 .......... 63 13 0 0 0 204 204 135 57 23

March 2038 .......... 58 8 0 0 0 216 216 114 45 17

March 2039 .......... 53 2 0 0 0 228 228 96 35 12

March 2040 .......... 48 0 0 0 0 241 220 81 28 9

March 2041 .......... 43 0 0 0 0 254 197 68 22 6

March 2042 .......... 37 0 0 0 0 269 175 56 17 5

March 2043 .......... 31 0 0 0 0 284 154 46 13 3

March 2044 .......... 25 0 0 0 0 300 134 38 10 2

March 2045 .......... 18 0 0 0 0 317 116 31 7 2

March 2046 .......... 11 0 0 0 0 334 98 24 5 1

March 2047 .......... 3 0 0 0 0 353 82 19 4 1

March 2048 .......... 0 0 0 0 0 331 67 14 3 0

March 2049 .......... 0 0 0 0 0 285 53 11 2 0

March 2050 .......... 0 0 0 0 0 235 39 7 1 0

March 2051 .......... 0 0 0 0 0 183 27 5 1 0

March 2052 .......... 0 0 0 0 0 126 15 2 0 0

March 2053 .......... 0 0 0 0 0 65 4 1 0 0

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

Weighted Average

Life (years) . . . . . . . . . 14.5 7.3 4.9 3.7 3.0 26.9 21.4 16.5 12.7 10.1

Security Group 4

PSA Prepayment Assumption Rates

Class D Class DB Classes FD and SD

Distribution Date 0% 100% 225% 350% 500% 0% 100% 225% 350% 500% 0% 100% 225% 350% 500%

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

March 2025 .......... 99 96 94 91 88 100 100 100 100 100 99 97 95 93 91

March 2026 .......... 97 90 81 73 63 100 100 100 100 100 98 92 86 79 72

March 2027 .......... 96 81 65 51 35 100 100 100 100 100 97 86 73 62 50

March 2028 .......... 95 73 51 33 15 100 100 100 100 100 96 79 63 48 35

March 2029 .......... 93 65 39 19 1 100 100 100 100 100 95 74 53 38 24

March 2030 .......... 91 58 29 8 0 100 100 100 100 70 93 68 45 29 16

March 2031 .......... 89 51 20 0 0 100 100 100 97 48 92 63 39 23 11

March 2032 .......... 87 45 12 0 0 100 100 100 75 33 90 58 33 18 8

March 2033 .......... 85 39 6 0 0 100 100 100 58 23 89 53 28 14 5

March 2034 .......... 83 33 0 0 0 100 100 100 45 15 87 49 23 10 4

March 2035 .......... 80 28 0 0 0 100 100 84 34 11 85 45 20 8 2

March 2036 .......... 77 23 0 0 0 100 100 71 26 7 83 41 17 6 2

March 2037 .......... 75 18 0 0 0 100 100 59 20 5 80 37 14 5 1

March 2038 .......... 71 14 0 0 0 100 100 50 15 3 78 34 12 4 1

March 2039 .......... 68 9 0 0 0 100 100 41 12 2 75 31 10 3 1

March 2040 .......... 64 5 0 0 0 100 100 34 9 1 73 28 8 2 0

March 2041 .......... 60 2 0 0 0 100 100 28 7 1 70 25 7 2 0

March 2042 .......... 56 0 0 0 0 100 94 23 5 1 66 22 5 1 0

March 2043 .......... 51 0 0 0 0 100 83 19 4 0 63 20 4 1 0

March 2044 .......... 46 0 0 0 0 100 73 15 3 0 59 17 4 1 0

March 2045 .......... 41 0 0 0 0 100 64 12 2 0 55 15 3 0 0

March 2046 .......... 35 0 0 0 0 100 55 10 1 0 50 13 2 0 0

March 2047 .......... 29 0 0 0 0 100 46 8 1 0 46 11 2 0 0

March 2048 .......... 22 0 0 0 0 100 38 6 1 0 40 9 1 0 0

March 2049 .......... 15 0 0 0 0 100 31 4 0 0 35 7 1 0 0

March 2050 .......... 7 0 0 0 0 100 24 3 0 0 29 6 1 0 0

March 2051 .......... 0 0 0 0 0 96 17 2 0 0 22 4 0 0 0

March 2052 .......... 0 0 0 0 0 66 11 1 0 0 16 2 0 0 0

March 2053 .......... 00000 34 5000 81000

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

Weighted Average

Life (years) . . . . . . . . . 17.7 7.8 4.5 3.3 2.5 28.5 22.9 15.2 10.7 7.7 20.2 11.4 7.0 5.0 3.7

S-30
Security Groups 1 and 4 PSA Prepayment Assumption Rates

Class A Class AY

Distribution Date 0% 100% 225% 350% 500% 0% 100% 225% 350% 500%

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

March 2025 ................. 99 96 93 89 85 100 100 100 100 100

March 2026 ................. 98 89 79 70 59 100 100 100 100 100

March 2027 ................. 96 81 64 48 32 100 100 100 100 100

March 2028 ................. 95 72 50 31 13 100 100 100 100 100

March 2029 ................. 93 65 38 18 0 100 100 100 100 99

March 2030 ................. 91 58 28 7 0 100 100 100 100 69

March 2031 ................. 89 51 20 0 0 100 100 100 98 47

March 2032 ................. 87 45 12 0 0 100 100 100 76 32

March 2033 ................. 85 39 6 0 0 100 100 100 58 22

March 2034 ................. 83 33 0 0 0 100 100 100 45 15

March 2035 ................. 80 28 0 0 0 100 100 86 35 10

March 2036 ................. 78 23 0 0 0 100 100 72 27 7

March 2037 ................. 75 18 0 0 0 100 100 61 20 5

March 2038 ................. 72 14 0 0 0 100 100 51 16 3

March 2039 ................. 68 10 0 0 0 100 100 42 12 2

March 2040 ................. 65 6 0 0 0 100 100 35 9 1

March 2041 ................. 61 2 0 0 0 100 100 29 7 1

March 2042 ................. 56 0 0 0 0 100 97 24 5 1

March 2043 ................. 52 0 0 0 0 100 86 19 4 0

March 2044 ................. 47 0 0 0 0 100 75 15 3 0

March 2045 ................. 42 0 0 0 0 100 65 12 2 0

March 2046 ................. 36 0 0 0 0 100 56 10 1 0

March 2047 ................. 30 0 0 0 0 100 47 7 1 0

March 2048 ................. 23 0 0 0 0 100 38 6 1 0

March 2049 ................. 16 0 0 0 0 100 30 4 0 0

March 2050 ................. 8 0 0 0 0 100 23 3 0 0

March 2051 ................. 1 0 0 0 0 98 16 2 0 0

March 2052 ................. 0 0 0 0 0 71 9 1 0 0

March 2053 ................. 0 0 0 0 0 37 3 0 0 0

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

Weighted Average

Life (years) ............... 17.8 7.8 4.4 3.2 2.4 28.6 23.0 15.3 10.7 7.7

Security Group 5

PSA Prepayment Assumption Rates

Classes FE and SE

Distribution Date 0% 100% 350% 550% 700%

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

March 2025 .......... 99 98 94 91 88

March 2026 .......... 98 93 80 70 63

March 2027 .......... 97 86 63 47 37

March 2028 .......... 96 80 49 31 21

March 2029 .......... 95 74 38 21 12

March 2030 .......... 94 69 30 14 7

March 2031 .......... 92 63 23 9 4

March 2032 .......... 91 59 18 6 2

March 2033 .......... 89 54 14 4 1

March 2034 .......... 88 50 11 3 1

March 2035 .......... 86 46 8 2 0

March 2036 .......... 84 42 6 1 0

March 2037 .......... 82 38 5 1 0

March 2038 .......... 79 35 4 0 0

March 2039 .......... 77 31 3 0 0

March 2040 .......... 74 28 2 0 0

March 2041 .......... 71 25 2 0 0

March 2042 .......... 68 23 1 0 0

March 2043 .......... 64 20 1 0 0

March 2044 .......... 60 18 1 0 0

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

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

March 2047 .......... 47 11 0 0 0

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

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

March 2050 .......... 30 6 0 0 0

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

March 2052 .......... 16 3 0 0 0

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

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

Weighted Average

Life (years) . . . . . . . . . 20.5 11.5 5.1 3.5 2.9

S-31
Security Group 6 PSA Prepayment Assumption Rates

Class JA Class JZ

Distribution Date 0% 100% 250% 400% 500% 0% 100% 250% 400% 500%

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

March 2025 .......... 98 97 95 92 91 106 106 106 106 106

March 2026 .......... 97 91 83 76 71 112 112 112 112 112

March 2027 .......... 95 83 68 54 46 118 118 118 118 118

March 2028 .......... 93 75 55 37 28 125 125 125 125 125

March 2029 .......... 91 68 43 24 15 132 132 132 132 132

March 2030 .......... 89 61 33 15 6 139 139 139 139 139

March 2031 .......... 86 55 25 7 0 147 147 147 147 141

March 2032 .......... 84 49 18 1 0 155 155 155 155 96

March 2033 .......... 81 43 12 0 0 164 164 164 124 66

March 2034 .......... 78 37 6 0 0 173 173 173 92 45

March 2035 .......... 75 32 2 0 0 183 183 183 68 31

March 2036 .......... 72 26 0 0 0 193 193 165 50 21

March 2037 .......... 68 21 0 0 0 204 204 136 37 14

March 2038 .......... 64 17 0 0 0 216 216 111 27 9

March 2039 .......... 60 12 0 0 0 228 228 91 20 6

March 2040 .......... 56 8 0 0 0 241 241 74 14 4

March 2041 .......... 51 3 0 0 0 254 254 59 10 3

March 2042 .......... 46 0 0 0 0 269 257 48 7 2

March 2043 .......... 41 0 0 0 0 284 227 38 5 1

March 2044 .......... 36 0 0 0 0 300 198 30 4 1

March 2045 .......... 30 0 0 0 0 317 171 23 3 1

March 2046 .......... 23 0 0 0 0 334 146 18 2 0

March 2047 .......... 16 0 0 0 0 353 122 14 1 0

March 2048 .......... 9 0 0 0 0 373 100 10 1 0

March 2049 .......... 1 0 0 0 0 394 79 7 1 0

March 2050 .......... 0 0 0 0 0 337 60 5 0 0

March 2051 .......... 0 0 0 0 0 261 41 3 0 0

March 2052 .......... 0 0 0 0 0 180 24 2 0 0

March 2053 .......... 0 0 0 0 0 93 8 0 0 0

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

Weighted Average

Life (years) ......... 15.9 8.3 4.9 3.6 3.1 27.7 22.9 16.0 11.5 9.5

Security Group 7

PSA Prepayment Assumption Rates

Classes GA, GB, GC, GD, GE, GH, GI, GJ and GT

Distribution Date 0% 100% 250% 400% 600% 800%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 97 95 93 90 87

March 2026 ..... 98 93 85 78 68 59

March 2027 ..... 97 86 72 59 44 31

March 2028 ..... 96 80 60 44 28 16

March 2029 ..... 95 74 50 33 17 8

March 2030 ..... 94 69 42 25 11 4

March 2031 ..... 92 63 35 18 7 2

March 2032 ..... 91 58 29 14 4 1

March 2033 ..... 89 54 25 10 3 1

March 2034 ..... 88 50 20 8 2 0

March 2035 ..... 86 45 17 6 1 0

March 2036 ..... 84 42 14 4 1 0

March 2037 ..... 82 38 12 3 0 0

March 2038 ..... 79 35 9 2 0 0

March 2039 ..... 77 31 8 2 0 0

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

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

March 2042 ..... 68 23 4 1 0 0

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

March 2044 ..... 60 18 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 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 11.5 6.6 4.5 3.3 2.6

S-32
Security Group 8 PSA Prepayment Assumption Rates

Class V Class Z

Distribution Date 0% 100% 225% 350% 500% 0% 100% 225% 350% 500%

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

March 2025 .......... 91 91 91 91 91 105 105 105 105 105

March 2026 .......... 82 82 82 82 82 110 110 110 110 110

March 2027 .......... 72 72 72 72 72 116 116 116 116 116

March 2028 .......... 62 62 62 62 62 122 122 122 122 122

March 2029 .......... 52 52 52 52 0 128 128 128 128 125

March 2030 .......... 40 40 40 32 0 135 135 135 135 86

March 2031 .......... 29 29 29 0 0 142 142 142 119 59

March 2032 .......... 16 16 16 0 0 149 149 149 92 40

March 2033 .......... 3 3 0 0 0 157 157 145 71 28

March 2034 .......... 0 0 0 0 0 159 159 123 55 19

March 2035 .......... 0 0 0 0 0 159 159 103 42 13

March 2036 .......... 0 0 0 0 0 159 159 87 32 9

March 2037 .......... 0 0 0 0 0 159 159 73 25 6

March 2038 .......... 0 0 0 0 0 159 159 61 19 4

March 2039 .......... 0 0 0 0 0 159 159 51 14 3

March 2040 .......... 0 0 0 0 0 159 145 42 11 2

March 2041 .......... 0 0 0 0 0 159 130 35 8 1

March 2042 .......... 0 0 0 0 0 159 115 28 6 1

March 2043 .......... 0 0 0 0 0 159 102 23 5 1

March 2044 .......... 0 0 0 0 0 159 89 19 3 0

March 2045 .......... 0 0 0 0 0 159 77 15 2 0

March 2046 .......... 0 0 0 0 0 159 66 12 2 0

March 2047 .......... 0 0 0 0 0 159 56 9 1 0

March 2048 .......... 0 0 0 0 0 159 46 7 1 0

March 2049 .......... 0 0 0 0 0 159 36 5 1 0

March 2050 .......... 0 0 0 0 0 129 28 3 0 0

March 2051 .......... 0 0 0 0 0 95 19 2 0 0

March 2052 .......... 0 0 0 0 0 60 11 1 0 0

March 2053 .......... 0 0 0 0 0 24 4 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 5.0 5.0 5.0 4.4 3.7 27.4 21.4 14.0 10.2 7.6

Security Group 9

PSA Prepayment Assumption Rates

Class EA Class EZ

Distribution Date 0% 100% 125% 250% 400% 0% 100% 125% 250% 400%

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

March 2025 .......... 96 89 88 79 68 104 104 104 104 104

March 2026 .......... 93 79 76 61 45 107 107 107 107 107

March 2027 .......... 89 70 66 46 27 111 111 111 111 111 March 2028 .......... 85 61 56 34 13 115 115 115 115 115

March 2029 .......... 81 53 47 23 3 119 119 119 119 119

March 2030 .......... 76 45 39 14 0 123 123 123 123 99

March 2031 .......... 72 38 31 6 0 128 128 128 128 72

March 2032 .......... 67 31 24 0 0 132 132 132 129 53

March 2033 .......... 62 24 17 0 0 137 137 137 105 38

March 2034 .......... 57 18 11 0 0 142 142 142 85 28

March 2035 .......... 52 12 5 0 0 147 147 147 69 20

March 2036 .......... 46 6 0 0 0 152 152 152 55 14

March 2037 .......... 41 1 0 0 0 158 158 132 44 10

March 2038 .......... 35 0 0 0 0 163 143 114 35 7

March 2039 .......... 29 0 0 0 0 169 124 98 27 5

March 2040 .......... 22 0 0 0 0 175 107 83 21 4

March 2041 .......... 15 0 0 0 0 181 91 69 16 2 March 2042 .......... 9 0 0 0 0 188 76 57 12 2 March 2043 .......... 1 0 0 0 0 194 62 46 9 1 March 2044 .......... 0 0 0 0 0 170 49 36 7 1 March 2045 .......... 0 0 0 0 0 137 37 27 5 0

March 2046 .......... 0 0 0 0 0 103 27 19 3 0

March 2047 .......... 0 0 0 0 0 68 16 11 2 0

March 2048 .......... 0 0 0 0 0 32 7 5 1 0

March 2049 .......... 0 0 0 0 0 0 0 0 0 0

March 2050 .......... 0 0 0 0 0 0 0 0 0 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0

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

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

Weighted Average

Life (years) . . . . . . . . . 10.8 5.8 5.1 3.1 2.0 22.1 18.2 17.1 12.3 8.5

S-33
Security Group 10 PSA Prepayment Assumption Rates

Class C Class CA Class CB

Distribution Date 0% 100% 275% 450% 600% 0% 100% 275% 450% 600% 0% 100% 275% 450% 600%

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

March 2025 .......... 98 96 92 88 85 98 96 92 87 84 100 100 100 100 100

March 2026 .......... 97 88 74 61 50 97 87 72 58 46 100 100 100 100 100

March 2027 .......... 95 77 50 26 8 95 75 47 21 1 100 100 100 100 100

March 2028 .......... 93 67 30 2 0 93 64 24 0 0 100 100 100 91 64

March 2029 .......... 91 57 12 0 0 90 53 6 0 0 100 100 100 65 40

March 2030 .......... 89 47 1 0 0 88 43 0 0 0 100 100 88 47 25

March 2031 .......... 86 38 0 0 0 85 34 0 0 0 100 100 72 34 16

March 2032 .......... 84 30 0 0 0 83 25 0 0 0 100 100 59 24 10

March 2033 .......... 81 22 0 0 0 79 16 0 0 0 100 100 48 17 6

March 2034 .......... 78 15 0 0 0 76 9 0 0 0 100 100 39 12 4

March 2035 .......... 75 8 0 0 0 73 1 0 0 0 100 100 32 9 2

March 2036 .......... 71 3 0 0 0 69 0 0 0 0 100 93 26 6 2

March 2037 .......... 67 0 0 0 0 65 0 0 0 0 100 84 21 4 1

March 2038 .......... 63 0 0 0 0 61 0 0 0 0 100 77 17 3 1

March 2039 .......... 59 0 0 0 0 56 0 0 0 0 100 69 14 2 0

March 2040 .......... 54 0 0 0 0 51 0 0 0 0 100 63 11 2 0

March 2041 .......... 49 0 0 0 0 45 0 0 0 0 100 56 9 1 0

March 2042 .......... 44 0 0 0 0 39 0 0 0 0 100 50 7 1 0

March 2043 .......... 38 0 0 0 0 33 0 0 0 0 100 44 5 1 0

March 2044 .......... 31 0 0 0 0 26 0 0 0 0 100 39 4 0 0

March 2045 .......... 24 0 0 0 0 19 0 0 0 0 100 34 3 0 0

March 2046 .......... 17 0 0 0 0 11 0 0 0 0 100 29 2 0 0

March 2047 .......... 9 0 0 0 0 2 0 0 0 0 100 25 2 0 0

March 2048 .......... 2 0 0 0 0 0 0 0 0 0 91 20 1 0 0

March 2049 .......... 0 0 0 0 0 0 0 0 0 0 79 16 1 0 0

March 2050 .......... 0 0 0 0 0 0 0 0 0 0 65 13 1 0 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0 51 9 0 0 0

March 2052 .......... 0 0 0 0 0 0 0 0 0 0 35 6 0 0 0

March 2053 .......... 0 0 0 0 0 0 0 0 0 0 18 2 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 15.5 6.0 3.1 2.3 1.9 14.8 5.6 2.9 2.2 1.9 26.9 18.8 10.2 6.7 5.2

PSA Prepayment Assumption Rates

Class CE Class CL Class IO

Distribution Date 0% 100% 275% 450% 600% 0% 100% 275% 450% 600% 0% 100% 275% 450% 600%

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

March 2025 .......... 99 96 92 89 86 100 100 100 100 100 99 98 95 93 91

March 2026 .......... 97 88 75 62 51 100 100 100 100 100 98 93 85 77 70

March 2027 .......... 95 78 52 29 11 100 100 100 100 100 97 86 70 56 45

March 2028 .......... 93 68 32 3 0 100 100 100 100 74 96 80 58 40 28

March 2029 .......... 91 58 15 0 0 100 100 100 76 47 95 74 48 29 18

March 2030 .......... 89 49 1 0 0 100 100 100 54 29 93 68 39 21 11

March 2031 .......... 87 40 0 0 0 100 100 83 39 19 92 63 32 15 7

March 2032 .......... 84 32 0 0 0 100 100 68 28 12 90 58 26 11 4

March 2033 .......... 82 25 0 0 0 100 100 56 20 7 89 54 21 8 3

March 2034 .......... 79 18 0 0 0 100 100 46 14 5 87 49 17 5 2

March 2035 .......... 75 11 0 0 0 100 100 37 10 3 85 45 14 4 1

March 2036 .......... 72 5 0 0 0 100 100 30 7 2 83 41 12 3 1

March 2037 .......... 68 0 0 0 0 100 98 24 5 1 80 38 9 2 0

March 2038 .......... 64 0 0 0 0 100 89 20 4 1 78 34 8 1 0

March 2039 .......... 60 0 0 0 0 100 80 16 3 0 75 31 6 1 0

March 2040 .......... 56 0 0 0 0 100 72 13 2 0 73 28 5 1 0

March 2041 .......... 51 0 0 0 0 100 65 10 1 0 70 25 4 0 0

March 2042 .......... 45 0 0 0 0 100 58 8 1 0 66 22 3 0 0

March 2043 .......... 40 0 0 0 0 100 51 6 1 0 63 20 2 0 0

March 2044 .......... 33 0 0 0 0 100 45 5 0 0 59 17 2 0 0

March 2045 .......... 27 0 0 0 0 100 39 4 0 0 55 15 1 0 0

March 2046 .......... 19 0 0 0 0 100 34 3 0 0 50 13 1 0 0

March 2047 .......... 12 0 0 0 0 100 28 2 0 0 46 11 1 0 0

March 2048 .......... 3 0 0 0 0 100 24 2 0 0 40 9 1 0 0

March 2049 .......... 0 0 0 0 0 91 19 1 0 0 35 7 0 0 0

March 2050 .......... 0 0 0 0 0 75 15 1 0 0 29 6 0 0 0

March 2051 .......... 0 0 0 0 0 59 10 0 0 0 22 4 0 0 0

March 2052 .......... 0 0 0 0 0 41 7 0 0 0 16 3 0 0 0

March 2053 .......... 0 0 0 0 0 21 3 0 0 0 8 1 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 15.7 6.2 3.2 2.3 2.0 27.4 19.9 10.9 7.2 5.5 20.2 11.4 6.1 4.2 3.3

S-34
Security Group 11 PSA Prepayment Assumption Rates

Classes F, FB and SB

Distribution Date 0% 100% 300% 500% 750% 1,000%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 95 87 79 68 58

March 2026 ..... 98 88 71 55 38 23

March 2027 ..... 98 82 57 38 20 9

March 2028 ..... 97 76 46 26 11 4

March 2029 ..... 95 70 37 18 6 1

March 2030 ..... 94 65 30 12 3 1

March 2031 ..... 93 60 24 9 2 0

March 2032 ..... 92 55 20 6 1 0

March 2033 ..... 90 51 16 4 1 0

March 2034 ..... 89 47 13 3 0 0

March 2035 ..... 87 43 10 2 0 0

March 2036 ..... 85 39 8 1 0 0

March 2037 ..... 83 36 6 1 0 0

March 2038 ..... 81 32 5 1 0 0

March 2039 ..... 78 29 4 0 0 0

March 2040 ..... 75 26 3 0 0 0

March 2041 ..... 72 23 2 0 0 0

March 2042 ..... 69 21 2 0 0 0

March 2043 ..... 66 18 1 0 0 0

March 2044 ..... 62 16 1 0 0 0

March 2045 ..... 58 14 1 0 0 0

March 2046 ..... 53 12 1 0 0 0

March 2047 ..... 49 10 0 0 0 0

March 2048 ..... 43 8 0 0 0 0

March 2049 ..... 37 6 0 0 0 0

March 2050 ..... 31 4 0 0 0 0

March 2051 ..... 24 2 0 0 0 0

March 2052 ..... 17 1 0 0 0 0

March 2053 ..... 9 0 0 0 0 0

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

Weighted Average

Life (years) .... 20.8 10.8 5.0 3.1 2.0 1.5

Security Group 12 PSA Prepayment Assumption Rates

Class QA Class QZ

Distribution Date 0% 100% 150% 300% 400% 0% 100% 150% 300% 400%

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

March 2025 .......... 97 90 87 76 70 105 105 105 105 105

March 2026 .......... 93 80 74 57 47 109 109 109 109 109

March 2027 .......... 90 71 63 41 29 114 114 114 114 114

March 2028 .......... 86 63 53 29 16 120 120 120 120 120

March 2029 .......... 82 55 44 18 6 125 125 125 125 125

March 2030 .......... 78 47 35 10 0 131 131 131 131 122

March 2031 .......... 73 40 28 2 0 137 137 137 137 89

March 2032 .......... 69 33 21 0 0 143 143 143 120 65

March 2033 .......... 64 27 14 0 0 150 150 150 94 48

March 2034 .......... 59 20 8 0 0 157 157 157 74 34

March 2035 .......... 53 15 3 0 0 164 164 164 57 25

March 2036 .......... 48 9 0 0 0 171 171 155 44 18

March 2037 .......... 42 3 0 0 0 179 179 132 34 13

March 2038 .......... 36 0 0 0 0 188 176 112 26 9

March 2039 .......... 29 0 0 0 0 196 152 94 20 6

March 2040 .......... 22 0 0 0 0 205 130 78 15 4

March 2041 .......... 15 0 0 0 0 215 110 63 11 3

March 2042 .......... 8 0 0 0 0 224 90 50 8 2

March 2043 .......... 0 0 0 0 0 235 73 39 5 1

March 2044 .......... 0 0 0 0 0 192 56 29 4 1

March 2045 .......... 0 0 0 0 0 148 40 20 2 0

March 2046 .......... 0 0 0 0 0 101 26 13 1 0

March 2047 .......... 0 0 0 0 0 52 12 6 1 0

March 2048 .......... 0 0 0 0 0 0 0 0 0 0

March 2049 .......... 0 0 0 0 0 0 0 0 0 0

March 2050 .......... 0 0 0 0 0 0 0 0 0 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0

Weighted Average

Life (years) ......... 11.0 6.1 4.8 2.8 2.2 21.6 18.2 16.3 11.2 8.9

S-35
Security Groups 2 and 12 PSA Prepayment Assumption Rates

Class ZA

Distribution Date 0% 100% 150% 300% 400%

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

March 2025 .......... 105 105 105 105 105

March 2026 .......... 109 109 109 109 109

March 2027 .......... 114 114 114 114 114

March 2028 .......... 120 120 120 120 120

March 2029 .......... 125 125 125 125 125

March 2030 .......... 131 131 131 131 122

March 2031 .......... 137 137 137 137 89

March 2032 .......... 143 143 143 120 65

March 2033 .......... 150 150 150 94 47

March 2034 .......... 157 157 157 73 34

March 2035 .......... 164 164 164 57 25

March 2036 .......... 171 171 154 44 18

March 2037 .......... 179 179 131 34 13

March 2038 .......... 188 175 111 26 9

March 2039 .......... 196 151 93 19 6

March 2040 .......... 205 129 77 15 4

March 2041 .......... 215 108 62 11 3

March 2042 .......... 224 89 50 8 2

March 2043 .......... 231 71 38 5 1

March 2044 .......... 188 55 29 4 1

March 2045 .......... 143 39 20 2 0

March 2046 .......... 96 25 12 1 0

March 2047 .......... 47 11 5 0 0

March 2048 .......... 0 0 0 0 0

March 2049 .......... 0 0 0 0 0

March 2050 .......... 0 0 0 0 0

March 2051 .......... 0 0 0 0 0

Weighted Average

Life (years) . . . . . . . . . 21.6 18.2 16.2 11.2 8.9

Security Group 13

PSA Prepayment Assumption Rates

Classes HF and HS Class HP Class HT

Distribution Date 0% 200% 400% 450% 800% 0% 200% 400% 450% 800% 0% 200% 400% 450% 800%

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

March 2025 .......... 99 91 83 81 66 97 85 85 85 85 97 86 86 86 86

March 2026 .......... 98 79 62 58 35 94 67 67 67 41 94 69 69 69 45

March 2027 .......... 97 69 47 42 18 91 50 50 50 17 91 54 54 54 23

March 2028 .......... 96 60 35 30 9 87 35 35 35 5 88 40 40 40 12

March 2029 .......... 95 52 26 22 5 83 23 23 23 0 85 29 29 29 6

March 2030 .......... 94 45 20 16 2 79 14 14 14 0 81 21 21 21 3

March 2031 .......... 92 39 15 11 1 75 8 8 8 0 77 15 15 15 2

March 2032 .......... 91 33 11 8 1 70 3 3 3 0 73 11 11 11 1

March 2033 .......... 89 29 8 6 0 66 0 0 0 0 68 8 8 8 0

March 2034 .......... 88 25 6 4 0 60 0 0 0 0 63 5 5 5 0

March 2035 .......... 86 21 4 3 0 55 0 0 0 0 58 4 4 4 0

March 2036 .......... 84 18 3 2 0 49 0 0 0 0 53 3 3 3 0

March 2037 .......... 82 15 2 1 0 43 0 0 0 0 47 2 2 2 0

March 2038 .......... 79 13 2 1 0 36 0 0 0 0 41 1 1 1 0

March 2039 .......... 77 11 1 1 0 29 0 0 0 0 34 1 1 1 0

March 2040 .......... 74 9 1 0 0 21 0 0 0 0 27 1 1 1 0

March 2041 .......... 71 8 1 0 0 13 0 0 0 0 20 0 0 0 0

March 2042 .......... 68 6 0 0 0 4 0 0 0 0 12 0 0 0 0

March 2043 .......... 64 5 0 0 0 0 0 0 0 0 3 0 0 0 0

March 2044 .......... 60 4 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2045 .......... 56 3 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2046 .......... 52 3 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2047 .......... 47 2 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2048 .......... 42 2 0 0 0 0 0 0 0 0 0 0 0 0 0

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

March 2050 .......... 30 1 0 0 0 0 0 0 0 0 0 0 0 0 0

March 2051 .......... 23 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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

March 2053 .......... 8 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) . . . . . . . . . 20.5 6.9 3.8 3.4 1.9 11.0 3.3 3.3 3.3 2.0 11.7 4.0 4.0 4.0 2.3

S-36
Security Group 13 PSA Prepayment Assumption Rates

Class HY Class HZ

Distribution Date 0% 200% 400% 450% 800% 0% 200% 400% 450% 800%

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

March 2025 .......... 100 100 100 100 100 105 105 71 63 3

March 2026 .......... 100 100 100 100 100 110 110 41 24 0

March 2027 .......... 100 100 100 100 100 116 116 25 5 0

March 2028 .......... 100 100 100 100 100 122 122 20 0 0

March 2029 .......... 100 100 100 100 79 128 124 18 0 0

March 2030 .......... 100 100 100 100 40 135 121 16 0 0

March 2031 .......... 100 100 100 100 21 142 114 14 0 0

March 2032 .......... 100 100 100 100 11 149 105 12 0 0

March 2033 .......... 100 97 97 97 5 157 95 10 0 0

March 2034 .......... 100 69 69 69 3 165 85 8 0 0

March 2035 .......... 100 49 49 49 1 173 76 6 0 0

March 2036 .......... 100 35 35 35 1 182 66 5 0 0

March 2037 .......... 100 25 25 25 0 191 58 4 0 0

March 2038 .......... 100 17 17 17 0 201 50 3 0 0

March 2039 .......... 100 12 12 12 0 211 43 2 0 0

March 2040 .......... 100 8 8 8 0 222 36 2 0 0

March 2041 .......... 100 6 6 6 0 234 31 1 0 0

March 2042 .......... 100 4 4 4 0 246 25 1 0 0

March 2043 .......... 42 3 3 3 0 258 21 1 0 0

March 2044 .......... 2 2 2 2 0 252 17 1 0 0

March 2045 .......... 1 1 1 1 0 235 14 0 0 0

March 2046 .......... 1 1 1 1 0 216 11 0 0 0

March 2047 .......... 0 0 0 0 0 196 9 0 0 0

March 2048 .......... 0 0 0 0 0 175 6 0 0 0

March 2049 .......... 0 0 0 0 0 151 5 0 0 0

March 2050 .......... 0 0 0 0 0 125 3 0 0 0

March 2051 .......... 0 0 0 0 0 98 2 0 0 0

March 2052 .......... 0 0 0 0 0 68 1 0 0 0

March 2053 .......... 0 0 0 0 0 35 0 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 19.0 11.8 11.8 11.8 6.2 25.4 13.5 3.1 1.4 0.6

Security Group 14

PSA Prepayment Assumption Rates

Classes KA and KI

Distribution Date 0% 100% 275% 450% 600%

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

March 2025 .......... 99 97 94 91 89

March 2026 .......... 98 92 83 73 66

March 2027 .......... 96 85 68 53 42

March 2028 .......... 95 79 56 38 27

March 2029 .......... 94 73 46 28 17

March 2030 .......... 92 68 38 20 11

March 2031 .......... 90 63 31 14 7

March 2032 .......... 89 58 25 10 4

March 2033 .......... 87 53 21 7 3

March 2034 .......... 85 49 17 5 2

March 2035 .......... 82 45 14 4 1

March 2036 .......... 80 41 11 3 1

March 2037 .......... 78 37 9 2 0

March 2038 .......... 75 34 7 1 0

March 2039 .......... 72 30 6 1 0

March 2040 .......... 69 27 5 1 0

March 2041 .......... 66 25 4 0 0

March 2042 .......... 63 22 3 0 0

March 2043 .......... 59 19 2 0 0

March 2044 .......... 55 17 2 0 0

March 2045 .......... 51 15 1 0 0

March 2046 .......... 46 13 1 0 0

March 2047 .......... 42 11 1 0 0

March 2048 .......... 37 9 1 0 0

March 2049 .......... 31 7 0 0 0

March 2050 .......... 25 5 0 0 0

March 2051 .......... 19 4 0 0 0

March 2052 .......... 13 2 0 0 0

March 2053 .......... 6 1 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 19.4 11.3 6.0 4.0 3.2

S-37
Security Group 15 PSA Prepayment Assumption Rates

Class GN

Distribution Date 0% 100% 150% 300% 400%

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

March 2025 .......... 98 92 89 80 74

March 2026 .......... 96 85 79 64 55

March 2027 .......... 93 78 70 52 41

March 2028 .......... 91 71 62 41 30

March 2029 .......... 89 65 55 33 22

March 2030 .......... 86 59 49 26 17

March 2031 .......... 83 54 43 21 12

March 2032 .......... 81 49 38 16 9

March 2033 .......... 78 44 33 13 7

March 2034 .......... 75 40 29 10 5

March 2035 .......... 71 36 25 8 3

March 2036 .......... 68 32 22 6 3

March 2037 .......... 64 29 19 5 2

March 2038 .......... 61 26 16 4 1

March 2039 .......... 57 23 14 3 1

March 2040 .......... 53 20 12 2 1

March 2041 .......... 49 17 10 2 0

March 2042 .......... 44 15 8 1 0

March 2043 .......... 40 12 7 1 0

March 2044 .......... 35 10 5 1 0

March 2045 .......... 30 8 4 0 0

March 2046 .......... 25 6 3 0 0

March 2047 .......... 19 5 2 0 0

March 2048 .......... 14 3 1 0 0

March 2049 .......... 8 2 1 0 0

March 2050 .......... 2 0 0 0 0

March 2051 .......... 0 0 0 0 0

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

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

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

Weighted Average

Life (years) . . . . . . . . . 15.6 9.3 7.5 4.4 3.3

Security Group 16

PSA Prepayment Assumption Rates

Class WA

Distribution Date 0% 100% 150% 300% 400%

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

March 2025 .......... 94 89 86 77 72

March 2026 .......... 89 78 73 60 51

March 2027 .......... 82 68 62 45 36

March 2028 .......... 75 59 52 34 25

March 2029 .......... 68 50 43 25 17

March 2030 .......... 60 42 34 18 12

March 2031 .......... 52 34 27 13 8

March 2032 .......... 43 26 20 9 5

March 2033 .......... 34 19 14 6 3

March 2034 .......... 24 13 9 3 2

March 2035 .......... 13 6 5 1 1

March 2036 .......... 4 2 1 0 0

March 2037 .......... 1 0 0 0 0

March 2038 .......... 0 0 0 0 0

March 2039 .......... 0 0 0 0 0

March 2040 .......... 0 0 0 0 0

March 2041 .......... 0 0 0 0 0

March 2042 .......... 0 0 0 0 0

March 2043 .......... 0 0 0 0 0

March 2044 .......... 0 0 0 0 0

March 2045 .......... 0 0 0 0 0

March 2046 .......... 0 0 0 0 0

March 2047 .......... 0 0 0 0 0

March 2048 .......... 0 0 0 0 0

March 2049 .......... 0 0 0 0 0

March 2050 .......... 0 0 0 0 0

March 2051 .......... 0 0 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 6.9 5.4 4.8 3.4 2.8

S-38
Security Group 17 PSA Prepayment Assumption Rates

Class MV Class MZ Class NV

Distribution Date 0% 100% 250% 400% 600% 800% 0% 100% 250% 400% 600% 800% 0% 100% 250% 400% 600% 800%

Initial Percent . . . 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 93 106 106 106 106 106 106 93 93 93 93 93 93

March 2026 ..... 86 86 86 86 86 86 113 113 113 113 113 113 86 86 86 86 86 86

March 2027 ..... 78 78 78 78 75 39 120 120 120 120 120 120 78 78 78 78 76 60

March 2028 ..... 70 70 70 70 22 0 127 127 127 127 127 79 69 69 69 69 48 31

March 2029 ..... 62 62 62 49 0 0 135 135 135 135 92 41 61 61 61 55 27 0

March 2030 ..... 52 52 51 0 0 0 143 143 143 138 58 21 51 51 51 28 3 0

March 2031 ..... 43 43 34 0 0 0 152 152 152 103 37 11 41 41 37 18 0 0

March 2032 ..... 32 32 9 0 0 0 161 161 161 77 23 5 31 31 21 13 0 0

March 2033 ..... 21 21 0 0 0 0 171 171 141 57 14 3 20 20 10 0 0 0

March 2034 ..... 10 10 0 0 0 0 182 182 117 43 9 1 8 8 3 0 0 0

March 2035 ..... 0 0 0 0 0 0 191 191 97 32 6 1 0 0 0 0 0 0

March 2036 ..... 0 0 0 0 0 0 191 190 80 23 3 0 0 0 0 0 0 0

March 2037 ..... 0 0 0 0 0 0 191 187 66 17 2 0 0 0 0 0 0 0

March 2038 ..... 0 0 0 0 0 0 191 183 54 13 1 0 0 0 0 0 0 0

March 2039 ..... 0 0 0 0 0 0 191 179 45 9 1 0 0 0 0 0 0 0

March 2040 ..... 0 0 0 0 0 0 191 166 36 7 1 0 0 0 0 0 0 0

March 2041 ..... 0 0 0 0 0 0 191 149 29 5 0 0 0 0 0 0 0 0

March 2042 ..... 0 0 0 0 0 0 191 133 24 4 0 0 0 0 0 0 0 0

March 2043 ..... 0 0 0 0 0 0 191 118 19 3 0 0 0 0 0 0 0 0

March 2044 ..... 0 0 0 0 0 0 191 103 15 2 0 0 0 0 0 0 0 0

March 2045 ..... 0 0 0 0 0 0 191 89 12 1 0 0 0 0 0 0 0 0

March 2046 ..... 0 0 0 0 0 0 191 76 9 1 0 0 0 0 0 0 0 0

March 2047 ..... 0 0 0 0 0 0 191 64 7 1 0 0 0 0 0 0 0 0

March 2048 ..... 0 0 0 0 0 0 186 53 5 0 0 0 0 0 0 0 0 0

March 2049 ..... 0 0 0 0 0 0 180 42 4 0 0 0 0 0 0 0 0 0

March 2050 ..... 0 0 0 0 0 0 149 31 2 0 0 0 0 0 0 0 0 0

March 2051 ..... 0 0 0 0 0 0 109 22 2 0 0 0 0 0 0 0 0 0

March 2052 ..... 0 0 0 0 0 0 66 12 1 0 0 0 0 0 0 0 0 0

March 2053 ..... 0 0 0 0 0 0 20 4 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 0 0 0

Weighted Average

Life (years) .... 6.0 6.0 5.4 4.3 3.3 2.7 27.2 21.0 13.2 9.3 6.5 4.9 5.9 5.9 5.6 4.9 3.9 3.2

PSA Prepayment Assumption Rates

Class NZ Class VM Class ZM

Distribution Date 0% 100% 250% 400% 600% 800% 0% 100% 250% 400% 600% 800% 0% 100% 250% 400% 600% 800%

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

March 2025 ..... 106 106 106 106 106 106 93 93 93 93 93 93 106 106 106 106 106 106

March 2026 ..... 113 113 113 113 113 113 85 85 85 85 85 85 113 113 113 113 113 113

March 2027 ..... 120 120 120 120 120 120 77 77 77 77 77 77 120 120 120 120 120 120

March 2028 ..... 127 127 127 127 127 89 69 69 69 69 69 56 127 127 127 127 127 100

March 2029 ..... 135 135 135 135 104 57 60 60 60 60 49 0 135 135 135 135 118 76

March 2030 ..... 143 143 143 141 79 29 50 50 50 50 5 0 143 143 143 143 103 39

March 2031 ..... 152 152 152 121 51 15 40 40 40 33 0 0 152 152 152 141 67 20

March 2032 ..... 161 161 161 97 32 8 29 29 29 24 0 0 161 161 161 119 42 10

March 2033 ..... 171 171 156 79 20 4 18 18 18 0 0 0 171 171 171 104 27 5

March 2034 ..... 182 182 145 59 13 2 6 6 5 0 0 0 182 182 177 77 17 3

March 2035 ..... 189 189 126 44 8 1 0 0 0 0 0 0 187 187 159 57 10 1

March 2036 ..... 189 189 109 32 5 1 0 0 0 0 0 0 187 187 141 42 6 1

March 2037 ..... 189 187 91 24 3 0 0 0 0 0 0 0 187 187 120 31 4 0

March 2038 ..... 189 185 75 17 2 0 0 0 0 0 0 0 187 187 98 23 2 0

March 2039 ..... 189 183 62 13 1 0 0 0 0 0 0 0 187 187 81 17 2 0

March 2040 ..... 189 176 50 9 1 0 0 0 0 0 0 0 187 187 66 12 1 0

March 2041 ..... 189 167 41 7 0 0 0 0 0 0 0 0 187 187 53 9 1 0

March 2042 ..... 189 158 33 5 0 0 0 0 0 0 0 0 187 187 43 6 0 0

March 2043 ..... 189 147 26 3 0 0 0 0 0 0 0 0 187 180 34 5 0 0

March 2044 ..... 189 132 21 2 0 0 0 0 0 0 0 0 187 165 27 3 0 0

March 2045 ..... 189 118 16 2 0 0 0 0 0 0 0 0 187 150 21 2 0 0

March 2046 ..... 189 105 13 1 0 0 0 0 0 0 0 0 187 137 17 2 0 0

March 2047 ..... 189 89 10 1 0 0 0 0 0 0 0 0 187 116 13 1 0 0

March 2048 ..... 186 73 7 1 0 0 0 0 0 0 0 0 187 95 9 1 0 0

March 2049 ..... 183 58 5 0 0 0 0 0 0 0 0 0 187 76 7 0 0 0

March 2050 ..... 167 44 3 0 0 0 0 0 0 0 0 0 187 57 5 0 0 0

March 2051 ..... 139 30 2 0 0 0 0 0 0 0 0 0 173 40 3 0 0 0

March 2052 ..... 93 17 1 0 0 0 0 0 0 0 0 0 124 23 2 0 0 0

March 2053 ..... 31 5 0 0 0 0 0 0 0 0 0 0 43 8 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) .... 27.7 22.4 14.6 10.2 7.0 5.2 5.8 5.8 5.8 5.4 4.4 3.6 28.3 24.1 15.5 10.9 7.5 5.6

S-39
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 and 17 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, 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 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.

S-40
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

Class TA 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 and Delay Classes

The effective yield on any Fixed Rate or Delay 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, 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 Notional Balance) plus accrued interest is as indicated in the related table. The assumed purchase price is not necessarily that at which actual sales will occur.

S-41
SECURITY GROUP 1

Sensitivity of Class CS to Prepayments

Assumed Price 3.75%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 225% 350% 500%

3.85111% .................... 32.5% 25.2% 17.6% 8.2%

4.32407% .................... 18.5% 11.1% 3.4% (6.2)%

4.79704% .................... 4.2% (3.2)% (11.0)% (20.7)%

5.27000% and above ........... **   ** 

Sensitivity of Class S to Prepayments

Assumed Price 3.75%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 225% 350% 500%

3.85111% .................... 32.5% 25.2% 17.6% 8.2%

4.32407% .................... 18.5% 11.1% 3.4% (6.2)%

4.79704% .................... 4.2% (3.2)% (11.0)% (20.7)%

5.27000% and above ........... **   ** 

Sensitivity of Class SA to Prepayments

Assumed Price 3.75%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 225% 350% 500%

3.85111% .................... 32.5% 25.2% 17.6% 8.2%

4.32407% .................... 18.5% 11.1% 3.4% (6.2)%

4.79704% .................... 4.2% (3.2)% (11.0)% (20.7)%

5.27000% and above ........... **   ** 

Sensitivity of Class SC to Prepayments

Assumed Price 4.0625%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 225% 350% 500%

4.32407% .................. 19.9% 12.5% 4.9% (4.7)%

5.32407% .................. (13.3)% (20.5)% (28.1)% (37.6)%

5.36204% .................. (17.2)% (24.3)% (31.8)% (41.2)%

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 TA to Prepayments

Assumed Price 0.3125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 225% 350% 500%

5.270% and below .............. 37.5% 30.2% 22.6% 13.3%

5.335% ........................ 14.0% 6.5% (1.2)% (10.8)%

5.400% and above .............. **   ** 

SECURITY GROUP 4

Sensitivity of Class SD to Prepayments

Assumed Price 3.625%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 225% 350% 500%

3.82% ........................ 37.5% 31.4% 25.2% 17.7%

4.32% ........................ 21.9% 15.4% 8.8% 0.6%

4.82% ........................ 6.2% (0.7)% (7.9)% (16.8)%

5.32% and above ............... **   ** 

SECURITY GROUP 5

Sensitivity of Class SE to Prepayments

Assumed Price 3.0%

PSA Prepayment Assumption Rates

30-day Average SOFR

3.82% .......................

4.32% .......................

4.82% .......................

5.32% and above ..............

100%

47.7%

28.6%

9.7%

**

350%

36.1%

16.0%

(4.1)%

**

550%

26.6%

5.5%

(15.7)%

**

700%

19.3%

(2.5)%

(24.8)%

**

SECURITY GROUP 7

Sensitivity of Class GI to Prepayments

Assumed Price 14.5%*

PSA Prepayment Assumption Rates

100% 250% 400% 600% 800% 950%

41.9% 34.8% 27.5% 17.7% 7.7% 0.0%

* 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
SECURITY GROUP 10

Sensitivity of Class IO to Prepayments

Assumed Price 17.5%*

PSA Prepayment Assumption Rates

100%

29.7%

275%

21.3%

450%

12.6%

600%

5.1%

700%

0.0%

SECURITY GROUP 11

Sensitivity of Class SB to Prepayments

Assumed Price 3.136719%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 300% 500% 750% 1,000%

4.31861% ............. 52.6% 39.0% 24.5% 4.9% (17.0)%

5.31861% ............. 16.5% 3.5% (10.3)% (29.3)% (50.6)%

5.68431% ............. 3.2% (9.5)% (23.1)% (41.7)% (63.0)%

6.05000% and above .... **   **  **

SECURITY GROUP 13

Sensitivity of Class HS to Prepayments

Assumed Price 5.28125%*

PSA Prepayment Assumption Rates

30-day Average SOFR 200% 400% 450% 800%

4.32% ....................... 45.5% 31.5% 27.8% 0.3%

5.32% ....................... 23.8% 10.2% 6.7% (20.2)%

6.26% ....................... 4.1% (9.2)% (12.7)% (39.0)%

7.20% and above .............. **   ** 

SECURITY GROUP 14

Sensitivity of Class KI to Prepayments

Assumed Price 22.48047%*

PSA Prepayment Assumption Rates

100% 275% 450% 485% 600%

20.9% 11.6% 2.0% 0.0% (6.5)%

* 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.

S-44
REMIC Election

In the opinion of Cleary Gottlieb Steen & Hamilton LLP, the Trust will constitute a Single REMIC

Series for United States federal income tax purposes.

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Trust REMIC for United

States federal income tax purposes. Income on the Regular Securities must be reported under an accrual

method of accounting.

The 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.

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, 4 and 8

2, 12, 15 and 16

3

5

6

7, 13 and 17

9

10 and 14

11

225%

150%

200%

350%

250%

400%

125%

275%

500%

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

The Class R Securities will represent the beneficial ownership of the Residual Interest in the Trust

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

S-45
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 Trust

REMIC, and these requirements will continue until there are no Securities of any Class outstanding.

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

Trust REMIC may have substantial taxable income in certain periods, and offsetting tax losses may not

occur until much later periods. Accordingly, the Holders of the 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

S-46
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.

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 from (1) March 1, 2024 on the Fixed Rate and Delay

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 (1) the Original Class Principal Balance (or original Class Notional Balance) and

(2) the Aggregate Scheduled Principal Balances 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, the Final Schedules 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

LA $37,112,029 LC $ 39,710,000 SEQ 5.00% FIX 38384KPP0 July 2051

LM 2,597,971

Combination 2

LV $ 4,331,247 LY $ 10,290,000 SEQ 5.00% FIX 38384KPQ8 March 2054

LZ 5,958,753

Combination 3

LA $37,112,029 AT $ 50,000,000 PT 5.00% FIX 38384KPR6 March 2054

LM 2,597,971LV 4,331,247LZ 5,958,753

Combination 4

CS $50,000,000 SC $ 50,000,000 NTL(PT) (5) INV/IO 38384KPS4 March 2054

TA 50,000,000

Combination 5

CS $50,000,000 S $100,000,000 NTL(PT) (5) INV/IO 38384KPT2 March 2054

SA 50,000,000

Combination 6

LM $ 2,597,971 LB $ 12,887,971 SEQ 5.00% FIX 38384KPU9 March 2054

LV 4,331,247LZ 5,958,753

Security Groups 1 and 4

Combination 7(6)

D $38,283,000 A $ 58,138,000 SEQ 5.00% FIX 38384KPV7 July 2051

LC(7) 19,855,000

Combination 8(6)

DB $11,717,000 AY $ 22,007,000 SEQ 5.00% FIX 38384KPW5 March 2054

LY(7) 10,290,000
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)

Security Group 7

Combination 9(8)

GT $ 30,000,000 GA $ 30,000,000 PT 6.50% FIX 38384KPX3 March 2054

GB 30,000,000 PT 6.25 FIX 38384KPY1 March 2054

GC 30,000,000 PT 6.00 FIX 38384KPZ8 March 2054

GD 30,000,000 PT 5.75 FIX 38384KQA2 March 2054

GE 30,000,000 PT 5.50 FIX 38384KQB0 March 2054

GH 30,000,000 PT 5.25 FIX 38384KQC8 March 2054

GI 6,923,076 NTL(PT) 6.50 FIX/IO 38384KQD6 March 2054

GJ 30,000,000 PT 5.00 FIX 38384KQE4 March 2054

Security Group 10

Combination 10

CA $ 62,575,043 C $223,252,157 SEQ 5.50% FIX 38384KQF1 August 2048

CE 160,677,114

Security Group 11

Combination 11

FB $ 50,000,000 F $ 50,000,000 PT (5) FLT 38384KQG9 March 2054

Security Groups 2 and 12

Combination 12(6)

BZ $ 8,034,645 ZA $ 23,991,779 SEQ 4.50% FIX/Z 38384KQH7 August 2050

QZ 15,957,134

Security Group 13

Combination 13

HP $ 22,488,000 HT $ 24,371,000 PAC/AD 5.00% FIX 38384KQJ3 March 2054

HY 1,883,000

Security Group 17

Combination 14

MZ $ 15,402,891 NZ $ 29,101,004 SC/PT/SEQ 6.00% FIX/Z 38384KQK0 November 2053

ZM 13,698,113

Combination 15

MV $ 13,989,000 NV $ 31,641,752 SC/PT/SEQ/AD 6.00% FIX 38384KQL8 January 2035

VM 17,652,752
(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) Derived from REMIC classes relating to separate Groups.(7) MX Class.(8) In the case of Combination 9, various subcombinations are permitted. See “Description of the Securities — Modifications and Exchange” in

the Base Offering Circular for a discussion of subcombinations.

S-I-3
Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes HP and HY

Distribution Date (in the aggregate)

Initial Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,371,000.00

April 2024 .............................................................. 24,145,108.96

May 2024 .............................................................. 23,908,811.77

June 2024 .............................................................. 23,662,271.53

July 2024 ............................................................... 23,405,661.76

August 2024 ............................................................ 23,139,166.22

September 2024 ......................................................... 22,862,978.67

October 2024 ........................................................... 22,577,302.59

November 2024 ......................................................... 22,282,350.92

December 2024 ......................................................... 21,978,345.76

January 2025 ............................................................ 21,665,518.06

February 2025 .......................................................... 21,344,107.29

March 2025 ............................................................. 21,014,361.11

April 2025 .............................................................. 20,676,535.00

May 2025 .............................................................. 20,330,891.91

June 2025 .............................................................. 19,977,701.85

July 2025 ............................................................... 19,617,241.52

August 2025 ............................................................ 19,260,232.80

September 2025 ......................................................... 18,906,636.40

October 2025 ........................................................... 18,556,413.40

November 2025 ......................................................... 18,209,525.30

December 2025 ......................................................... 17,865,934.02

January 2026 ............................................................ 17,525,601.85

February 2026 .......................................................... 17,188,491.49

March 2026 ............................................................. 16,854,566.03

April 2026 .............................................................. 16,523,788.93

May 2026 .............................................................. 16,196,124.06

June 2026 .............................................................. 15,871,535.64

July 2026 ............................................................... 15,549,988.27

August 2026 ............................................................ 15,231,446.92

September 2026 ......................................................... 14,915,876.93

October 2026 ........................................................... 14,603,244.00

November 2026 ......................................................... 14,293,514.18

December 2026 ......................................................... 13,986,653.88

January 2027 ............................................................ 13,682,629.85

February 2027 .......................................................... 13,381,409.20

March 2027 ............................................................. 13,082,959.38

April 2027 .............................................................. 12,787,248.16

May 2027 .............................................................. 12,494,243.67

June 2027 .............................................................. 12,203,914.36

July 2027 ............................................................... 11,916,228.99

August 2027 ............................................................ 11,631,156.68

September 2027 ......................................................... 11,348,666.85

October 2027 ........................................................... 11,068,729.22

S-II-1
Classes HP and HY

Distribution Date (in the aggregate)

November 2027 ......................................................... $10,791,313.87

December 2027 ......................................................... 10,516,391.14

January 2028 ............................................................ 10,243,931.71

February 2028 .......................................................... 9,973,906.55

March 2028 ............................................................. 9,706,286.94

April 2028 .............................................................. 9,442,995.94

May 2028 .............................................................. 9,186,762.67

June 2028 .............................................................. 8,937,399.56

July 2028 ............................................................... 8,694,723.98

August 2028 ............................................................ 8,458,558.14

September 2028 ......................................................... 8,228,728.92

October 2028 ........................................................... 8,005,067.79

November 2028 ......................................................... 7,787,410.68

December 2028 ......................................................... 7,575,597.84

January 2029 ............................................................ 7,369,473.76

February 2029 .......................................................... 7,168,887.02

March 2029 ............................................................. 6,973,690.23

April 2029 .............................................................. 6,783,739.87

May 2029 .............................................................. 6,598,896.24

June 2029 .............................................................. 6,419,023.30

July 2029 ............................................................... 6,243,988.66

August 2029 ............................................................ 6,073,663.38

September 2029 ......................................................... 5,907,921.97

October 2029 ........................................................... 5,746,642.25

November 2029 ......................................................... 5,589,705.25

December 2029 ......................................................... 5,436,995.19

January 2030 ............................................................ 5,288,399.33

February 2030 .......................................................... 5,143,807.91

March 2030 ............................................................. 5,003,114.10

April 2030 .............................................................. 4,866,213.89

May 2030 .............................................................. 4,733,006.00

June 2030 .............................................................. 4,603,391.88

July 2030 ............................................................... 4,477,275.56

August 2030 ............................................................ 4,354,563.61

September 2030 ......................................................... 4,235,165.09

October 2030 ........................................................... 4,118,991.48

November 2030 ......................................................... 4,005,956.58

December 2030 ......................................................... 3,895,976.50

January 2031 ............................................................ 3,788,969.57

February 2031 .......................................................... 3,684,856.27

March 2031 ............................................................. 3,583,559.20

April 2031 .............................................................. 3,485,003.03

May 2031 .............................................................. 3,389,114.41

June 2031 .............................................................. 3,295,821.94

July 2031 ............................................................... 3,205,056.12

August 2031 ............................................................ 3,116,749.29

September 2031 ......................................................... 3,030,835.59

October 2031 ........................................................... 2,947,250.91

S-II-2
Classes HP and HY

Distribution Date (in the aggregate)

November 2031 ......................................................... $ 2,865,932.84

December 2031 ......................................................... 2,786,820.64

January 2032 ............................................................ 2,709,855.16

February 2032 .......................................................... 2,634,978.85

March 2032 ............................................................. 2,562,135.68

April 2032 .............................................................. 2,491,271.09

May 2032 .............................................................. 2,422,332.00

June 2032 .............................................................. 2,355,266.73

July 2032 ............................................................... 2,290,024.97

August 2032 ............................................................ 2,226,557.75

September 2032 ......................................................... 2,164,817.41

October 2032 ........................................................... 2,104,757.56

November 2032 ......................................................... 2,046,333.03

December 2032 ......................................................... 1,989,499.87

January 2033 ............................................................ 1,934,215.29

February 2033 .......................................................... 1,880,437.64

March 2033 ............................................................. 1,828,126.39

April 2033 .............................................................. 1,777,242.07

May 2033 .............................................................. 1,727,746.28

June 2033 .............................................................. 1,679,601.65

July 2033 ............................................................... 1,632,771.78

August 2033 ............................................................ 1,587,221.25

September 2033 ......................................................... 1,542,915.61

October 2033 ........................................................... 1,499,821.29

November 2033 ......................................................... 1,457,905.64

December 2033 ......................................................... 1,417,136.88

January 2034 ............................................................ 1,377,484.07

February 2034 .......................................................... 1,338,917.11

March 2034 ............................................................. 1,301,406.68

April 2034 .............................................................. 1,264,924.26

May 2034 .............................................................. 1,229,442.09

June 2034 .............................................................. 1,194,933.16

July 2034 ............................................................... 1,161,371.16

August 2034 ............................................................ 1,128,730.51

September 2034 ......................................................... 1,096,986.28

October 2034 ........................................................... 1,066,114.25

November 2034 ......................................................... 1,036,090.80

December 2034 ......................................................... 1,006,892.99

January 2035 ............................................................ 978,498.46

February 2035 .......................................................... 950,885.46

March 2035 ............................................................. 924,032.81

April 2035 .............................................................. 897,919.93

May 2035 .............................................................. 872,526.76

June 2035 .............................................................. 847,833.78

July 2035 ............................................................... 823,822.01

August 2035 ............................................................ 800,472.97

September 2035 ......................................................... 777,768.67

October 2035 ........................................................... 755,691.60

S-II-3
Classes HP and HY

Distribution Date (in the aggregate)

November 2035 ......................................................... $ 734,224.74

December 2035 ......................................................... 713,351.51

January 2036 ............................................................ 693,055.77

February 2036 .......................................................... 673,321.83

March 2036 ............................................................. 654,134.42

April 2036 .............................................................. 635,478.65

May 2036 .............................................................. 617,340.07

June 2036 .............................................................. 599,704.59

July 2036 ............................................................... 582,558.53

August 2036 ............................................................ 565,888.53

September 2036 ......................................................... 549,681.64

October 2036 ........................................................... 533,925.22

November 2036 ......................................................... 518,607.00

December 2036 ......................................................... 503,715.01

January 2037 ............................................................ 489,237.62

February 2037 .......................................................... 475,163.52

March 2037 ............................................................. 461,481.68

April 2037 .............................................................. 448,181.40

May 2037 .............................................................. 435,252.24

June 2037 .............................................................. 422,684.06

July 2037 ............................................................... 410,466.98

August 2037 ............................................................ 398,591.38

September 2037 ......................................................... 387,047.93

October 2037 ........................................................... 375,827.53

November 2037 ......................................................... 364,921.32

December 2037 ......................................................... 354,320.70

January 2038 ............................................................ 344,017.28

February 2038 .......................................................... 334,002.91

March 2038 ............................................................. 324,269.66

April 2038 .............................................................. 314,809.81

May 2038 .............................................................. 305,615.84

June 2038 .............................................................. 296,680.46

July 2038 ............................................................... 287,996.56

August 2038 ............................................................ 279,557.21

September 2038 ......................................................... 271,355.69

October 2038 ........................................................... 263,385.46

November 2038 ......................................................... 255,640.13

December 2038 ......................................................... 248,113.52

January 2039 ............................................................ 240,799.59

February 2039 .......................................................... 233,692.49

March 2039 ............................................................. 226,786.50

April 2039 .............................................................. 220,076.07

May 2039 .............................................................. 213,555.80

June 2039 .............................................................. 207,220.43

July 2039 ............................................................... 201,064.87

August 2039 ............................................................ 195,084.12

September 2039 ......................................................... 189,273.36

October 2039 ........................................................... 183,627.88

S-II-4
Classes HP and HY

Distribution Date (in the aggregate)

November 2039 ......................................................... $ 178,143.09

December 2039 ......................................................... 172,814.56

January 2040 ............................................................ 167,637.94

February 2040 .......................................................... 162,609.02

March 2040 ............................................................. 157,723.69

April 2040 .............................................................. 152,977.98

May 2040 .............................................................. 148,368.01

June 2040 .............................................................. 143,889.99

July 2040 ............................................................... 139,540.27

August 2040 ............................................................ 135,315.26

September 2040 ......................................................... 131,211.50

October 2040 ........................................................... 127,225.60

November 2040 ......................................................... 123,354.29

December 2040 ......................................................... 119,594.36

January 2041 ............................................................ 115,942.71

February 2041 .......................................................... 112,396.32

March 2041 ............................................................. 108,952.23

April 2041 .............................................................. 105,607.60

May 2041 .............................................................. 102,359.64

June 2041 .............................................................. 99,205.64

July 2041 ............................................................... 96,142.98

August 2041 ............................................................ 93,169.09

September 2041 ......................................................... 90,281.48

October 2041 ........................................................... 87,477.73

November 2041 ......................................................... 84,755.49

December 2041 ......................................................... 82,112.47

January 2042 ............................................................ 79,546.44

February 2042 .......................................................... 77,055.23

March 2042 ............................................................. 74,636.75

April 2042 .............................................................. 72,288.93

May 2042 .............................................................. 70,009.79

June 2042 .............................................................. 67,797.39

July 2042 ............................................................... 65,649.84

August 2042 ............................................................ 63,565.33

September 2042 ......................................................... 61,542.05

October 2042 ........................................................... 59,578.29

November 2042 ......................................................... 57,672.35

December 2042 ......................................................... 55,822.60

January 2043 ............................................................ 54,027.45

February 2043 .......................................................... 52,285.35

March 2043 ............................................................. 50,594.79

April 2043 .............................................................. 48,954.30

May 2043 .............................................................. 47,362.47

June 2043 .............................................................. 45,817.91

July 2043 ............................................................... 44,319.27

August 2043 ............................................................ 42,865.25

September 2043 ......................................................... 41,454.57

October 2043 ........................................................... 40,086.00

S-II-5
Classes HP and HY

Distribution Date (in the aggregate)

November 2043 ......................................................... $ 38,758.33

December 2043 ......................................................... 37,470.39

January 2044 ............................................................ 36,221.05

February 2044 .......................................................... 35,009.20

March 2044 ............................................................. 33,833.77

April 2044 .............................................................. 32,693.71

May 2044 .............................................................. 31,588.01

June 2044 .............................................................. 30,515.68

July 2044 ............................................................... 29,475.76

August 2044 ............................................................ 28,467.32

September 2044 ......................................................... 27,489.45

October 2044 ........................................................... 26,541.27

November 2044 ......................................................... 25,621.93

December 2044 ......................................................... 24,730.58

January 2045 ............................................................ 23,866.42

February 2045 .......................................................... 23,028.67

March 2045 ............................................................. 22,216.56

April 2045 .............................................................. 21,429.34

May 2045 .............................................................. 20,666.29

June 2045 .............................................................. 19,926.72

July 2045 ............................................................... 19,209.93

August 2045 ............................................................ 18,515.27

September 2045 ......................................................... 17,842.08

October 2045 ........................................................... 17,189.75

November 2045 ......................................................... 16,557.67

December 2045 ......................................................... 15,945.24

January 2046 ............................................................ 15,351.88

February 2046 .......................................................... 14,777.05

March 2046 ............................................................. 14,220.19

April 2046 .............................................................. 13,680.77

May 2046 .............................................................. 13,158.29

June 2046 .............................................................. 12,652.25

July 2046 ............................................................... 12,162.17

August 2046 ............................................................ 11,687.56

September 2046 ......................................................... 11,227.98

October 2046 ........................................................... 10,782.98

November 2046 ......................................................... 10,352.12

December 2046 ......................................................... 9,935.00

January 2047 ............................................................ 9,531.20

February 2047 .......................................................... 9,140.33

March 2047 ............................................................. 8,762.00

April 2047 .............................................................. 8,395.83

May 2047 .............................................................. 8,041.48

June 2047 .............................................................. 7,698.57

July 2047 ............................................................... 7,366.78

August 2047 ............................................................ 7,045.76

September 2047 ......................................................... 6,735.20

October 2047 ........................................................... 6,434.78

S-II-6
Classes HP and HY

Distribution Date (in the aggregate)

November 2047 ......................................................... $ 6,144.20

December 2047 ......................................................... 5,863.16

January 2048 ............................................................ 5,591.37

February 2048 .......................................................... 5,328.55

March 2048 ............................................................. 5,074.43

April 2048 .............................................................. 4,828.75

May 2048 .............................................................. 4,591.26

June 2048 .............................................................. 4,361.69

July 2048 ............................................................... 4,139.82

August 2048 ............................................................ 3,925.41

September 2048 ......................................................... 3,718.22

October 2048 ........................................................... 3,518.05

November 2048 ......................................................... 3,324.67

December 2048 ......................................................... 3,137.87

January 2049 ............................................................ 2,957.46

February 2049 .......................................................... 2,783.24

March 2049 ............................................................. 2,615.01

April 2049 .............................................................. 2,452.60

May 2049 .............................................................. 2,295.81

June 2049 .............................................................. 2,144.49

July 2049 ............................................................... 1,998.45

August 2049 ............................................................ 1,857.53

September 2049 ......................................................... 1,721.57

October 2049 ........................................................... 1,590.43

November 2049 ......................................................... 1,463.94

December 2049 ......................................................... 1,341.96

January 2050 ............................................................ 1,224.36

February 2050 .......................................................... 1,110.98

March 2050 ............................................................. 1,001.71

April 2050 .............................................................. 896.40

May 2050 .............................................................. 794.94

June 2050 .............................................................. 697.20

July 2050 ............................................................... 603.06

August 2050 ............................................................ 512.41

September 2050 ......................................................... 425.14

October 2050 ........................................................... 341.13

November 2050 ......................................................... 260.29

December 2050 ......................................................... 182.51

January 2051 ............................................................ 107.69

February 2051 .......................................................... 35.74

March 2051 and thereafter ................................................. 0.00

S-II-7
Exhibit A

Underlying Certificates

Original

Trust Final Principal Underlying Principal Percentage Ginnie

Asset Group Issue CUSIP Interest Interest Distribution Principal Balance Certificate Balance of Class Mae

or Subgroup Issuer Series Class Date Number Rate Type(1) Date Type(1) of Class Factor(2) in Trust in Trust I or II

8 Ginnie Mae 2024-030 EY(3) February 29, 2024 38384JRV8 5.00% FIX February 2054 SEQ $32,878,000 1.00000000 $22,878,000.00 69.5845246061% II

17A Ginnie Mae 2023-148 DB October 30, 2023 38384DNR4 6.00 FIX October 2053 SEQ 28,915,195 1.00000000 22,619,733.00 78.2278417974 II

17A Ginnie Mae 2023-148 DL(3) October 30, 2023 38384DPY7 6.00 FIX October 2053 SEQ 40,377,379 1.00000000 6,772,158.00 16.7721584900 II

17B Ginnie Mae 2023-170 GZ(3) November 30, 2023 38384DX51 6.00 FIX/Z November 2053 SEQ 29,393,066 1.0201505 9,656,834.41 32.2051738325 II

17B Ginnie Mae 2023-170 ZC November 30, 2023 38384DS65 6.00 FIX/Z November 2053 SEQ 17,732,337 1.0201505 4,041,279.28 22.3402814869 II

17C Ginnie Mae 2023-170 GV(3) November 30, 2023 38384DX44 6.00 FIX September 2034 SEQ/AD 26,698,004 0.97781538 8,407,391.58 32.2051715926 II

17C Ginnie Mae 2023-170 VC November 30, 2023 38384DS24 6.00 FIX September 2034 AD/SEQ 16,106,452 0.97781538 9,245,360.78 58.7039218817 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.

A-1
$1,518,935,179

Government National

Mortgage Association

GINNIE MAE®

Guaranteed REMIC

Pass-Through Securities

and MX Securities

Ginnie Mae REMIC Trust 2024-043

OFFERING CIRCULAR SUPPLEMENT

March 22, 2024

Goldman Sachs & Co. LLC

Ramirez & Co., Inc.