Offering Circular Supplement

(To Base Offering Circular dated July 1, 2023)

$947,287,611

Government National Mortgage Association

GINNIE MAE®

Guaranteed REMIC Pass-Through Securities

and MX Securities

Ginnie Mae REMIC Trust 2024-042

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-9 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

A ...................... AZ .....................$ 22,086,000

577,449

5.00%

5.00

SEQ/AD

SEQ

FIX

FIX/Z

38384KHK0

38384KHL8

October 2052

March 2054

Security Group 2

FC(1) ...................

FE .....................

SB .....................

TB(1) ...................

TC .....................

165,000,000

40,000,000

205,000,000

165,000,000

250,000

(5)

(5)

(5)

(5)

(5)

PT

PT

NTL(PT)

NTL(PT)

NTL(PT)

FLT

FLT

INV/IO

INV/IO

T/IO

38384KHM6

38384KHN4

38384KHP9

38384KHQ7

38384KHR5

March 2054

March 2054

March 2054

March 2054

March 2054

Security Group 3

FD .....................

SD .....................

75,000,000

75,000,000

(5)

(5)

PT

NTL(PT)

FLT

INV/IO

38384KHS3

38384KHT1

March 2054

March 2054

Security Group 4

IA ..................... 21,589,550 4.50 NTL(SC/PT) FIX/IO 38384KHU8 January 2048

Security Group 5

SM ....................

TM ....................

30,036,300

1,503,585

(5)

(5)

NTL(SC/PT)

NTL(SC/PT)

INV/IO

INV/IO

38384KHV6

38384KHW4

July 2049

September 2048

Security Group 6

N(1) .................... NI(1) ...................11,641,482

7,760,988

1.00

3.00

SC/PT

NTL(SC/PT)

FIX

FIX/IO

38384KHX2

38384KHY0

May 2051

April 2051

Security Group 7

DA .................... DV(1) .................. DZ(1) ..................30,000,000

7,903,000

8,710,644

6.00

6.00

6.00

SEQ

SEQ/AD

SEQ

FIX

FIX

FIX/Z

38384KHZ7

38384KJA0

38384KJB8

February 2049

January 2035

March 2054

Security Group 8

GA .................... GI ..................... ZA .....................122,178,000

59,162,651

15,868,187

4.00

7.00

4.00

SEQ/AD

NTL(PT)

SEQ

FIX

FIX/IO

FIX/Z

38384KJC6

38384KJD4

38384KJE2

February 2050

March 2054

March 2054

Security Group 9

FG .....................

SG .....................

55,000,000

55,000,000

(5)

(5)

PT

NTL(PT)

FLT

INV/IO

38384KJF9

38384KJG7

March 2054

March 2054

Security Group 10

FA ..................... M ...................... MY .................... SA .....................115,000,000

74,649,000

40,351,000

115,000,000

(5)

5.50

5.50

(5)

PT

SEQ

SEQ

NTL(PT)

FLT

FIX

FIX

INV/IO

38384KJH5

38384KJJ1

38384KJK8

38384KJL6

March 2054

March 2049

March 2054

March 2054

Security Group 11

B ......................

BV(1) ..................

BZ(1) ...................

C ......................

CV(1) ..................

CZ(1) ...................

50,000,000

6,889,000

8,449,000

56,000,000

8,624,000

10,575,000

5.50

5.50

5.50

5.50

5.50

5.50

SEQ

SEQ/AD

SEQ

SEQ

SEQ/AD

SEQ

FIX

FIX

FIX/Z

FIX

FIX

FIX/Z

38384KJM4

38384KJN2

38384KJP7

38384KJQ5

38384KJR3

38384KJS1

December 2050

February 2035

March 2054

August 2050

February 2035

March 2054

Security Group 12

EV(1) ..................

EZ(1) ...................

8,910,000

13,875,849

4.50

4.50

SC/AD/SEQ

SC/SEQ

FIX

FIX/Z

38384KJT9

38384KJU6

April 2035

February 2054

Residual

R ...................... 0 0.00 NPR NPR 38384KJV4 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 princi- pal 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.

BofA Securities Drexel Hamilton, LLC

The date of this Offering Circular Supplement is March 22, 2024.
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 4, 5, 6 and 12 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-37

Risk Factors ........................ S-9 Legal Investment Considerations ....... S-37

The Trust Assets .................... S-13 Plan of Distribution .................. S-38

Ginnie Mae Guaranty ................ S-15 Increase in Size ..................... S-38

Description of the Securities ........... S-15 Legal Matters ....................... S-38

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

Considerations .................... S-19 Exhibit A: Underlying Certificates ....... A-1

Certain United States Federal Income Tax

Consequences .................... S-35

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: BofA Securities, Inc.

Co-Sponsor: Drexel Hamilton, LLC

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 Certificate To Maturity

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

1 Ginnie Mae II 5.000% 30

2 Ginnie Mae II 6.500% 30

3 Ginnie Mae II 6.500% 30

4 Underlying Certificates (1) (1)

5A Underlying Certificate (1) (1)

5B Underlying Certificate (1) (1)

6A Underlying Certificate (1) (1)

6B Underlying Certificate (1) (1)

7 Ginnie Mae II 6.000% 30

8 Ginnie Mae II 7.000% 30

9 Ginnie Mae II 6.500% 30

10 Ginnie Mae II 6.000% 30

11A Ginnie Mae II 5.500% 30

11B Ginnie Mae II 5.500% 30

12 Underlying Certificates (1) (1)

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

to this Supplement.

(2) The Group 5, 6 and 11 Trust Assets consist of the enumerated subgroups (each,

a “Subgroup”).

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

shown on the front cover of this Supplement and on Schedule I to this Supplement. Payments on

each Group will be based solely on payments on the Trust Asset Group with the same numerical

designation.

S-3
Assumed Characteristics of the Mortgage Loans Underlying the Group 1, 2, 3, 7, 8, 9 and 10 and

Subgroup 11A and 11B Trust Assets(1):

Weighted Average

Remaining Term Weighted Average Weighted

Principal to Maturity Loan Age Average

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

Group 1 Trust Assets

$22,663,449 314 43 5.316%

Group 2 Trust Assets

$205,000,000 354 4 7.053%

Group 3 Trust Assets

$75,000,000 355 4 7.059%

Group 7 Trust Assets(3)

$46,613,644 360 0 6.650%

Group 8 Trust Assets

$138,046,187 352 7 7.447%

Group 9 Trust Assets

$55,000,000 353 4 7.067%

Group 10 Trust Assets

$230,000,000 353 5 6.566%

Subgroup 11A Trust Assets

$75,199,000 353 2 6.142%

Subgroup 11B Trust Assets

$65,338,000 352 6 6.083%

(1) As of March 1, 2024.

(2) The Mortgage Loans underlying the Group 1, 2, 3, 7, 8, 9 and 10 and Subgroup

11A and 11B Trust Assets may bear interest at rates ranging from 0.25% to 1.50%

per annum above the related Certificate Rate.

(3) More than 10% of the Mortgage Loans underlying the Group 7 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, 2, 3, 7, 8, 9 and 10 and Subgroup 11A and 11B 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 4 and 12 and Subgroup 5A, 5B, 6A and 6B 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

Book-Entry System”). The Residual Securities will be issued in fully registered, certificated form. See

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

S-4
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 or Toggle

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

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

Supplement or on Schedule I to this Supplement.

The Floating Rate, Inverse Floating Rate and Toggle Classes will bear interest at per annum rates based

on one-month CME Term SOFR (hereinafter referred to as “CME Term SOFR”) or a 30-day compounded

average of the Secured Overnight Financing Rate (“SOFR”) (hereinafter referred to as “30-day Average

SOFR”) as follows:

CME Term SOFR or 30-day

Initial Average SOFR Interest Minimum Maximum Delay for Minimum

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

Security Group 2

FB ................ 30-day Average SOFR + 1.30% 6.50000% 1.30% 6.5000000000% 0 0.00000000%

FC ................ 30-day Average SOFR + 1.15% 6.47471% 1.15% 6.5000000000% 0 0.00000000%

FE ................ 30-day Average SOFR + 1.25% 6.50000% 1.25% 6.5000000000% 0 0.00000000%

SB ................ 5.20975609% 30-day Average SOFR 0.00000% 0.00% 5.2097560900% 0 5.20975609%

TB ................ 5.35% 30-day Average SOFR 0.02529% 0.00% 0.1500000000% 0 5.35000000%

TC ................ If 30-day Average SOFR

<= 5.20975609%: -3431.9999938% +

(30-day Average SOFR x 660)

If 30-day Average SOFR

> 5.20975609%: 840% 

(30-day Average x 160) 0.00000% 0.00% 6.4390243902% 0 (3)

Security Group 3

FD ............... 30-day Average SOFR + 1.25% 6.50000% 1.25% 6.5000000000% 0 0.00000000%

SD ................ 5.25% 30-day Average SOFR 0.00000% 0.00% 5.2500000000% 0 5.25000000%

Security Group 5

SM ............... 5.98552% CME Term SOFR 0.65677% 0.00%(4) 6.1000000000%(4) 0 5.98552000%

TM ............... 50.87933333% (CME Term SOFR x 8.33333334) 1.00000% 0.00% 1.0000000000% 0 6.10551999%

Security Group 9

FG ............... 30-day Average SOFR + 1.10% 6.42471% 1.10% 6.5000000000% 0 0.00000000%

SG ................ 5.40% 30-day Average SOFR 0.07529% 0.00% 5.4000000000% 0 5.40000000%

Security Group 10

FA ................ 30-day Average SOFR + 1.25% 6.50000% 1.25% 6.5000000000% 0 0.00000000%

SA ................ 5.25% 30-day Average SOFR 0.00000% 0.00% 5.2500000000% 0 5.25000000%

(1) CME Term SOFR and 30-day Average SOFR will be established as described under “Description of

the Securities — Interest Distributions — Floating Rate, Inverse Floating Rate and Toggle 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.

(3) The 30-day Average SOFR values that produce the Minimum Rate are less than or equal to

5.19999% and greater than or equal to 5.25%.

(4) The minimum and maximum rate for Class SM, which bears interest based on CME Term SOFR, is

based on the minimum and maximum rate for the related Underlying Certificates, which bear

S-5
interest based on Adjusted CME Term SOFR. This may impact whether the minimum or maximum

rate for Class SM is reached. See “Yield, Maturity and Prepayment Considerations — Yield Considerations — CME Term SOFR and 30-day Average SOFR: Effect on Yields of the Floating Rate,

Inverse Floating Rate and Toggle Classes” in this Supplement and “Underlying Certificates” in the

Base Offering Circular.

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

will be made to the related Securities:

SECURITY GROUP 1

The Group 1 Principal Distribution Amount and the AZ Accrual Amount will be allocated, sequentially, to A and AZ, in that order, until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount will be allocated, concurrently, to FC and FE, pro rata,

until retired

SECURITY GROUP 3

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

SECURITY GROUP 6

The Subgroup 6A Principal Distribution Amount will be allocated to N, until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the DZ Accrual Amount will be allocated as

follows:

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

 The Group 7 Principal Distribution Amount, sequentially, to DA, DV and DZ, in that order, until

retired

SECURITY GROUP 8

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

SECURITY GROUP 9

The Group 9 Principal Distribution Amount will be allocated to FG, until retired

SECURITY GROUP 10

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

 50% to FA, until retired

 50%, sequentially, to M and MY, in that order, until retired

S-6
SECURITY GROUP 11

The Subgroup 11A Principal Distribution Amount, the Subgroup 11B Principal Distribution Amount,

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

 The CZ Accrual Amount, sequentially, to CV and CZ, in that order, until retired

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

 The Subgroup 11A Principal Distribution Amount, sequentially, to C, CV and CZ, in that order,

until retired

 The Subgroup 11B Principal Distribution Amount, sequentially, to B, BV and BZ, in that order,

until retired

SECURITY GROUP 12

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

Accrual Classes: Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page. However, no interest will be distributed to the Accrual

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

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

Date and will be distributable as principal as set forth in this Terms Sheet under “Allocation of Principal.”

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 notional balance of the related Trust Asset Group or Subgroup

indicated:

Original Class

Class Notional Balance Represents Approximately

Security Group 2

SB ..................... $205,000,000 100% of FC and FE (in the aggregate) (PT Classes)

TB ..................... 165,000,000 100% of FC (PT Class)

TC ..................... 250,000 0.1219512195% of FC and FE (in the aggregate) (PT Classes)

Security Group 3

SD ..................... $ 75,000,000 100% of FD (PT Class)

Security Group 4

IA ..................... $ 21,589,550 100% of the Group 4 Trust Assets

Security Group 5

SM ..................... $ 30,036,300 100% of the Group 5 Trust Assets

TM .................... 1,503,585 12% of the Subgroup 5B Trust Asset

Security Group 6

NI ..................... $ 7,760,988 100% of the Subgroup 6B Trust Asset

Security Group 8

GI ..................... $ 52,362,000 42.8571428571% of GA (SEQ/AD Class)

6,800,651 42.8571428571% of ZA (SEQ Class)

$ 59,162,651

Security Group 9

SG ..................... $ 55,000,000 100% of FG (PT Class)

Security Group 10

SA ..................... $115,000,000 100% of FA (PT Class)

S-7
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-8
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-9
 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 CME Term SOFR and 30-day

Average SOFR, as applicable, will affect the

yields on the floating rate, inverse floating

rate, and under certain circumstances, toggle securities. If CME Term SOFR or 30-day

Average SOFR, as applicable, performs differently

from what you expect, the yield on the floating

rate, inverse floating rate, and under certain circumstances, toggle securities may be lower than

you expect. Lower levels of such indices, as

applicable, will generally reduce the yield on the

floating rate, and under certain circumstances,

toggle securities; higher levels of such indices, as

applicable, will generally reduce the yield on the

inverse floating rate, and under certain circumstances, toggle securities. You should bear in

mind that the timing of changes in the level of

such indices, as applicable, may affect your yield:

generally, the earlier a change, the greater the

effect on your yield. It is doubtful that such

indices will remain constant.

An investment in the securities is subject to

significant reinvestment risk. The rate of

principal payments on your securities is

uncertain. You may be unable to reinvest the

payments on your securities at the same returns

provided by the securities. Lower prevailing

interest rates may result in an unexpected return

of principal. In that interest rate climate, higher

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

may result in slower returns of principal, and you

may not be able to take advantage of higher

yielding investment opportunities. The final

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

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

payments on the group 4, 5, 6 and 12

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 underlying series.

As described in the underlying certificate disclosure document, the underlying certificates

included in trust asset group 12 are not entitled

to distributions of principal 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 these

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

S-10
In addition, the principal entitlement of and the

reductions in notional balance of the underlying

certificates included in trust asset group 6 on any

payment date are calculated, directly or

indirectly, on the basis of schedules; no assurance can be given that the underlying certificates

will adhere to their schedules. Further, prepayments on the related mortgage loans may have

occurred at rates faster or slower than those initially assumed.

The trust assets underlying the underlying certificate included in trust asset subgroup 5A are also

previously issued certificates that represent beneficial ownership interests in separate trusts. The

rate of payments on the previously issued certificates will directly affect the timing and rate of

payments on the subgroup 5A securities. You

should read the related underlying certificate

disclosure documents, including the risk factors

contained therein, to understand the payments

on and related risks of the previously issued certificates backing these underlying certificates.

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 document.

Up to 10% of the mortgage loans underlying

the group 1, 2, 3, 4, 5, 6, 8, 9, 10, 11 and 12

trust assets and up to 100% of the mortgage

loans underlying the group 7 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, inverse

floating rate and toggle 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

30-day Average 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,

Inverse Floating Rate and Toggle Classes” in this

supplement, the return on and value of the

floating rate, inverse floating rate and toggle

securities may fluctuate more than debt securities linked to less volatile indices.

30-day Average SOFR and CME Term SOFR are

relatively new market indices, and the floating

rate, inverse floating rate and toggle 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 or CME Term SOFR may

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evolve over time, and trading prices of some

securities indexed to 30-day Average SOFR or

CME Term SOFR may be lower than those of

later-issued securities as a result. Similarly, if

30-day Average SOFR or CME Term SOFR does

not prove to be widely used in similar securities, the trading price of related SOFR-Based

Classes may be lower than those of securities

linked to indices that are more widely used.

Investors in SOFR-Based Classes may not be

able to sell their securities at all or may not be

able to sell their securities at prices that will

provide them with a yield comparable to similar

investments that have a developed secondary

market, and may consequently suffer from

increased pricing volatility and market risk.

You should consult your own financial and legal

advisors about the risks associated with an

investment in the floating rate, inverse floating

rate and toggle securities and the suitability of

investing in the floating rate, inverse floating rate

and toggle securities in light of your particular

circumstances.

Interest on the floating rate, inverse floating rate and toggle securities will be

determined using a replacement rate if

30-day Average SOFR or CME Term SOFR is

no longer available, which could adversely

affect the value of your investment in the

floating rate, inverse floating rate and toggle securities. 30-day Average SOFR and CME

Term SOFR are published by the Federal

Reserve Bank of New York and CME Group

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 or CME Group may

directly affect prevailing 30-day Average SOFR

or CME Term SOFR, as applicable, in

unpredictable ways. There can be no guarantee that 30-day Average SOFR or CME Term

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 or CME Term

SOFR, as applicable. If the manner in which

30-day Average SOFR or CME Term SOFR is

calculated is changed or if 30-day Average

SOFR or CME Term SOFR is discontinued, that

change or discontinuance may result in a reduction of the amount of interest payable on applicable SOFR-Based Classes and the trading prices

of such Classes.

The Federal Reserve Bank of New York and

CME Group have noted that it may alter the

methods of calculation, publication schedule,

rate revision practices or availability of 30-day

Average SOFR or CME Term SOFR, as applicable,

at any time without notice. There can be no

assurance that 30-day Average SOFR or CME

Term SOFR will not be discontinued or fundamentally altered in a manner that is materially

adverse to the interests of investors in the floating rate, inverse floating rate and toggle

securities.

If 30-day Average SOFR or CME Term SOFR, as

applicable, is no longer published or cannot be

used, the amount of interest payable on the floating rate, inverse floating rate and toggle 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,

inverse floating rate and toggle securities, which

could adversely affect the return on, value of, and

market for, the floating rate, inverse floating rate

and toggle securities. Furthermore, there can be

no assurance that the characteristics of any

replacement rate will be similar to 30-day Average

SOFR or CME Term SOFR, as applicable, or that

any replacement rate will produce the economic

equivalent of 30-day Average SOFR or CME Term

SOFR, as applicable.

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

group 4, 5, 6 and 12 securities and, in particular,

the interest only, toggle, accrual and residual

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classes, are not suitable investments for all consider the after-tax effect of ownership of a

investors. residual security and the suitability of the residual

securities to your investment objectives. See

In addition, although the sponsor intends to “Certain United States Federal Income Tax

make a market for the purchase and sale of Consequences” in this supplement and in the base

the securities after their initial issuance, it has offering circular.

no obligation to do so. There is no assurance

that a secondary market will develop, that any You are encouraged to consult advisors regardsecondary market will continue, or that the ing the financial, legal, tax and other aspects of

price at which you can sell an investment in an investment in the securities. You should not

any class will enable you to realize a desired purchase the securities of any class unless you

yield on that investment. understand and are able to bear the prepayment,

yield, liquidity and market risks associated with

You will bear the market risks of your invest- that class.

ment. The market values of the classes are likely

to fluctuate. These fluctuations may be significant The actual characteristics of the underlying

and could result in significant losses to you. mortgage loans will affect the weighted

average lives and yields of your securities.

The secondary markets for mortgage-related The yield and decrement tables in this

securities have experienced periods of illiquidity supplement are based on assumed characteristics

and can be expected to do so in the future. which are likely to be different from the actual

Illiquidity can have a severely adverse effect on characteristics. As a result, the yields on your

the prices of classes that are especially sensitive securities could be lower than you expected, even

to prepayment or interest rate risk or that have if the mortgage loans prepay at the constant prebeen structured to meet the investment require- payment rates set forth in the applicable table.

ments of limited categories of investors.

It is highly unlikely that the underlying mortgage

The residual securities may experience significant loans will prepay at any of the prepayment rates

adverse tax timing consequences. Accordingly, assumed in this supplement, or at any constant

you are urged to consult tax advisors and to prepayment rate.

THE TRUST ASSETS

General

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

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

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

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

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

The Trust MBS (Groups 1, 2, 3, 7, 8, 9 and 10 and Subgroup 11A and 11B)

The Trust MBS are either:

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

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

Ginnie Mae.

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

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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 4 and 12 and Subgroups 5A, 5B, 6A and 6B)

The Group 4 and 12 and Subgroup 5A, 5B, 6A and 6B Trust Assets are Underlying Certificates that

represent beneficial ownership interests in one or more separate trust, 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, 2, 3, 7, 8, 9 and 10 and Subgroup 11A and 11B Trust

Assets are expected to have, on a weighted average basis, the characteristics set forth in the Terms Sheet

under “Assumed Characteristics of the Mortgage Loans Underlying the Group 1, 2, 3, 7, 8, 9 and 10 and

Subgroup 11A and 11B Trust Assets” and the general characteristics described in the Base Offering

Circular. The Mortgage Loans will consist of first lien, single-family, fixed rate, residential mortgage loans

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

Veterans Affairs, Rural Development (formerly the Rural Housing Service) or the United States Department of Housing and Urban Development (“HUD”). See “The Ginnie Mae Certificates — General” in the

Base Offering Circular.

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

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

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

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

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

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

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

Prepayment Considerations” in this Supplement.

The Trustee Fee

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

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

Mae Certificates in payment of the Trustee Fee.

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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

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.

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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 Classes The calendar month preceding the related Distribution Date

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

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

Toggle 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, Inverse Floating Rate and Toggle Classes

The Floating Rate, Inverse Floating Rate and Toggle Classes will bear interest as shown under

“Terms Sheet — Interest Rates” in this Supplement. The Interest Rates for the Floating Rate, Inverse

Floating Rate and Toggle Classes will be based on 30-day Average SOFR or CME Term SOFR as

described below.

The Interest Rate for the Group 2, 3, 9 and 10 Floating Rate, Inverse Floating Rate and Toggle

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.

The Interest Rate for the Group 5 Inverse Floating Rate Classes will be based on CME Term SOFR.

The Trustee or its agent will determine CME Term SOFR as described under “Description of the Securities — Interest Rate Indices — Determination of CME Term SOFR” in the Base Offering Circular.

S-16
If 30-day Average SOFR or CME Term SOFR, as applicable, ceases to be available or is no longer

representative, a replacement rate will be selected, as described under “Description of the Securities —

Interest Rate Indices — Benchmark Replacement” in the Base Offering Circular.

The Trustee’s determination of 30-day Average SOFR or CME Term 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 or

CME Term 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 AZ, BZ, CZ, DZ, EZ and ZA 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. 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. 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 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

S-17
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

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 shown on Schedule I to this Supplement. Similarly,

all or a portion of the related MX Class may be exchanged for proportionate interests in the related

Classes of REMIC Securities. 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.

S-18
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, Massachusetts, 02110, Attention: Ginnie Mae REMIC Trust 2024-042. 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). The fee must be paid concurrently with the exchange.

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

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

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

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

YIELD, MATURITY AND PREPAYMENT CONSIDERATIONS

General

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

the yields realized by investors in the related Securities.

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

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

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

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

including prevailing market interest rates and general economic factors.

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

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

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

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

would be expected to increase; and

 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

S-19
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 4, 5, 6 and 12 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 4, 5, 6 and 12 securities” in this Supplement.

Accretion Directed Classes

Classes A, BV, CV, DV, EV and GA are Accretion Directed Classes. The related Accrual Amount will

be applied to making principal distributions on those Classes as described in this Supplement.

Each of the Accretion Directed Classes (other than Class EV) has the AD designation in the suffix

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

payment stability through the applicable pricing prepayment assumption. Classes BV, CV, DV and EV

will have principal payment stability only through the prepayment rate shown in the table below.

Classes A and GA are not listed in the table below because, although they are entitled to receive payments from the related Accrual Amount, they do not have principal payment stability through any constant prepayment rate significantly higher than 0% PSA.

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

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

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

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

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

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

Class Principal Balance of such Class would be reduced to zero on, but not before, its Final

Distribution Date, and the Weighted Average Life of such Class would equal its maximum

Weighted Average Life shown in the table below.

 However, the Weighted Average Lives of Classes BV, CV, DV and EV 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

7 DV .......... 6.0 January 2035 142% PSA

11 BV .......... 6.0 February 2035 193% PSA

11 CV .......... 6.0 February 2035 186% PSA

12 EV ........... 6.0 April 2035 222% 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.

S-20
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 Classes BV, CV, DV and EV, the Class Principal Balance of such Class could be reduced

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

Assumability

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

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

Government Loans” in the Base Offering Circular.

Final Distribution Date

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

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

Class Notional Balance will be reduced to zero.

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

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

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

Modeling Assumptions

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

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

1. The Mortgage Loans underlying the Group 1, 2, 3, 7, 8, 9 and 10 and Subgroup 11A and 11B

Trust Assets have the assumed characteristics shown under “Assumed Characteristics of the Mortgage

Loans Underlying the Group 1, 2, 3, 7, 8, 9 and 10 and Subgroup 11A and 11B 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, 2, 3, 7, 8, 9 and 10 and Subgroup 11A and 11B 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

S-21
Trustee may cause a termination of the Trust as described under “Description of the Securities —

Termination” in this Supplement.

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

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

Decrement Tables

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

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

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

assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortgage Loans to which the model is applied. See “Yield, Maturity and Prepayment Considerations — Standard Prepayment Assumption Models” in the Base Offering Circular.

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

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

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

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

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

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balance (or, in the case of a Notional Class, the original Class Notional Balance) that would remain

outstanding following the distribution made each specified month for each Regular or MX Class, based

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

The 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-22
Percentage of Original Class Principal (or Class Notional) Balances

and Weighted Average Lives

Security Group 1

PSA Prepayment Assumption Rates

Class A Class AZ

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 .......... 99 92 86 80 74 105 105 105 105 105

March 2026 .......... 97 84 74 64 54 110 110 110 110 110

March 2027 .......... 96 77 63 50 39 116 116 116 116 116

March 2028 .......... 94 71 54 40 28 122 122 122 122 122

March 2029 .......... 93 64 45 31 20 128 128 128 128 128

March 2030 .......... 91 58 38 24 14 135 135 135 135 135

March 2031 .......... 89 53 32 18 9 142 142 142 142 142

March 2032 .......... 87 48 27 13 6 149 149 149 149 149

March 2033 .......... 85 43 22 10 3 157 157 157 157 157

March 2034 .......... 83 38 18 7 1 165 165 165 165 165

March 2035 .......... 80 34 14 4 0 173 173 173 173 141

March 2036 .......... 78 30 11 2 0 182 182 182 182 103

March 2037 .......... 75 26 8 0 0 191 191 191 191 74

March 2038 .......... 72 22 6 0 0 201 201 201 155 53

March 2039 .......... 69 19 3 0 0 211 211 211 119 38

March 2040 .......... 66 15 2 0 0 222 222 222 91 27

March 2041 .......... 62 12 0 0 0 234 234 229 69 19

March 2042 .......... 58 9 0 0 0 246 246 184 52 13

March 2043 .......... 54 7 0 0 0 258 258 146 38 9

March 2044 .......... 50 4 0 0 0 271 271 113 28 6

March 2045 .......... 45 1 0 0 0 285 285 86 19 4

March 2046 .......... 41 0 0 0 0 300 266 62 13 2 March 2047 .......... 35 0 0 0 0 315 195 43 8 1 March 2048 .......... 30 0 0 0 0 331 129 26 5 1 March 2049 .......... 24 0 0 0 0 348 67 13 2 0

March 2050 .......... 18 0 0 0 0 366 9 2 0 0

March 2051 .......... 11 0 0 0 0 385 0 0 0 0

March 2052 .......... 4 0 0 0 0 404 0 0 0 0

March 2053 .......... 0 0 0 0 0 287 0 0 0 0

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

Weighted Average

Life (years) ......... 18.4 8.6 5.5 3.9 3.0 29.3 23.8 20.4 16.6 13.5

Security Group 2

PSA Prepayment Assumption Rates

Classes FB, FC, FE, SB, TB and TC

Distribution Date 0% 100% 250% 415% 650% 900%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 97 94 90 85 80

March 2026 ..... 98 91 82 73 60 47

March 2027 ..... 97 85 69 54 36 21

March 2028 ..... 96 79 58 40 22 10

March 2029 ..... 95 73 49 30 13 4

March 2030 ..... 94 67 41 22 8 2

March 2031 ..... 92 62 34 16 5 1

March 2032 ..... 91 58 28 12 3 0

March 2033 ..... 89 53 24 9 2 0

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

March 2035 ..... 86 45 16 5 1 0

March 2036 ..... 84 41 13 3 0 0

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

March 2038 ..... 79 34 9 2 0 0

March 2039 ..... 77 31 7 1 0 0

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Weighted Average

Life (years) .... 20.5 11.3 6.3 4.2 2.9 2.2

S-23
Security Group 3 PSA Prepayment Assumption Rates

Classes FD and SD

Distribution Date 0% 100% 350% 575% 900% 1,200%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 97 92 87 80 74

March 2026 ..... 98 91 76 64 47 33

March 2027 ..... 97 85 60 41 21 9

March 2028 ..... 96 79 46 27 10 3

March 2029 ..... 95 73 36 17 4 1

March 2030 ..... 94 68 28 11 2 0

March 2031 ..... 92 62 22 7 1 0

March 2032 ..... 91 58 17 5 0 0

March 2033 ..... 89 53 13 3 0 0

March 2034 ..... 88 49 10 2 0 0

March 2035 ..... 86 45 8 1 0 0

March 2036 ..... 84 41 6 1 0 0

March 2037 ..... 82 37 5 0 0 0

March 2038 ..... 79 34 4 0 0 0

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

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

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

March 2042 ..... 68 22 1 0 0 0

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

March 2044 ..... 60 17 1 0 0 0

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

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

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

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

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

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

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

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

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

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

Weighted Average

Life (years) .... 20.5 11.3 4.8 3.2 2.2 1.7

Security Group 4 PSA Prepayment Assumption Rates

Class IA

Distribution Date 0% 100% 350% 550% 850% 1,100%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 98 92 77 65 48 33

March 2026 ..... 95 84 59 43 23 11 March 2027 ..... 92 77 46 28 11 4

March 2028 ..... 90 70 35 18 5 1 March 2029 ..... 87 64 27 12 2 0

March 2030 ..... 84 58 20 8 1 0

March 2031 ..... 80 52 15 5 1 0

March 2032 ..... 77 47 12 3 0 0

March 2033 ..... 73 42 9 2 0 0

March 2034 ..... 70 37 7 1 0 0

March 2035 ..... 66 33 5 1 0 0

March 2036 ..... 61 29 4 1 0 0

March 2037 ..... 57 26 3 0 0 0

March 2038 ..... 53 22 2 0 0 0

March 2039 ..... 48 19 1 0 0 0

March 2040 ..... 43 16 1 0 0 0

March 2041 ..... 37 13 1 0 0 0

March 2042 ..... 32 10 0 0 0 0

March 2043 ..... 26 8 0 0 0 0

March 2044 ..... 20 6 0 0 0 0

March 2045 ..... 14 4 0 0 0 0

March 2046 ..... 7 2 0 0 0 0

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

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

Weighted Average

Life (years) .... 13.6 8.6 3.7 2.3 1.4 0.9

S-24
Security Group 5 PSA Prepayment Assumption Rates

Class SM Class TM

Distribution Date 0% 100% 350% 550% 850% 1,100% 0% 100% 350% 550% 850% 1,100%

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

March 2025 ............. 98 92 77 66 48 33 98 92 77 66 48 33

March 2026 ............. 96 85 60 43 23 11 96 85 60 43 23 11

March 2027 ............. 93 78 46 28 11 4 93 78 46 28 11 4

March 2028 ............. 91 71 35 18 5 1 91 71 35 18 5 1

March 2029 ............. 89 65 27 12 3 0 88 65 27 12 2 0

March 2030 ............. 86 59 21 8 1 0 85 59 21 8 1 0

March 2031 ............. 83 54 16 5 1 0 83 54 16 5 1 0

March 2032 ............. 80 49 12 3 0 0 80 48 12 3 0 0

March 2033 ............. 77 44 9 2 0 0 76 44 9 2 0 0

March 2034 ............. 73 40 7 1 0 0 73 39 7 1 0 0

March 2035 ............. 70 35 5 1 0 0 69 35 5 1 0 0

March 2036 ............. 66 31 4 1 0 0 65 31 4 1 0 0

March 2037 ............. 62 28 3 0 0 0 61 27 3 0 0 0

March 2038 ............. 58 24 2 0 0 0 57 24 2 0 0 0

March 2039 ............. 54 21 2 0 0 0 53 21 2 0 0 0

March 2040 ............. 49 18 1 0 0 0 48 18 1 0 0 0

March 2041 ............. 44 15 1 0 0 0 43 15 1 0 0 0

March 2042 ............. 39 13 1 0 0 0 38 12 1 0 0 0

March 2043 ............. 33 10 0 0 0 0 32 10 0 0 0 0

March 2044 ............. 28 8 0 0 0 0 26 8 0 0 0 0

March 2045 ............. 22 6 0 0 0 0 20 5 0 0 0 0

March 2046 ............. 15 4 0 0 0 0 14 3 0 0 0 0

March 2047 ............. 9 2 0 0 0 0 7 2 0 0 0 0

March 2048 ............. 2 1 0 0 0 0 1 0 0 0 0 0

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

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

Weighted Average

Life (years) ........... 14.7 9.0 3.8 2.4 1.4 0.9 14.5 9.0 3.8 2.4 1.4 0.9

Security Group 6

PSA Prepayment Assumption Rates

Class N Class NI Class NT

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

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

March 2025 .......... 98 92 90 83 74 98 92 90 83 74 98 92 90 83 74

March 2026 .......... 95 84 81 69 55 95 84 81 69 55 95 84 81 69 55

March 2027 .......... 92 77 73 57 41 92 77 73 57 41 92 77 73 57 41

March 2028 .......... 90 70 66 47 30 90 70 66 47 30 90 70 66 47 30

March 2029 .......... 87 64 59 39 22 87 64 59 39 22 87 64 59 39 22 March 2030 .......... 84 58 53 32 16 84 58 53 32 16 84 58 53 32 16

March 2031 .......... 81 53 47 26 12 81 53 47 26 12 81 53 47 26 12

March 2032 .......... 78 47 42 21 9 78 47 42 21 9 78 47 42 21 9

March 2033 .......... 75 43 37 17 6 75 43 37 17 6 75 43 37 17 6

March 2034 .......... 71 38 33 14 5 71 38 33 14 5 71 38 33 14 5

March 2035 .......... 68 34 29 11 3 68 34 29 11 3 68 34 29 11 3

March 2036 .......... 64 31 25 9 2 64 31 25 9 2 64 31 25 9 2

March 2037 .......... 61 27 22 7 2 61 27 22 7 2 61 27 22 7 2 March 2038 .......... 57 24 19 6 1 57 24 19 6 1 57 24 19 6 1 March 2039 .......... 53 21 16 5 1 53 21 16 5 1 53 21 16 5 1 March 2040 .......... 49 18 14 4 1 49 18 14 4 1 49 18 14 4 1 March 2041 .......... 45 16 12 3 0 45 16 12 3 0 45 16 12 3 0

March 2042 .......... 40 13 10 2 0 40 13 10 2 0 40 13 10 2 0

March 2043 .......... 36 11 8 2 0 36 11 8 2 0 36 11 8 2 0

March 2044 .......... 31 9 6 1 0 31 9 6 1 0 31 9 6 1 0

March 2045 .......... 26 7 5 1 0 26 7 5 1 0 26 7 5 1 0

March 2046 .......... 21 5 4 1 0 21 5 4 1 0 21 5 4 1 0

March 2047 .......... 16 4 3 0 0 16 4 3 0 0 16 4 3 0 0

March 2048 .......... 10 2 2 0 0 10 2 2 0 0 10 2 2 0 0

March 2049 .......... 5 1 1 0 0 5 1 1 0 0 5 1 1 0 0

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

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

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

Weighted Average

Life (years) . . . . . . . . . 14.8 9.0 8.1 5.1 3.3 14.8 9.0 8.1 5.1 3.3 14.8 9.0 8.1 5.1 3.3

S-25
Security Group 7 PSA Prepayment Assumption Rates

Class DA Class DV Class DY Class DZ

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

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 94 92 90 93 93 93 93 93 100 100 100 100 100 106 106 106 106 106

March 2026 .......... 97 89 82 74 67 86 86 86 86 86 100 100 100 100 100 113 113 113 113 113

March 2027 .......... 95 79 64 51 38 78 78 78 78 78 100 100 100 100 100 120 120 120 120 120

March 2028 .......... 94 69 48 30 14 70 70 70 70 70 100 100 100 100 100 127 127 127 127 127

March 2029 .......... 92 60 35 14 0 62 62 62 62 50 100 100 100 100 94 135 135 135 135 135

March 2030 .......... 90 51 23 0 0 52 52 52 52 0 100 100 100 100 71 143 143 143 143 135

March 2031 .......... 87 43 12 0 0 43 43 43 3 0 100 100 100 81 53 152 152 152 152 101

March 2032 .......... 85 35 3 0 0 32 32 32 0 0 100 100 100 65 39 161 161 161 125 75

March 2033 .......... 82 28 0 0 0 21 21 1 0 0 100 100 91 52 29 171 171 171 100 56

March 2034 .......... 79 21 0 0 0 10 10 0 0 0 100 100 78 42 22 182 182 149 80 41

March 2035 .......... 76 15 0 0 0 0 0 0 0 0 100 100 67 34 16 191 191 127 64 31

March 2036 .......... 73 9 0 0 0 0 0 0 0 0 100 100 57 27 12 191 191 109 51 23

March 2037 .......... 70 3 0 0 0 0 0 0 0 0 100 100 49 21 9 191 191 93 41 17

March 2038 .......... 66 0 0 0 0 0 0 0 0 0 100 96 42 17 6 191 184 79 32 12

March 2039 .......... 62 0 0 0 0 0 0 0 0 0 100 87 35 13 5 191 167 67 26 9

March 2040 .......... 57 0 0 0 0 0 0 0 0 0 100 79 30 11 3 191 150 57 20 7

March 2041 .......... 53 0 0 0 0 0 0 0 0 0 100 71 25 8 3 191 135 48 16 5

March 2042 .......... 48 0 0 0 0 0 0 0 0 0 100 63 21 6 2 191 120 40 12 3

March 2043 .......... 42 0 0 0 0 0 0 0 0 0 100 56 17 5 1 191 107 33 9 2

March 2044 .......... 36 0 0 0 0 0 0 0 0 0 100 49 14 4 1 191 94 27 7 2

March 2045 .......... 30 0 0 0 0 0 0 0 0 0 100 43 12 3 1 191 82 22 6 1

March 2046 .......... 23 0 0 0 0 0 0 0 0 0 100 37 9 2 0 191 71 18 4 1

March 2047 .......... 15 0 0 0 0 0 0 0 0 0 100 31 7 2 0 191 60 14 3 1

March 2048 .......... 7 0 0 0 0 0 0 0 0 0 100 26 6 1 0 191 50 11 2 0

March 2049 .......... 00000 00000 98 21 4 1 0 187 40 820

March 2050 .......... 00000 00000 81 16 3 1 0 155 31 610

March 2051 .......... 00000 00000 63 12 2 0 0 120 23 410

March 2052 .......... 00000 00000 44 8100 83 15 300

March 2053 .......... 00000 00000 23 4100 43 7100

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) . . . . . . . . . 16.1 6.5 4.1 3.1 2.6 6.0 6.0 5.7 5.0 4.3 27.6 20.5 14.2 10.5 8.2 27.6 20.5 14.9 11.5 9.2

Security Group 8

PSA Prepayment Assumption Rates

Class GA Class GI Class ZA

Distribution Date 0% 100% 350% 550% 850% 1,100% 0% 100% 350% 550% 850% 1,100% 0% 100% 350% 550% 850% 1,100%

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

March 2025 ............. 99 95 88 82 72 65 99 96 90 84 76 69 104 104 104 104 104 104

March 2026 ............. 97 88 68 54 34 20 98 90 73 60 43 30 108 108 108 108 108 108

March 2027 ............. 96 80 50 30 9 0 98 84 57 40 21 10 113 113 113 113 113 87

March 2028 ............. 94 73 35 14 0 0 97 78 44 26 10 3 117 117 117 117 87 29

March 2029 ............. 92 66 23 4 0 0 95 72 35 17 5 1 122 122 122 122 42 10

March 2030 ............. 90 59 14 0 0 0 94 67 27 11 2 0 127 127 127 100 20 3

March 2031 ............. 88 53 6 0 0 0 93 62 21 8 1 0 132 132 132 66 10 1

March 2032 ............. 86 47 0 0 0 0 92 57 16 5 1 0 138 138 138 43 5 0

March 2033 ............. 83 41 0 0 0 0 90 53 13 3 0 0 143 143 109 28 2 0

March 2034 ............. 81 35 0 0 0 0 89 48 10 2 0 0 149 149 84 19 1 0

March 2035 ............. 78 30 0 0 0 0 87 44 7 1 0 0 155 155 65 12 1 0

March 2036 ............. 75 25 0 0 0 0 85 41 6 1 0 0 161 161 50 8 0 0

March 2037 ............. 72 20 0 0 0 0 83 37 4 1 0 0 168 168 38 5 0 0

March 2038 ............. 68 15 0 0 0 0 81 34 3 0 0 0 175 175 29 3 0 0

March 2039 ............. 65 11 0 0 0 0 78 31 3 0 0 0 182 182 22 2 0 0

March 2040 ............. 61 6 0 0 0 0 75 28 2 0 0 0 189 189 17 1 0 0

March 2041 ............. 56 2 0 0 0 0 72 25 1 0 0 0 197 197 13 1 0 0

March 2042 ............. 52 0 0 0 0 0 69 22 1 0 0 0 205 192 10 1 0 0

March 2043 ............. 47 0 0 0 0 0 66 19 1 0 0 0 214 170 7 0 0 0

March 2044 ............. 41 0 0 0 0 0 62 17 1 0 0 0 222 149 5 0 0 0

March 2045 ............. 35 0 0 0 0 0 58 15 0 0 0 0 231 129 4 0 0 0

March 2046 ............. 29 0 0 0 0 0 53 13 0 0 0 0 241 110 3 0 0 0

March 2047 ............. 22 0 0 0 0 0 49 11 0 0 0 0 251 93 2 0 0 0

March 2048 ............. 15 0 0 0 0 0 43 9 0 0 0 0 261 76 1 0 0 0

March 2049 ............. 7 0 0 0 0 0 37 7 0 0 0 0 271 60 1 0 0 0

March 2050 ............. 0 0 0 0 0 0 31 5 0 0 0 0 271 45 1 0 0 0

March 2051 ............. 0 0 0 0 0 0 24 4 0 0 0 0 212 31 0 0 0 0

March 2052 ............. 0 0 0 0 0 0 17 2 0 0 0 0 147 17 0 0 0 0

March 2053 ............. 00000 0 90000 0 77 4000 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) ............ 16.8 8.0 3.4 2.3 1.7 1.3 20.8 11.2 4.7 3.1 2.1 1.6 28.1 22.9 11.9 7.9 5.0 3.7

S-26
Security Group 9 PSA Prepayment Assumption Rates

Classes FG and SG

Distribution Date 0% 100% 350% 575% 900% 1,200%

Initial Percent . . . 100 100 100 100 100 100

March 2025 ..... 99 97 92 87 80 74

March 2026 ..... 98 91 76 64 47 33

March 2027 ..... 97 85 60 41 21 9

March 2028 ..... 96 79 46 27 10 3

March 2029 ..... 95 73 36 17 4 1

March 2030 ..... 94 67 28 11 2 0

March 2031 ..... 92 62 22 7 1 0

March 2032 ..... 91 57 17 5 0 0

March 2033 ..... 89 53 13 3 0 0

March 2034 ..... 88 49 10 2 0 0

March 2035 ..... 86 45 8 1 0 0

March 2036 ..... 84 41 6 1 0 0

March 2037 ..... 82 37 5 0 0 0

March 2038 ..... 79 34 3 0 0 0

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

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

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

March 2042 ..... 68 22 1 0 0 0

March 2043 ..... 64 19 1 0 0 0

March 2044 ..... 60 17 1 0 0 0

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

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

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

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

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

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

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

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

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

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

Weighted Average

Life (years) .... 20.5 11.3 4.8 3.2 2.2 1.7

Security Group 10

PSA Prepayment Assumption Rates

Classes FA and SA Class M Class MY

Distribution Date 0% 100% 235% 350% 500% 0% 100% 235% 350% 500% 0% 100% 235% 350% 500%

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

March 2025 .......... 99 97 93 91 87 99 95 90 86 81 100 100 100 100 100

March 2026 .......... 98 91 82 75 66 97 86 72 61 48 100 100 100 100 100

March 2027 .......... 97 84 70 58 46 95 76 53 36 16 100 100 100 100 100

March 2028 .......... 96 78 59 45 31 94 66 37 16 0 100 100 100 100 90

March 2029 .......... 95 72 50 35 22 92 57 23 0 0 100 100 100 100 62

March 2030 .......... 93 67 42 27 15 90 49 11 0 0 100 100 100 78 42

March 2031 .......... 92 62 35 21 10 87 41 1 0 0 100 100 100 61 29

March 2032 .......... 90 57 30 16 7 85 33 0 0 0 100 100 85 47 20

March 2033 .......... 89 52 25 13 5 82 26 0 0 0 100 100 71 36 14

March 2034 .......... 87 48 21 10 3 80 20 0 0 0 100 100 60 28 9

March 2035 .......... 85 44 18 8 2 77 13 0 0 0 100 100 50 22 6

March 2036 .......... 83 40 15 6 2 73 7 0 0 0 100 100 42 16 4

March 2037 .......... 80 36 12 4 1 70 2 0 0 0 100 100 35 13 3

March 2038 .......... 78 33 10 3 1 66 0 0 0 0 100 94 29 10 2

March 2039 .......... 75 30 8 3 0 62 0 0 0 0 100 85 24 7 1

March 2040 .......... 73 27 7 2 0 58 0 0 0 0 100 76 20 6 1

March 2041 .......... 70 24 6 1 0 53 0 0 0 0 100 68 16 4 1

March 2042 .......... 66 21 5 1 0 48 0 0 0 0 100 61 13 3 0

March 2043 .......... 63 19 4 1 0 43 0 0 0 0 100 54 10 2 0

March 2044 .......... 59 16 3 1 0 37 0 0 0 0 100 47 8 2 0

March 2045 .......... 55 14 2 0 0 30 0 0 0 0 100 41 7 1 0

March 2046 .......... 50 12 2 0 0 24 0 0 0 0 100 35 5 1 0

March 2047 .......... 46 10 1 0 0 16 0 0 0 0 100 29 4 1 0

March 2048 .......... 40 8 1 0 0 8 0 0 0 0 100 24 3 0 0

March 2049 .......... 35 7 1 0 0 0 0 0 0 0 99 19 2 0 0

March 2050 .......... 29 5 1 0 0 0 0 0 0 0 82 14 1 0 0

March 2051 .......... 22 3 0 0 0 0 0 0 0 0 64 10 1 0 0

March 2052 .......... 16 2 0 0 0 0 0 0 0 0 44 6 0 0 0

March 2053 .......... 8 1 0 0 0 0 0 0 0 0 23 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) ......... 20.2 11.1 6.5 4.8 3.5 16.2 6.2 3.4 2.5 1.9 27.7 20.1 12.4 8.9 6.4

S-27
Security Group 11 PSA Prepayment Assumption Rates

Class B Class BV Class BY Class BZ

Distribution Date 0% 100% 230% 350% 500% 0% 100% 230% 350% 500% 0% 100% 230% 350% 500% 0% 100% 230% 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 95 91 87 82 93 93 93 93 93 100 100 100 100 100 106 106 106 106 106

March 2026 .......... 97 87 76 65 53 86 86 86 86 86 100 100 100 100 100 112 112 112 112 112

March 2027 .......... 96 79 60 44 27 78 78 78 78 78 100 100 100 100 100 118 118 118 118 118

March 2028 .......... 94 70 46 27 9 70 70 70 70 70 100 100 100 100 100 125 125 125 125 125

March 2029 .......... 92 63 34 14 0 61 61 61 61 38 100 100 100 100 89 132 132 132 132 132

March 2030 .......... 90 55 24 4 0 52 52 52 52 0 100 100 100 100 61 139 139 139 139 112

March 2031 .......... 88 49 16 0 0 43 43 43 17 0 100 100 100 88 42 147 147 147 147 77

March 2032 .......... 86 42 8 0 0 32 32 32 0 0 100 100 100 68 29 155 155 155 124 52

March 2033 .......... 84 36 2 0 0 22 22 22 0 0 100 100 100 53 20 164 164 164 96 36

March 2034 .......... 81 31 0 0 0 10 10 0 0 0 100 100 90 41 13 173 173 164 74 24

March 2035 .......... 79 25 0 0 0 0 0 0 0 0 100 100 76 31 9 182 182 137 57 17

March 2036 .......... 76 20 0 0 0 0 0 0 0 0 100 100 63 24 6 182 182 115 43 11

March 2037 .......... 73 16 0 0 0 0 0 0 0 0 100 100 53 18 4 182 182 95 33 8

March 2038 .......... 70 11 0 0 0 0 0 0 0 0 100 100 44 14 3 182 182 79 25 5

March 2039 .......... 66 7 0 0 0 0 0 0 0 0 100 100 36 10 2 182 182 66 19 3

March 2040 .......... 62 3 0 0 0 0 0 0 0 0 100 100 30 8 1 182 182 54 14 2

March 2041 .......... 58 0 0 0 0 0 0 0 0 0 100 99 24 6 1 182 180 44 11 2

March 2042 .......... 54 0 0 0 0 0 0 0 0 0 100 88 20 4 1 182 159 36 8 1

March 2043 .......... 49 0 0 0 0 0 0 0 0 0 100 77 16 3 0 182 140 29 6 1

March 2044 .......... 44 0 0 0 0 0 0 0 0 0 100 67 13 2 0 182 122 23 4 0

March 2045 .......... 39 0 0 0 0 0 0 0 0 0 100 58 10 2 0 182 106 18 3 0

March 2046 .......... 33 0 0 0 0 0 0 0 0 0 100 50 8 1 0 182 90 14 2 0

March 2047 .......... 27 0 0 0 0 0 0 0 0 0 100 41 6 1 0 182 75 11 2 0

March 2048 .......... 20 0 0 0 0 0 0 0 0 0 100 34 5 1 0 182 61 8 1 0

March 2049 .......... 13 0 0 0 0 0 0 0 0 0 100 26 3 0 0 182 48 6 1 0

March 2050 .......... 6 0 0 0 0 0 0 0 0 0 100 20 2 0 0 182 36 4 0 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0 92 13 1 0 0 167 24 3 0 0

March 2052 .......... 0 0 0 0 0 0 0 0 0 0 63 7 1 0 0 115 13 1 0 0

March 2053 .......... 0 0 0 0 0 0 0 0 0 0 33 2 0 0 0 59 3 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) . . . . . . . . . 17.3 7.4 4.1 2.9 2.2 6.0 6.0 5.9 5.1 4.1 28.4 22.3 14.5 10.3 7.4 28.4 22.3 14.8 11.0 8.1

PSA Prepayment Assumption Rates

Class C Class CV Class CY Class CZ

Distribution Date 0% 100% 230% 350% 500% 0% 100% 230% 350% 500% 0% 100% 230% 350% 500% 0% 100% 230% 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 93 90 87 93 93 93 93 93 100 100 100 100 100 106 106 106 106 106

March 2026 .......... 97 89 80 71 61 86 86 86 86 86 100 100 100 100 100 112 112 112 112 112

March 2027 .......... 96 80 63 48 32 78 78 78 78 78 100 100 100 100 100 118 118 118 118 118

March 2028 .......... 94 72 48 30 11 70 70 70 70 70 100 100 100 100 100 125 125 125 125 125

March 2029 .......... 92 64 35 15 0 61 61 61 61 42 100 100 100 100 91 132 132 132 132 132

March 2030 .......... 90 56 25 4 0 52 52 52 52 0 100 100 100 100 63 139 139 139 139 114

March 2031 .......... 88 49 16 0 0 43 43 43 14 0 100 100 100 87 43 147 147 147 147 78

March 2032 .......... 86 42 8 0 0 32 32 32 0 0 100 100 100 67 29 155 155 155 122 54

March 2033 .......... 84 36 1 0 0 22 22 22 0 0 100 100 100 52 20 164 164 164 94 37

March 2034 .......... 81 30 0 0 0 10 10 0 0 0 100 100 87 40 14 173 173 158 73 25

March 2035 .......... 78 25 0 0 0 0 0 0 0 0 100 100 73 31 9 182 182 132 56 17

March 2036 .......... 75 19 0 0 0 0 0 0 0 0 100 100 61 24 6 182 182 110 43 12

March 2037 .......... 72 14 0 0 0 0 0 0 0 0 100 100 51 18 4 182 182 92 33 8

March 2038 .......... 69 10 0 0 0 0 0 0 0 0 100 100 42 14 3 182 182 76 25 5

March 2039 .......... 65 6 0 0 0 0 0 0 0 0 100 100 35 10 2 182 182 63 19 4

March 2040 .......... 61 1 0 0 0 0 0 0 0 0 100 100 29 8 1 182 182 52 14 2

March 2041 .......... 57 0 0 0 0 0 0 0 0 0 100 93 23 6 1 182 169 43 11 2

March 2042 .......... 53 0 0 0 0 0 0 0 0 0 100 83 19 4 1 182 150 35 8 1

March 2043 .......... 48 0 0 0 0 0 0 0 0 0 100 73 15 3 0 182 132 28 6 1

March 2044 .......... 43 0 0 0 0 0 0 0 0 0 100 64 12 2 0 182 116 22 4 0

March 2045 .......... 37 0 0 0 0 0 0 0 0 0 100 55 10 2 0 182 100 18 3 0

March 2046 .......... 31 0 0 0 0 0 0 0 0 0 100 47 8 1 0 182 85 14 2 0

March 2047 .......... 25 0 0 0 0 0 0 0 0 0 100 39 6 1 0 182 71 11 2 0

March 2048 .......... 18 0 0 0 0 0 0 0 0 0 100 32 4 1 0 182 58 8 1 0

March 2049 .......... 11 0 0 0 0 0 0 0 0 0 100 25 3 0 0 182 46 6 1 0

March 2050 .......... 3 0 0 0 0 0 0 0 0 0 100 19 2 0 0 182 34 4 0 0

March 2051 .......... 0 0 0 0 0 0 0 0 0 0 84 13 1 0 0 153 24 2 0 0

March 2052 .......... 0 0 0 0 0 0 0 0 0 0 58 7 1 0 0 106 13 1 0 0

March 2053 .......... 0 0 0 0 0 0 0 0 0 0 30 2 0 0 0 55 4 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) . . . . . . . . . 17.0 7.4 4.2 3.1 2.4 6.0 6.0 5.9 5.1 4.2 28.3 22.0 14.3 10.2 7.4 28.3 22.0 14.7 11.0 8.2

S-28
Security Group 11 PSA Prepayment Assumption Rates

Class VC Class YC Class ZC

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

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

March 2025 .......... 93 93 93 93 93 100 100 100 100 100 106 106 106 106 106

March 2026 .......... 86 86 86 86 86 100 100 100 100 100 112 112 112 112 112

March 2027 .......... 78 78 78 78 78 100 100 100 100 100 118 118 118 118 118

March 2028 .......... 70 70 70 70 70 100 100 100 100 100 125 125 125 125 125

March 2029 .......... 61 61 61 61 40 100 100 100 100 90 132 132 132 132 132

March 2030 .......... 52 52 52 52 0 100 100 100 100 62 139 139 139 139 113

March 2031 .......... 43 43 43 15 0 100 100 100 88 43 147 147 147 147 77

March 2032 .......... 32 32 32 0 0 100 100 100 68 29 155 155 155 123 53

March 2033 .......... 22 22 22 0 0 100 100 100 52 20 164 164 164 95 36

March 2034 .......... 10 10 0 0 0 100 100 88 40 14 173 173 160 73 25

March 2035 .......... 0 0 0 0 0 100 100 74 31 9 182 182 134 56 17

March 2036 .......... 0 0 0 0 0 100 100 62 24 6 182 182 112 43 11

March 2037 .......... 0 0 0 0 0 100 100 52 18 4 182 182 94 33 8

March 2038 .......... 0 0 0 0 0 100 100 43 14 3 182 182 78 25 5

March 2039 .......... 0 0 0 0 0 100 100 35 10 2 182 182 64 19 4

March 2040 .......... 0 0 0 0 0 100 100 29 8 1 182 182 53 14 2

March 2041 .......... 0 0 0 0 0 100 96 24 6 1 182 174 43 11 2

March 2042 .......... 0 0 0 0 0 100 85 19 4 1 182 154 35 8 1

March 2043 .......... 0 0 0 0 0 100 75 16 3 0 182 136 28 6 1

March 2044 .......... 0 0 0 0 0 100 65 13 2 0 182 119 23 4 0

March 2045 .......... 0 0 0 0 0 100 56 10 2 0 182 102 18 3 0

March 2046 .......... 0 0 0 0 0 100 48 8 1 0 182 87 14 2 0

March 2047 .......... 0 0 0 0 0 100 40 6 1 0 182 73 11 2 0

March 2048 .......... 0 0 0 0 0 100 33 4 1 0 182 59 8 1 0

March 2049 .......... 0 0 0 0 0 100 26 3 0 0 182 47 6 1 0

March 2050 .......... 0 0 0 0 0 100 19 2 0 0 182 35 4 0 0

March 2051 .......... 0 0 0 0 0 88 13 1 0 0 159 24 3 0 0

March 2052 .......... 0 0 0 0 0 60 7 1 0 0 110 13 1 0 0

March 2053 .......... 0 0 0 0 0 31 2 0 0 0 57 4 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 6.0 6.0 5.9 5.1 4.2 28.3 22.2 14.4 10.3 7.4 28.3 22.2 14.8 11.0 8.2

Security Group 12

PSA Prepayment Assumption Rates

Class EV Class EY Class EZ

Distribution Date 0% 100% 210% 350% 500% 0% 100% 210% 350% 500% 0% 100% 210% 350% 500%

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

March 2025 .......... 93 93 93 93 93 100 100 100 100 100 105 105 105 105 105

March 2026 .......... 85 85 85 85 85 100 100 100 100 100 109 109 109 109 109

March 2027 .......... 78 78 78 78 78 100 100 100 100 100 114 114 114 114 114

March 2028 .......... 69 69 69 69 69 100 100 100 100 100 120 120 120 120 120

March 2029 .......... 61 61 61 61 61 100 100 100 100 100 125 125 125 125 125

March 2030 .......... 52 52 52 52 0 100 100 100 100 75 131 131 131 131 123

March 2031 .......... 42 42 42 42 0 100 100 100 100 53 137 137 137 137 88

March 2032 .......... 33 33 33 0 0 100 100 100 85 37 143 143 143 139 60

March 2033 .......... 22 22 22 0 0 100 100 100 67 25 150 150 150 110 42

March 2034 .......... 12 12 12 0 0 100 100 100 53 17 157 157 157 87 29

March 2035 .......... 0 0 0 0 0 100 100 100 41 12 164 164 164 67 20

March 2036 .......... 0 0 0 0 0 100 100 94 31 8 164 164 154 52 13

March 2037 .......... 0 0 0 0 0 100 100 80 24 6 164 164 132 40 9

March 2038 .......... 0 0 0 0 0 100 100 69 19 4 164 164 113 31 6

March 2039 .......... 0 0 0 0 0 100 100 59 14 3 164 164 97 23 4

March 2040 .......... 0 0 0 0 0 100 100 50 11 2 164 164 82 18 3

March 2041 .......... 0 0 0 0 0 100 100 41 8 1 164 164 68 13 2

March 2042 .......... 0 0 0 0 0 100 100 34 6 1 164 164 57 10 1

March 2043 .......... 0 0 0 0 0 100 100 28 4 0 164 164 47 7 1

March 2044 .......... 0 0 0 0 0 100 90 23 3 0 164 147 38 5 1

March 2045 .......... 0 0 0 0 0 100 79 19 2 0 164 129 31 4 0

March 2046 .......... 0 0 0 0 0 100 68 15 2 0 164 112 24 3 0

March 2047 .......... 0 0 0 0 0 100 58 12 1 0 164 95 19 2 0

March 2048 .......... 0 0 0 0 0 100 48 9 1 0 164 78 14 1 0

March 2049 .......... 0 0 0 0 0 100 37 6 1 0 164 62 11 1 0

March 2050 .......... 0 0 0 0 0 100 28 4 0 0 164 46 7 1 0

March 2051 .......... 0 0 0 0 0 91 19 3 0 0 149 31 5 0 0

March 2052 .......... 0 0 0 0 0 54 10 1 0 0 88 17 2 0 0

March 2053 .......... 0 0 0 0 0 10 2 0 0 0 16 3 0 0 0

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

Weighted Average

Life (years) . . . . . . . . . 6.0 6.0 6.0 5.4 4.4 28.1 23.9 17.0 11.3 8.0 28.1 23.9 17.0 11.8 8.6

S-29
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 4, 5, 6 and 12 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, an Inverse Floating Rate or a Toggle Class, the investor’s own projection of levels of CME Term SOFR or 30-day Average SOFR, as applicable, under a variety of

scenarios.

No representation is made regarding Mortgage Loan prepayment rates, Underlying

Certificate payment rates, CME Term SOFR levels, 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

S-30
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.

CME Term SOFR and 30-day Average SOFR: Effect on Yields of the Floating Rate, Inverse Floating Rate

and Toggle Classes

Low levels of CME Term SOFR and 30-day Average SOFR, as applicable, can reduce the yield of

the Floating Rate, and under certain circumstances, Toggle Classes. High levels of CME Term SOFR and

30-day Average SOFR, as applicable, can significantly reduce the yield of the Inverse Floating Rate, and

under certain circumstances, Toggle Classes. In addition, the Floating Rate Classes will not necessarily

benefit from a higher yield at high levels of CME Term SOFR and 30-day Average SOFR, as applicable,

and certain Inverse Floating Rate, and under certain circumstances, Toggle Classes may not benefit from

particularly low levels of CME Term SOFR and 30-day Average SOFR, as applicable, because the rate on

such Classes is capped at a maximum rate described under “Terms Sheet — Interest Rates.”

The interest rate formula for Class SM which is based on CME Term SOFR, has been adjusted to

account for the spread adjustment applied to the related Underlying Certificates in connection with

LIBOR transition. See “Underlying Certificates” in the Base Offering Circular. The minimum and maximum rate for Class SM, however, is based on the minimum and maximum rate for the related Underlying Certificates. This means that the spread adjustment may impact whether the minimum or

maximum rate for Class SM is reached.

Payment Delay: Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its

Interest Rate and purchase price because, on each Distribution Date, 30 days’ interest will be payable on

(or added to the principal amount of) that Class even though interest began to accrue approximately

50 days earlier.

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of

specified Classes at various constant percentages of PSA and, in the case of the Inverse Floating Rate

and Toggle Classes, at various constant levels of CME Term SOFR or 30-day Average SOFR, as

applicable.

The Mortgage Loans will not prepay at any constant rate until maturity, and it is unlikely that CME

Term SOFR or 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.

S-31
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 and

Toggle Class for each Accrual Period following the first Accrual Period will be based on the indicated

level of CME Term SOFR or 30-day Average SOFR, as applicable, 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-32
SECURITY GROUP 2

Sensitivity of Class SB to Prepayments

Assumed Price 1.75%

PSA Prepayment Assumption Rates

30-day Average SOFR

3.88218% ............

4.32471% ............

4.76724% ............

5.20976% and above . . .

100%

78.2%

47.9%

19.1%

**

250%

70.8%

40.1%

10.8%

**

415%

62.5%

31.3%

1.3%

**

650%

50.3%

18.4%

(12.9)%

**

900%

36.8%

4.0%

(29.0)%

**

Sensitivity of Class TB to Prepayments

Assumed Price 0.25%*

30-day Average SOFR

5.200% and below ......

5.275% ...............

5.350% and above ......

100%

59.4%

24.6%

**

PSA Prepayment Assumption Rates

250% 415% 650%

51.8% 43.2% 30.6%

16.4% 7.1% (6.8)%

  ** 

900%

16.7%

(22.5)%

**

Sensitivity of Class TC to Prepayments

Assumed Price 0.25%

30-day Average SOFR

5.19999% and below . . .

5.22500% ............

5.25000% and above . . .

100%

**

7,734.9%

**

PSA Prepayment Assumption Rates

250% 415% 650%

  ** 

7,678.9% 7,616.4% 7,525.9%

**  

900%

** 

7,427.5%

**

SECURITY GROUP 3

Sensitivity of Class SD to Prepayments

Assumed Price 2.5%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 350% 575% 900% 1,200%

3.86206% ............ 53.7% 40.8% 28.7% 10.4% (7.4)%

4.32471% ............ 32.3% 18.8% 6.0% (13.5)% (32.8)%

4.78736% ............ 11.5% (2.8)% (16.6)% (38.2)% (60.1)%

5.25000% 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-33
SECURITY GROUP 4

Sensitivity of Class IA to Prepayments

Assumed Price 22.75%*

PSA Prepayment Assumption Rates

100%

9.6%

242%

0.0%

350%

(7.6)%

550%

(22.6)%

850%

(48.0)%

1,100%

(73.4)%

SECURITY GROUP 5

Sensitivity of Class SM to Prepayments

Assumed Price 9.5%*

CME Term SOFR

4.32875% ............

5.32875% ............

5.65714% ............

5.98552% and above . . .

100%

7.6%

(5.9)%

(12.4)%

**

PSA Prepayment Assumption Rates

350% 550% 850%

(9.4)% (24.3)% (49.6)%

(21.9)% (35.9)% (60.0)%

(28.0)% (41.5)% (65.4)%

  ** 

1,100%

(75.0)%

(85.2)%

(91.0)%

**

Sensitivity of Class TM to Prepayments

Assumed Price 2.75%*

CME Term SOFR

5.98551% and below .....

6.04552% ..............

6.10552% and above .....

100%

29.1%

8.8%

**

PSA Prepayment Assumption Rates

350% 550% 850%

10.5% (5.8)% (33.4)%

(8.4)% (23.4)% (49.1)%

  ** 

1,100%

(60.9)%

(75.4)%

**

SECURITY GROUP 6

Sensitivity of Class NI to Prepayments

Assumed Price 16.25%*

100%

8.5%

PSA Prepayment Assumption Rates

125% 226% 250%

6.9% 0.1% (1.6)%

400%

(12.3)%

SECURITY GROUP 8

Sensitivity of Class GI to Prepayments

Assumed Price 20.75%*

100%

28.4%

PSA Prepayment Assumption Rates

350% 550% 570% 850%

13.8% 1.3% 0.0% (18.7)%

1,100%

(36.9)%

* 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-34
SECURITY GROUP 9

Sensitivity of Class SG to Prepayments

Assumed Price 2.75%*

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 350% 575% 900% 1,200%

4.32471% ............ 34.7% 21.3% 8.6% (10.7)% (29.8)%

5.32471% ............ (10.4)% (25.1)% (39.5)% (64.7)% (92.0)%

5.36236% ............ (14.7)% (29.2)% (43.6)% (69.9)% (98.4)%

5.40000% and above . . . **   **  **

SECURITY GROUP 10

Sensitivity of Class SA to Prepayments

Assumed Price 2.5%

PSA Prepayment Assumption Rates

30-day Average SOFR 100% 235% 350% 500%

3.86206% ...................... 53.3% 46.2% 40.0% 31.7%

4.32471% ...................... 32.0% 24.6% 18.1% 9.4%

4.78736% ...................... 11.3% 3.6% (3.3)% (12.5)%

5.25000% and above .............   **  **

* The price does not include accrued interest. Accrued interest has been added to the price in calculating the yields set forth in the table.

** Indicates that investors will suffer a loss of virtually all of their investment.

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion, when read in conjunction with the discussion of “Certain

United States Federal Income Tax Consequences” in the Base Offering Circular, describes the material

United States federal income tax considerations for investors in the Securities. However, these two tax

discussions do not purport to deal with all United States federal tax consequences applicable to all

categories of investors, some of which may be subject to special rules.

REMIC Election

In the opinion of Orrick, Herrington & Sutcliffe 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.

S-35
The prepayment assumption that should be used in determining the rates of accrual of OID, if any,

on the Regular Securities (as described in “Yield, Maturity and Prepayment Considerations” in this Supplement) is as follows:

Group(s) PSA

1 and 7

2

3 and 9

4, 5 and 8

6

10

11

12

200%

415%

575%

550%

125%

235%

230%

210%

In the case of the Floating Rate, Inverse Floating Rate and Toggle 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 Adjusted CME Term

SOFR, CME Term SOFR or 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

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.

S-36
OID accruals on the Underlying Certificates will be computed using the same prepayment assumption as set forth under “Certain United States Federal Income Tax Consequences—Regular Securities” in

this Supplement.

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX

Classes, see “Certain United States Federal Income Tax Consequences — Tax Treatment of MX Securities”,

“— Exchanges of MX Classes and Regular Classes” and “— Taxation of Foreign Holders of REMIC Securities and MX Securities” in the Base Offering Circular.

Investors should consult their own tax advisors in determining the United States federal,

state, local, foreign and any other tax consequences to them of the purchase, ownership and

disposition of the Securities.

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities. The

Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America. The

Regular and MX Securities will qualify as “guaranteed governmental mortgage pool certificates” within

the meaning of a Department of Labor regulation, the effect of which is to provide that mortgage loans

and participations therein underlying a “guaranteed governmental mortgage pool certificate” will not be

considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act

of 1974, as amended (“ERISA”), or subject to Section 4975 of the Code (each, a “Plan”), solely by reason

of the Plan’s purchase and holding of that certificate.

Prospective Plan Investors should consult with their advisors to determine whether the

purchase, holding or resale of a Security could give rise to a transaction that is prohibited or is

not otherwise permissible under either ERISA or the Code.

Governmental plans and certain church plans, while not subject to the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions of ERISA and the Code, may nevertheless be

subject to local, state or other federal laws that are substantially similar to the foregoing provisions of

ERISA and the Code (“Similar Law”).

Fiduciaries of any such Plans or governmental or church plans subject to Similar Law should consult with their counsel before purchasing any of the Securities.

See “ERISA Considerations” in the Base Offering Circular.

The Residual Securities are not offered to, and may not be transferred to, a Plan Investor.

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.

S-37
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 Classes

and (2) March 20, 2024 on the Floating Rate, Inverse Floating Rate and Toggle Classes. The Sponsor

may effect these transactions by sales to or through certain securities dealers. These dealers may receive

compensation in the form of discounts, concessions or commissions from the Sponsor and/or commissions from any purchasers for which they act as agents. Some of the Securities may be sold through

dealers in relatively small sales. In the usual case, the commission charged on a relatively small sale of

securities will be a higher percentage of the sales price than that charged on a large sale of securities.

INCREASE IN SIZE

Before the Closing Date, Ginnie Mae, the Trustee and the Sponsor may agree to increase the size of

this offering. In that event, the Securities will have the same characteristics as described in this

Supplement, except that the Original Class Principal Balance (or original Class Notional Balance). 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 Orrick, Herrington & Sutcliffe LLP and Marcell Solomon & Associates, P.C., and for the Trustee

by Faegre Drinker Biddle & Reath LLP.

S-38
S-I-1

Schedule I

Available Combinations(1)

REMIC Securities MX Securities

Original Class

Principal Balance Maximum Final

or Class Notional Related Original Class Principal Interest Interest CUSIP Distribution

Class Balance MX Class Principal Balance(2) Type (3) Rate Type(3) Number Date (4)

Security Group 2

Combination 1

FC $165,000,000 FB $165,000,000 PT (5) FLT 38384KJW2 March 2054

TB 165,000,000

Security Group 6

Combination 2

N $ 11,641,482 NT $ 11,641,482 SC/PT 3.00% FIX 38384KJX0 May 2051

NI 7,760,988

Security Group 7

Combination 3

DV $ 7,903,000 DY $ 16,613,644 SEQ 6.00% FIX 38384KJY8 March 2054

DZ 8,710,644

Security Group 11

Combination 4

CV $ 8,624,000 CY $ 19,199,000 SEQ 5.50% FIX 38384KJZ5 March 2054

CZ 10,575,000

Combination 5

BV $ 6,889,000 BY $ 15,338,000 SEQ 5.50% FIX 38384KKA8 March 2054

BZ 8,449,000

Combination 6

BV $ 6,889,000 YC $ 34,537,000 SEQ 5.50% FIX 38384KKB6 March 2054

BZ 8,449,000CV 8,624,000CZ 10,575,000

Combination 7

BV $ 6,889,000 VC $ 15,513,000 SEQ/AD 5.50% FIX 38384KKC4 February 2035

CV 8,624,000
REMIC Securities MX Securities

S-I-2

Original Class

Principal Balance Maximum Final

or Class Notional Related Original Class Principal Interest Interest CUSIP Distribution

Class Balance MX Class Principal Balance(2) Type (3) Rate Type(3) Number Date (4)

Combination 8

BZ $ 8,449,000 ZC $ 19,024,000 SEQ 5.50% FIX/Z 38384KKD2 March 2054

CZ 10,575,000

Security Group 12

Combination 9

EV $ 8,910,000 EY $ 22,785,849 SC/PT 4.50% FIX 38384KKE0 February 2054EZ 13,875,849

(1) All exchanges must comply with minimum denomination restrictions.

(2) The amount shown for each MX Class represents the maximum Original Class Principal 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.
A-1

Exhibit A

Underlying Certificates

Original

Principal Principal

Trust Asset Final or Notional Underlying or Notional Percentage Ginnie

Group or CUSIP Interest Interest Distribution Principal Balance of Certificate Balance in of Class Mae I

Subgroup Issuer Series Class Issue Date Number Rate Type(1) Date Type(1) Class Factor(2) Trust in Trust or II

4 Ginnie Mae 2018-005 IA January 30, 2018 38380UYP2 4.50% FIX/IO January 2048 NTL(PT) $40,437,030 0.21631512 $ 8,747,141.00 100.0000000000% II

4 Ginnie Mae 2018-006 NI January 30, 2018 38380U5U3 4.50 FIX/IO January 2048 NTL(PT) 53,358,769 0.24068040 12,842,409.87 100.0000000000 II

5A Ginnie Mae 2022-215 DS(3) December 30, 2022 38383LSE1 (4) INV/IO July 2049 NTL(SC/PT) 20,421,331 0.85726157 17,506,422.27 100.0000000000 II

5B Ginnie Mae 2018-124 SH September 28, 2018 38380YZ73 (4) INV/IO September 2048 NTL(PT) 40,430,479 0.30991170 12,529,878.48 100.0000000000 II

6A Ginnie Mae 2021-087 BD(5) May 28, 2021 38382TJR6 1.00 FIX May 2051 PAC/AD 50,000,000 0.58207413 11,641,482.60 40.0000000000 II

6B Ginnie Mae 2021-067 PI April 30, 2021 38382RR75 3.00 FIX/IO April 2051 NTL(PAC/AD) 66,043,333 0.54204519 7,760,988.40 21.6796644712 II

12 Ginnie Mae 2024-026 BY(5) February 29, 2024 38384J7V0 4.50 FIX February 2054 SEQ 13,307,667 1.00000000 1,378,092.00 10.3556243179 II

12 Ginnie Mae 2024-026 CY(5) February 29, 2024 38384J7W8 4.50 FIX February 2054 SEQ 24,397,667 1.00000000 21,303,825.00 87.3191071917 II

12 Ginnie Mae 2024-026 YA February 29, 2024 38384J6W9 4.50 FIX February 2054 SEQ 4,469,667 1.00000000 103,932.00 2.3252738962 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) Class DS is backed by previously issued Ginnie Mae REMIC certificates, as outlined below:

 REMIC Class SH from 2018-168 REMIC Class SL from 2019-083

(4) The Interest Rate will be calculated as described under “Terms Sheet — Interest Rates” in the related Underlying Certificate Disclosure

Document.

(5) MX Class.
$947,287,611

Government National

Mortgage Association

GINNIE MAEÈ

Guaranteed REMIC

Pass-Through Securities

and MX Securities

Ginnie Mae REMIC Trust 2024-042

OFFERING CIRCULAR SUPPLEMENT

March 22, 2024

BofA Securities

Drexel Hamilton, LLC