Ginnie Mae has announced revisions to its monthly single-family reporting requirements to include expanded Payment Default Status (PDS) reporting.
According to All Participants Memorandum (APM) 24-06, the expanded PDS dataset will include loan default information, any mitigation actions taken, and the timing of those actions. Including PDS data in single-family reporting provides essential metrics for enhanced default status monitoring for mortgage-backed securities (MBS) collateral, enabling Ginnie Mae to better understand Servicer liquidity stress and loss mitigation outcomes and improve sampling methodologies. PDS will support Ginnie Mae’s modernization of its operational capabilities.
“The PDS revision is an important component toward our ongoing transition to granular loan-level data collection and analysis,” said Ginnie Mae Principal EVP Sam I. Valverde. “These data will allow us to better evaluate the liquidity strains in the market and inform our understanding of risk management and oversight activities.”
PDS submissions will be required beginning December 1, 2024, for December reporting of November data, and pertain to single-family data only. Testing will begin in Q2 of 2024. Detailed information regarding testing and implementation schedules, testing procedures, and training materials can be found here.
New leadership for Ginnie Mae
Ginnie Mae President Alanna McCargo recently announced that she will be stepping down from her role as head of the public office, effective May 3, 2024. Valverde will serve as the Acting President upon President McCargo’s departure.
McCargo has served in the Biden-Harris Administration since January 2021, first as the Senior Advisor for Housing Finance in the U.S. Department of Housing & Urban Development (HUD) for former Secretary Marcia L. Fudge, and was later nominated by President Biden to lead Ginnie Mae. McCargo’s confirmation, with bipartisan support by the U.S. Senate, made history as she became the first woman and woman of color at the helm of this U.S. government corporation.
“I thank President McCargo for her service to our country and at HUD. In her time at the agency, she has been a zealous advocate for housing affordability and ensuring a more equitable housing finance system,” said HUD Acting Secretary Adrianne Todman. “As President of Ginnie Mae, Alanna has helped expand Ginnie Mae’s reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the Government. It has been a joy to work with President McCargo. I am proud to say that she has left Ginnie Mae stronger than when she arrived, and her tenure sets a high standard for servant leadership.”
New leadership for Ginnie Mae
Ginnie Mae President Alanna McCargo recently announced that she is stepping down from her role as head of the public office, effective May 3, 2024. Valverde will serve as the Acting President upon President McCargo’s departure.
McCargo has served in the Biden-Harris Administration since January 2021, first as the Senior Advisor for Housing Finance in the U.S. Department of Housing & Urban Development (HUD) for former Secretary Marcia L. Fudge, and was later nominated by President Biden to lead Ginnie Mae. McCargo’s confirmation, with bipartisan support by the U.S. Senate, made history as she became the first woman and woman of color at the helm of this U.S. government corporation.
“I thank President McCargo for her service to our country and at HUD. In her time at the agency, she has been a zealous advocate for housing affordability and ensuring a more equitable housing finance system,” said HUD Acting Secretary Adrianne Todman. “As President of Ginnie Mae, Alanna has helped expand Ginnie Mae’s reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the Government. It has been a joy to work with President McCargo. I am proud to say that she has left Ginnie Mae stronger than when she arrived, and her tenure sets a high standard for servant leadership.”
On solid footing
Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.56 trillion in March 2024, including $32.4 billion of total MBS issuance, marking $12.5 billion in net growth. March’s new MBS issuance supports the financing of more than 101,000 households, including more than 45,000 first-time homebuyers. Approximately 68% of the March MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates. The March issuance includes $31.5 billion of Ginnie Mae II MBS and $883 million of Ginnie Mae I MBS, including $793 million in loans for multifamily housing.
For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 137,000 first-time homebuyer loans.
