Ginnie Mae has announced the transition from the Independent Public Accounting (IPA) module in the Ginnie Mae Enterprise Portal (GMEP) to the new Ginnie Mae Central (GMC) in the MyGinnieMae enterprise portal.
According to Participants Memorandum (APM) 24-04, GMC will help further modernize elements of the Mortgage-Backed Securities (MBS) Program to create a more efficient statement submission process for Issuers.
Employing new processes
Effective with Issuer submissions after May 13, 2024, Issuers will no longer submit documentation to Ginnie Mae’s Financial Reports Review Agent, but will be required to use GMC when submitting proof of their fidelity bond (protection against fraudulent, dishonest or negligent acts by the Issuer’s office, employees or others authorized to act on the Issuers behalf) and errors and omissions (E&O) insurance (protection for the Issuer against negligence or mistakes made in the performance of normal duties). Additionally, as of the above date, all extension requests must be submitted through GMC.
MyGinnieMae is a self-servicing portal that serves as a one-stop-shop for the Ginnie Mae business community, offering advanced features that connects users and promotes collaboration, while sharing organizational knowledge.
Modernizing the MBS program
“Implementing Ginnie Mae Central marks an important transformation for our MBS program and represents a milestone in our on-going modernization effort,” said Ginnie Mae Principal EVP Sam I. Valverde. “Ginnie Mae Central will simplify submissions for our Issuers and employ easy-to-use technology to make our program more approachable and more direct.”
Ginnie Mae’s APM 24-04 also outlines new Issuer requirements for the submission of fidelity bond and E&O insurance, as well as audited financial statements. These requirements include the types of documentation required, submission deadlines, and certification and approval guidelines.
Ginnie Mae has also revised Chapters 2 and 3, and Appendix VI-20 of its MBS Guide to reflect these changes. Chapter 6 of the HUD Consolidated Audit Guide (Audit Guide) will be updated at a future date, and until the Audit Guide update takes place, the requirements in the MBS Guide will supersede the requirements in the Audit Guide if the requirements in these two documents happen to conflict.
MBS portfolio continues to grow
Ginnie Mae recently announced that its MBS portfolio outstanding grew to $2.54 trillion in February 2024, including $30.9 billion of total MBS issuance, leading to $11.4 billion of net growth. February’s new MBS issuance supports the financing of more than 96,000 households, including more than 44,000 first-time homebuyers. Approximately 69.8% of the February MBS issuance reflects new mortgages that support home purchases. The February issuance includes $30 billion of Ginnie Mae II MBS and nearly $894 million of Ginnie Mae I MBS, including nearly $816 million in loans for multifamily housing.
For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 91,000 first-time homebuyer loans.
