Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 10 — Assembling And Submitting Pool And Loan Package
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Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2023-12-01 The Issuer must submit required pool and loan package data to the document custodian for certification, and to the Pool Processing Agent (PPA) for review and approval, before securities can be issued. This chapter describes this process generally, identifying the required information that Issuers must submit for all pool types. The chapter also describes the pool submission methods available for each pool type and discusses the procedures and Ginnie Mae processing times associated with each method. The chapter also addresses special pool and loan package submission requirements that apply if the Issuer intends to transfer Issuer responsibility for a pool and loan package immediately upon issuance of the related securities.
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2023-12-01 Depending on a number of variables (pool type, whether immediate pool or loan package transfer is desired, etc.), an Issuer may be able or required to submit a pool or loan package in electronic form using the Ginnie Mae electronic pooling applications. Section A. Pool and Loan Package Submission Methods Generally
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2023-12-01 Electronic submission methods significantly reduce the time required for pool or loan package submission and reduce the chance for errors. For Multifamily Program pooling only, an Issuer may be able or required, depending on the circumstances, to submit a pool using a paper document format. For Single Family, Manufactured Housing, and HMBS Program pooling, electronic submission is the only pooling method allowed. The pool and loan package submission options available to Issuers are described in MBS Guide, Ch. 10, Part 4. Electronic pool and loan package submissions using Ginnie Mae’s electronic pooling applications are discussed in MBS Guide, Ch. 10, Part 5. Paper submissions for eligible pool types are discussed in MBS Guide, Ch. 10, Part 6. Section B. Requirements Applicable to All Pools and Loan Packages
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2021-07-28 For each pool or loan package that an Issuer submits, it must, before submitting the pool or loan package for approval, have sufficient commitment authority available to guarantee the related MBS and a valid, pre-assigned pool number. (Please see MBS Guide Chapter 8) If Ginnie Mae grants the Issuer authority to issue securities, the Issuer must determine whether to issue securities in the Ginnie Mae I MBS Program or the Ginnie Mae II MBS Program. The Issuer must then select an appropriate method for submitting the pool or loan package and assemble the required data. Depending on the method of submission selected by the Issuer, the Issuer must either already have on file with the PPA, or submit to the PPA with the pool or loan package, the documents described below in MBS Guide, Ch. 10, Part 3.
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
The Issuer must also submit to their document custodian, for initial and final certification, the loan documents described in MBS Guide, Ch. 13, Part 7. Additional document requirements for Issuers who participate in Ginnie Mae’s HMBS Program can be found in MBS Guide, Ch. 35. Similarly, additional document requirements for Issuers who participate in the Ginnie Mae MH program can be found in MBS Guide, Ch. 30. Section C. Requirements Applicable to Pools and Loan Packages Using Paperless Processing
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2023-12-01 In addition to the requirements set out in MBS Guide, Ch. 10, Part 2, § B for all pool types, the Issuer must satisfy the following requirements before submitting a pool for paperless processing using electronic submission methods. (1) The Issuer must have on file with the PPA the documents described in MBS Guide, Ch. 10, Part 3. (2) The Issuer must have submitted to the GinnieNET Customer Service unit an Electronic Data Interchange System Agreement (EDI System Agreement) (Appendix III-13) (see Summary of Addresses), and the Issuer must not submit a paperless pool or loan package until the PPA has acknowledged receipt of the required EDI System Agreement or Agreements. (3) The Issuer and its document custodians must have submitted to the PPA (see Summary of Addresses) the form entitled “Government National Mortgage Association Systems Access Forms” (Appendix III-29) and must update this filing whenever the list of authorized signatories changes. (4) No changes or corrections may be made to a pool or loan package once the PPA has retrieved it. (5) The pool or loan package must be processed without any waiver of pool or loan package requirements. (6) In the case of a pool or loan package submitted for immediate transfer of Issuer responsibility (PIIT), the acquiring Issuer must have submitted the documents described in (1) through (3), above. Section D. Information about the Ginnie Mae Electronic Pooling Applications
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2023-12-01 The Ginnie Mae Enterprise Portal (GMEP) is a comprehensive platform that provides enhanced security and user access to all electronic pooling applications for all Ginnie Mae programs.
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
DOCUMENTS REQUIRED TO BE SUBMITTED TO PPA, ALL SUBMISSION METHODS The documents described in this section or, where indicated, their electronic equivalents, are required to be submitted to the PPA for approval for all Ginnie Mae pools and loan packages. Additional requirements and exceptions, if any, for particular pool or loan package types can be found in MBS Guide, Ch. 24 through 32 and 35. Completion instructions can be found in the
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
Appendix referenced for each form. All Master Agreements must be submitted electronically via the Master Agreement Application in Ginnie Mae Enterprise Portal (GMEP). Section A. Master Agreements
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2018-01-25 Each Issuer is required to have Master Agreements on file with the PPA as described below, for (1) each subcontract servicer, (2) each P&I custodial account and escrow custodial account for each of its funds custodians, and (3) each document custodian. Issuers must file renewal Master Agreement forms annually by January 1. If no changes have occurred in the information in the most recently submitted version of a required Master Agreement, the Issuer only needs to certify via GMEP. A pool or loan package will not be processed unless current Master Agreements are on file with, and approved by, the PPA. If an Issuer submits a pool or loan package using the subcontract servicer, document custodian, and funds custodian covered by Master Agreements already on file with the PPA, the Issuer need not file any additional Master Agreement with the pool or loan package submission. If a new Issuer with no Master Agreements on file intends to submit a pool or loan package, or if an Issuer with current Master Agreements on file proposes to submit a pool or loan package using a subcontract servicer, document custodian, or funds custodian for which no Master Agreement is on file, the Issuer must submit the appropriate Master Agreements prior to submitting the pool or loan package. Note: Failure to have approved Master Agreements on file with the PPA can delay the processing of a pool or loan package. In order not to delay the processing of a pool or loan package because of missing or unacceptable new Master Agreements, Issuers should submit new Master Agreements via GMEP for approval prior to the submission of the pool or loan package that will use the new Master Agreements. The Master Agreement forms that the PPA must have on file for each Issuer are: (1) Form HUD 11707, Master Servicing Agreement (Appendix III-1). This form provides assurance that the pooled mortgages will be serviced in accordance with all applicable servicing requirements and identifies any subcontract servicer that the Issuer may use.
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
, Rev. 1 10-3 ginniemae.gov (2) Form HUD 11709, Master Agreement for Servicer’s Principal and Interest Custodial Account (Appendix III-2). This form provides evidence of the establishment of the required principal and interest custodial account for the deposit of principal and interest funds collected on the mortgages backing a particular pool or loan package. The form provides Ginnie Mae with the account number and the name and address of the depository institution. The account listed on this form is the only account in which such principal and interest funds may be kept. Only one P&I custodial account is permitted for each pool or loan package. In addition, an Issuer must have on file with the CPTA an ACH Debit Authorization (form HUD 11709-A) (Appendix I-6), which designates the Issuer’s central P&I custodial account for all of its Ginnie Mae pools (or, at the Issuer’s option, a
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
separate central P&I custodial account for each Ginnie Mae MBS Program). The Issuer must also have on file with the PPA a form HUD 11709 for the P&I custodial account that is designated as the “central” P&I custodial account. If the Issuer plans to use a “disbursement” account for the receipt and payment of funds for the pool that it submits, it must have a separate form HUD 11709 on file with the PPA. P&I funds must be maintained in a custodial account separate from escrow custodial accounts. Requirements for the establishment of P&I custodial accounts are discussed in MBS Guide, Ch. 16, Part 3, while requirements for the establishment of central P&I custodial accounts are discussed in MBS Guide, Ch. 16, Part 4.
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
, Rev. 1 10-4 ginniemae.gov Additional provisions set forth in MBS Guide, Ch. 16, Parts 3, 4, and 9 describe the types of accounts into which an Issuer may deposit funds that are normally required to be kept in P&I custodial accounts. (3) Form HUD 11720, Master Agreement for Servicer’s Escrow Custodial Account (Appendix III-3). This form provides evidence of the establishment of required escrow custodial accounts for the deposit of various funds, including tax and insurance premium payments and FHA or RD escrow funds. The form provides Ginnie Mae with the account number and the name and address of the depository institution. The accounts listed on this form are the only accounts in which such escrow funds may be kept. Only one escrow custodial account for taxes and insurance is permitted for each pool or loan package. With respect to FHA section 203(k) loans, and for § 184 loans that provide both construction and permanent financing, a separate escrow custodial account must be established, using a separate form HUD 11720, with the appropriate box checked (“Section 203(k) Escrow funds” or, in the case of § 184 escrow funds, “Other”), for the deposit of any mortgage proceeds, including contingency reserves intended for rehabilitation or improvement of section 203(k) housing or for construction of § 184 housing. A separate escrow custodial account must also be established for any buydown funds provided by the Issuer. Requirements for the establishment of escrow custodial accounts are discussed in MBS Guide, Ch. 16, Part 5. (4) Form HUD 11715, Master Custodial Agreement (Appendix III-4). This form identifies the document custodian and sets forth duties and responsibilities of both Issuer and document custodian in the custodial relationship.
Ginnie Mae MBS Guide Chapter 10 — Assembling And Submitting Pool And Loan Package
: 2023-12-01 (1) Schedule of Subscribers and Ginnie Mae Guaranty Agreement, form HUD 11705 (Appendix III-6). This form, which is used by an Issuer that submits a pool or loan package using a paper format, summarizes all pertinent pool information. An Issuer that submits an electronic pool using Ginnie Mae’s electronic pooling applications, though not using the hard copy form HUD 11705, provides the same pertinent pool information, albeit electronically. Both form HUD 11705 and its electronic equivalent provide for the basic contract between the Issuer and Ginnie Mae with respect to the pool or loan package and the related pooled mortgages and securities. Each time the Issuer issues a new security, it agrees that the applicable Guaranty Agreement in effect on the issuance date of the securities will govern all of the Issuer’s outstanding pools and loan packages, pooled mortgages and securities, whether created under the Ginnie Mae I MBS Program or the Ginnie Mae II MBS Program. The forms of Guaranty Agreement that apply for particular pool types can be found in Appendices III-15 through III-20 and III-23 through III-27. Subscriber information may not be revised after the form is submitted to the PPA. If an error is made in the subscriber information, the Issuer must contact the GinnieNET Help Desk immediately to arrange for appropriate handling by the PPA (see Summary of Addresses). Section C. Schedule of Pooled Mortgages