In their recent All Participant Memorandum (APM) Ginnie Mae implemented several minor changes to the MBS Guide, 5500.3, Rev-1, to more clearly state its policies and to notify issuers about upcoming operational changes.
Among a number of other technical changes, Ginnie Mae
- Aligned the MBS Guide with the changes announced in APM 18-06;
- Clarified Appendix V-2 changing “Original Principal Balance” to “Remaining Principal Balance” in each place where it appears;
- Changed Appendix III-29 to consistently reflect that a minimum of three Organization Administrators is required for each issuer and recommending that issuers have more than the minimum as a safeguard against operational changes;
- Remediated a gap in the MBS Guide by updating several parts of Chapter 2 to explicitly state that in addition to FHA approval, issuers must also maintain VA, RD and PIH approval (as applicable) when portfolios contain VA, RD, and PIH loans;
- Updated its Summary of Addresses to ensure participants have the most up to date contact information for Ginnie Mae and its agents.