Loans

Ginnie Mae updates document submission process



Ginnie Mae issuers will soon be required to submit certain documents through Ginnie Mae Central as Its technology upgrade plan.

This includes the audited financial statements of the institution in Memo to All Participants 24-04dated March 26.

The Mortgage Collaborative, a collaborative that provides secondary marketing capabilities to its members, said its members applauded the change at its spring meeting this week.

“We applaud Ginnie Mae for implementing a solution that will streamline the submission process for issuers. Many of our members are looking to take advantage of this,” President and Chief Operating Officer Melissa Langdale said in a statement. technology to improve issuance efficiency.” As evidenced by the numerous conversations on the topic during this week’s Spring Meetings, this change from Ginnie Mae will certainly aid in this larger effort. “

Effective May 13, issuers of mortgage-backed securities will no longer use the independent public accounting module and financial reporting review agent in the Ginnie Mae Corporate Portal.

Instead, they require proof of fidelity and errors and omissions insurance through Ginnie Mae Central, which is MyGinnieMae Portal. This proof must be provided within 30 days of obtaining or renewing coverage.

However, it is no longer required to submit proof of insurance, but the lender can do so if they wish.

All extension requests from issuers must also be submitted through Ginnie Mae Central.

“The implementation of Ginnie Mae Central marks a significant shift in our MBS program and is a milestone in our ongoing modernization efforts,” Sam Valverde, chief executive vice president of Ginnie Mae, said in the release. Employing easy-to-use technology makes our programs more approachable and straightforward. “

Last July, Ginnie Mae Force use of MyGinnieMae MBS pool for establishing single-family and manufactured housing.

According to the latest update, audited financial reports are still due 90 days after the end of the issuer’s fiscal year.

“If an issuer changes its fiscal year end date, Ginnie Mae will now require the issuer to notify its account executive of the change in its fiscal year end date in writing within five business days of the issuer’s decision to change the fiscal year end date,” the memo states. .

In another change, Ginnie Mae will no longer accept requests for extensions in the form of letters to submit audited financial data. Starting May 13, these requests must be completed through Ginnie Mae Central and must be certified by the company’s CEO and Chief Financial Officer. Officer or person with equivalent title.

While Ginnie Mae updated its MBS guidance, its parent company, the Department of Housing and Urban Development, will later revise Chapter 6 of its comprehensive audit guidance.

If there is a conflict between these two documents, the MBS Guidelines will prevail until the Audit Guidelines are revised.





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