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Multiclass Partici​pants Memoranda (MPMs)

All Multiclass Participants Memoranda (MPMs) can be accessed via our online library (powered by AllRegs) or downloaded in Portable Document Format (PDF) from this page. Please click herearrow to download Adobe Acrobat Reader.

Only a subset of MPMs are listed on this p​age. In order to acce​ss all MPMs back to year 2002, please click herearrow. Please direct any questions you may have to your Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management at (202) 708-1535 or to the Office of Capital Markets at (202) 401-8970.

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6/20/2018 - Release 3 Test 3 F

Release 3 Test 3 F​

6/20/2018 - Release 3 Test 3 C

​Release 3 Test 3 C

6/14/2018 - Release 3 Test 2 Future

​Release 3 Test 2 Future

6/14/2018 - Release 3 Test 1 Future

​Release 3 Test 1 Future

6/14/2018 - test test 900

test​

6/13/2018 - test test pjp

test test​

6/13/2018 - Release 3 Test 1 Current

​Release 3 Test 1 Current

1/27/2016 - MPM 16-01

The purpose of this Multiclass Participants Memorandum (MPM) is to notify Real Estate Mortgage Investment Conduit (REMIC) Sponsors that Ginnie Mae will no longer review collateral modifications of multifamily and healthcare loans in Ginnie Mae mortgage-backed securities (MBS) that back Ginnie Mae REMIC Trusts. For purposes of this MPM, healthcare loans do not include FHA Section 242 hospital loans, which remain subject to the requirements in MPM 11-04. Collateral modifications include, but are not limited to, partial releases of secured property and the addition of real property as mortgage collateral, including modifications necessitated by the origination of some FHA Section 241(a) supplemental loans (241 loans). This policy is effective as of December 30, 2015 - see All Participants Memorandum (APM) 15-22, available on the Ginnie Mae website at www.ginniemae.gov.

Section 241(a) of the National Housing Act authorizes supplemental loans to finance repairs, additions, and improvements to multifamily projects and healthcare facilities insured by FHA. The 241 loans are subordinated to the existing first lien FHA-insured loans, the bulk of which are securitized into Ginnie Mae MBS and then placed into REMICs. Some 241 loans require collateral modifications of the first lien loan documents to allow expansion of the existing insured project sites to accommodate new construction.

Ginnie Mae requested IRS clarification of the tax consequences of collateral modifications to multifamily and healthcare loans that collateralize Ginnie Mae MBS held by Ginnie Mae REMIC Trusts. The IRS provided Ginnie Mae such clarification in a general information letter and, as a result, Ginnie Mae will no longer conduct independent reviews of these collateral modifications.

Sponsors of Ginnie Mae Multifamily REMIC Pass-Through Securities are reminded that loans backing MBS to be placed in REMICs must be eligible for REMIC pooling, including the requirement that the loans be principally secured by real property, in accordance with IRS regulations and Ginnie Mae requirements.

Please call Ginnie Mae’s Office of Capital Markets at (202) 475-7820 with any questions or comments regarding this announcement.

9/8/2015 - MPM 15-01

The purpose of this Multiclass Participants Memorandum (MPM) is to inform participants of changes to the Ginnie Mae Platinum Guaranty Fee and the lowering of the minimum aggregate remaining principal balance for Ginnie Mae Platinum Securities. These changes are in response to stakeholders’ requests, and are intended to encourage increased utilization of the Platinum Securities program. The changes are effective for October 2015 settlements and thereafter.

Ginnie Mae Platinum Guaranty Fee

The Fee structure will be modified by increasing the number of pricing tiers and by lowering the Fee by 0.25-0.50 Tics across the tiers. The new tier structure is illustrated in the table below:

​Face Amount ​New Fee in Tics* ​Old Fee in Tics*
​$5,001,000 to $9,999,999 ​2.5 ​No Tier
​$10,000,000 to $24,999,999 ​2.5 ​3.0
​$25,000,000 to $49,999,999 ​1.5 ​2.0
​$50,000,000 to $499,999,999 ​0.75 ​1.0
​$500,000,000 or more ​0.25 ​0.5
 

*1 Tic = 1/32 of 1%

The minimum Fee will be $5,000, and the maximum Fee will be $156,250.

Non-Cash Fee

The Non-Cash Fee, (non-cash portion of the fee) payable by the allocation of a portion of the underlying Ginnie Mae MBS Certificates to the creation of the Ginnie Mae Platinum Principal Only (PO) Bond will be reduced from $5,000 to $1,000.

Minimum Aggregate Remaining Principal Balance

The minimum aggregate remaining principal balance of the underlying Ginnie Mae MBS Certificates will be reduced from $10,005,000 to $5,001,000. The newly issued Ginnie Mae Platinum Certificate will have an original principal balance equal to the aggregate remaining principal balance of the underlying Ginnie Mae MBS Certificates as of the Issuance Date, minus the Non-Cash Fee of $1,000.

Please call Ginnie Mae’s Office of Capital Markets at (202) 475-7820 with any questions or comments regarding this announcement.
9/12/2014 - MPM 14-02

The purpose of this Multiclass Participants Memorandum is to inform interested participants that, effective for September 2014 transactions, a Holder of all of the outstanding Securities of a Security Group for a Series, including the related Security Group Residual Security, is required to pay a fee to the Trustee of such Series in an amount equal to $5,000.00, in connection with the exercise of such Holder’s right to purchase all of the Securities of such Security Group and related termination of such Security Group. The implementation of this fee is in response to and is intended to offset the increased costs to the Trustee in connection with terminations of transactions involving separately collapsible Security Groups. Modifications will be made to the related Offering Circular Supplement and Trust Agreement to incorporate this new fee. All defined terms used herein and not otherwise defined shall have the meaning set forth in the Ginnie Mae Multiclass Securities Guide.

Please call George Rose in Ginnie Mae’s Office of Capital Markets at (202) 475-4924 with any questions or comments regarding this announcement.

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Last Modified: 6/18/2018 6:13 PM