Ginnie Mae has been actively working to improve the accuracy and efficiency of monthly investor reporting by consolidating investor reporting activities into the Reporting and Feedback System (RFS) within the Ginnie Mae Enterprise Portal (GMEP). Ginnie Mae is pleased to announce that the process for submitting the Issuer’s Monthly Summary Report and Certification, form HUD-11710D (HUD-11710D) for MBS Issuers, and form HUD-11710DH (HUD-11710DH) for HMBS Issuers, as well as the process for submitting the Issuer’s Monthly Remittance Advice, forms HUD-11714 and HUD-11714SN, are migrating from GinnieNET to RFS. Issuers will have access to the new streamlined reporting processes beginning in July 2016 and must use these streamlined processes to submit the data and certification(s) required for the June 2016 monthly reporting period.
Streamlined Process for Certifying an Issuer’s Monthly Report
Under the new streamlined approach, Issuers will no longer submit the monthly summary data and certification on forms HUD-111710D or HUD-11710DH. Rather, Issuers will be required to certify as to the accuracy and completeness of the pool, loan, and, if applicable, participation data reported in RFS by accessing a new monthly certification screen within RFS. Consistent with APM15-17, Issuers may delegate their monthly reporting certification responsibilities to an approved subservicer.
To perform the monthly reporting certification in RFS, an individual must have an active Ginnie Mae issued SecurID Token and be listed on the form HUD-11702 for the Issuer or its approved subservicer, as applicable. Appendix III-29 of the Mortgage-Backed Securities Guide, 5500.3, Rev.1 (MBS Guide), contains information on how to obtain a SecurID Token.
Appendices VI-05 and VI-21 of the MBS Guide, which contain the templates and instructions for submitting forms HUD-11710D and HUD-11710DH, are being reserved for reference purposes only as these forms will no longer be required for monthly reporting.
New Monthly Reporting Certification Deadline
Ginnie Mae is moving the deadline for certifying the data for each monthly reporting period. Previously, Issuers were required to submit and certify the form HUD-11710D and Form HUD-11710DH data by the fourth business day. Under the new streamlined reporting schedule, Issuers are required to complete the new certification in RFS between the tenth business day of the month and the fourteenth business day of the month, after all corrections to their monthly pool, loan, or participation data have been completed.
Any Issuer that makes corrections to their pool, loan, or participation data after they have completed the certification for that reporting period must recertify as to the accuracy and completeness of the corrected data. Issuers must perform any recertification by the fourteenth business day of the month. Any changes, corrections, or certifications submitted after the fourteenth business day will be considered events of non-compliance.
Streamlined Process for Submitting Remittance Advices for Certificated Ginnie Mae I Securities
Issuers of certificated Ginnie Mae I pools are required to submit Remittance Advice data (forms HUD 11714 and HUD-11714SN) to Ginnie Mae via GinnieNET. Effective July 1, Remittance Advice information must be reported to Ginnie Mae through a new online direct entry screen in RFS or by using GMEP’s file upload function.
Appendices VI-10 and VI-11 of the MBS Guide have been updated and contain the file layout(s) required for reporting remittance advice data as well as detailed instructions on reporting this information through GMEP. The deadline for submitting the remittance advice data to Ginnie Mae remains the eighth business day of each month.
Relevant System Access Instructions
The modernization section of Ginnie Mae’s website contains detailed information on the various system credentials needed to access and complete the new streamlined reporting processes outlined in this memorandum. Please note that any monthly reporting and remittance advice data submitted previously through GinnieNET will remain available for review, printing, and export.
Corresponding MBS Guide Chapter Changes
Chapters 4, 15, 17, and 35 of the MBS Guide have been modified in accordance with this APM. All MBS Guide changes referenced in this APM are effective for the June 2016 monthly report period (due in calendar month July 2016).
Please direct any questions you may have to your Ginnie Mae Account Executive in the Office of Issuer and Portfolio Management directly or at (202) 708-1535.