Ginnie Mae is
undertaking a comprehensive revision of the MBS Guide, for the purpose of
harmonizing changes to this document (and associated processes and systems) that
have occurred over the years. This revision is intended to improve the form of
the document, and is not implementing policy changes. It is expected to take
much of 2019 to complete, and further guidance will be made available when it
comes closer to fruition.
This ongoing effort has
occasioned the need for a review of the process by which certain terms of the
Guide have been waived from time to time, because in many cases the
justification for a waiver, or the citation by which it was effected, have been
or will be altered by the upcoming revision, or by other circumstances
subsequent to original issuance of the waiver.
Ginnie Mae hereby requires
that all participants submit the following information via e-mail to GinnieMaeWaiver@hud.gov by 5:00pm
Eastern Time on March 15, 2019 for each waiver held:
PDF (Portable Document Format) copy of the waiver as an attachment;
participant’s (Issuer/Document Custodian) name and Ginnie Mae ID on the subject
brief narrative describing the participant’s continued need for the waiver, if
any, on the body of the email.
Upon receipt of the
email and information, Ginnie Mae will begin the process of examining the need
for re-issuance of the corresponding waiver. If Ginnie Mae determines that a
given waiver should not be re-issued, Ginnie Mae will inform the participant in
writing about this determination and outline any necessary actions that the
participant may need to take, if any. Ginnie Mae will automatically rescind any
waiver that is not submitted in accordance with this memorandum, including
waivers that are submitted without all of the information requested above.
All waivers submitted via
e-mail to GinnieMaeWaiver@hud.gov will remain in effect
until the earlier of the date of expiration per the terms of the original
waiver, the date of re-issuance, or May 1, 2019. When re-issued, the waivers will reflect
revised citations to the MBS Guide, which may be different from or in addition
to the citations reflected on the waiver when it was initially issued or
Please note that this
recall does not apply to waivers or variances granted as part of an R&W Agreement,
an Acknowledgment Agreement, or other agreements executed by both Ginnie Mae
and a program participant. Ginnie Mae will be reaching out individually to any
program participant with such agreements to coordinate any necessary updates.
If you have any
questions, please contact your Account