ginnie mae pool types
Certain single-family government mortgages are segregated into specific Ginnie I pool types.2 The vast majority are single-family, level-payment mortgages (pool type SF), and upwards of 90% of those have 30-year terms. Ginnie Mae now accounts for about 16% of the 30-year pass-through market; in 2004, Ginnie Mae issued about 12% of total pass-throughs (ARM and fixed rate, 15-year, 30-year, and so forth).Ginnie Mae pools are composed only of loans insured or guaranteed by a small number of federal programs. endstream
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Instead, Ginnie Mae is creating a new pool type to securitize this type of reperforming loan based on a seasoning requirement. Eligible loans are those originated under specific programs of the FHA, the VA, and the Department of Agriculture under the Rural Housing Service (RHS) program, as well as those guaranteed by the Secretary of Housing and Urban Development (HUD) under Section 184 of the Housing and Community Development Act of 1992 and administered by the Office of Public and Indian Housing (PIH). Applicable Buydown Pool Types At A Glance: Ginnie Mae 5500.3, Rev. Accordingly, following the lead of the GSEs, Ginnie Mae added a Platinum pool option under its CMO (multiclass) program.
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However, almost all loans backing Ginnie Mae pools are FHA and VA loans, and the FHA loans are the vast majority of those.Ginnie Mae administers two primary pass-through programs, the original Ginnie Mae program, Ginnie Mae I, in existence since 1970, and Ginnie Mae II, established in 1983. Of lesser importance are programs for GPM, GEM, and manufactured-home loans.As we mentioned earlier, investors tend to prefer larger pools. x�c```b``b`d`�Mg�a@ f da�h8��ܮbo��C Contact Information - … Programs exist for graduated payment-mortgages (GPM) and growing-equity mortgages (GEM) as well, but borrower demand for these loan types is light. These tend to trade in the commercial mortgage-backed securities market, along with Fannie Mae and Freddie Mac multifamily-loan-backed securities.to the Ginnie I requirement that they all be the same).3 The minimum pool size is $250,000 for multilender pools and $1 million for single-lender pools. Fifty basis points of servicing and guarantee fee are "stripped," or retained by the issuer/servicer, resulting in a The mortgages must have a first payment date no more than 48 months before the issue date of the securities. Also, mortgages must begin amortizing by the month following the month in which the pool is issued. loan packages. Additionally, 90% must have maturities of 20 years or more. In both cases, the securities must have the same pool type, coupon rate and delivery eligibility. This is a useful strategy to improve the liquidity of small or paid-down pools. (Age and maturity requirements for Ginnie I pools generally apply to Ginnie II pools as well. x�ɡ ��� 309� yDT�@qm�\���8���Ҽ�r��
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With respect to Ginnie Mae I ”X BD” and “X SN” pool types as well as Ginnie Mae II “M JM”, “M FS”, “All ARMS”, ”C SF” and “C BD” pool types, Issuers may pool High Balance Loans in excess of 10% of the original principal balance of each pool or loan package. 27 0 obj
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Likewise, a program is available for manufactured-The Ginnie II program allows multiple-issuer pools to be assembled, thereby allowing for larger and more geographically dispersed pools, as well as the secu-ritization of smaller loan packages. Well into the 1990s, Ginnie Mae securities composed the oldest, best-known, and largest sector of the pass-through market. 1 25-1 ginniemae.gov Ginnie Mae I MBS Program Ginnie Mae II MBS Program All mortgages in a pool must be the same type (e.g., single-family level-payment fixed-rate), issued by the same issuer, and carrying the same mortgage rate.
The pool suffix is “GP” or “GT”. The changes are effective for December Issuance and thereafter. This option allows investors to recombine smaller pools that have uniform coupons and original terms to maturity into a single certificate in amounts of $10 million or more.
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