Ginnie Mae Finalizes Revised Requirements for Pooling Re-Performing Mortgage Loans
Ginnie Mae this week revised pooling requirements for re-performing loans with the publication of All Participants Memorandum (APM) 23-03.
The APM announces a reduced seasoning period for re-performing loans and that Ginnie Mae will allow re-performing loans that meet those requirements to be pooled into the TBA Eligible Multi-Issuer Pools.
Per APM 23-03, the reduced seasoning requirements for re-performing loans are:
(1) The borrower has made timely payments for the 3 months immediately preceding the issuance month associated with the mortgage-backed securities (MBS), and
(2) The MBS issue date is at least 120 days from the last date the loan was delinquent.