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Ginnie Mae has announced revisions to the Document Custody Manual which appears in the Mortgage-Backed Securities Guide. The revised Manual, Appendix V-1, provides the requirements and procedures for Document Custodians as well as the specific requirements relating to the loan documents that serve as collateral for securitized pools of loans. Issuers and Document Custodians will be required to comply with this updated version of the Manual for pools issued on Jan. 1, 2016 and thereafter.
“Ginnie Mae continues to adapt to the needs of today’s marketplace and the unprecedented growth in Ginnie Mae’s business. The number and complexity of servicing transfers, in particular, has grown substantially in recent years and the revised Manual is a critical element in helping Ginnie Mae adapt to these changes,” said Michael Drayne, Ginnie Mae’s senior vice president of Issuer and Portfolio Management.
Key changes to the Manual include:
►Added definitions of some key terms and clarified others to be consistent with the Glossary in the MBS Guide.
►Updated requirements as to how copies of documents are to be treated for initial certification, final certification, and recertificationClarified requirements for transactions that trigger recertification requirements.
The revised Document Custody Manual is part of Ginnie Mae’s recently announced multi-year effort to effectively update program requirements and infrastructure relating to pool collateral. Ginnie Mae plans to engage issuers, document custodians and other stakeholders as the corporation undertakes a comprehensive review and reform of the policies and procedures relating to the management of pool collateral via third-party document custodians, additional information about changes to the Appendix V-1) of Ginnie Mae’s Mortgage Backed Securities Guide 5500.3, Rev. 1, found on www.ginniemae.gov.