Skip to main content

Ginnie Mae Announces Expansion Of Its Pass-Through Assistance Program

NationalMortgageProfessional.com
May 08, 2020
Ginnie Mae announced that issuance of its mortgage-backed securities (MBS) totaled $63.44 billion in May

Ginnie Mae has issued All Participants Memorandum 20-05 (APM 20-05), which announces the expansion of its Issuer assistance programs in response to the COVID-19 pandemic.
 
APM 20-05 introduces a new version of the existing Pass-Through Assistance Program (PTAP) for use by Multifamily Mortgage-backed Securities (MF MBS) Issuers facing a temporary liquidity shortfall directly attributable to the COVID-19 National Emergency. The application of PTAP to the COVID-19 National Emergency (PTAP/C19) allows MF MBS Issuers to apply for assistance in meeting their contractual obligation to make timely and in full principal and interest payments due MF MBS holders without being held in default under the Ginnie Mae Guaranty Agreement. This assistance is intended to minimize disruptions in the mortgage servicing and MF MBS capital markets as borrower forbearance and loss mitigation programs are implemented to help provide relief to renters affected by the COVID-19 National Emergency, including the relief provisions outlined in the CARES Act.
 
“This is an extraordinary and last resort option for Multifamily MBS Issuers in these unprecedented times, that will enable them to continue to operate and maintain safe and affordable housing for millions of renters in America who rely on the government mortgage programs financed by Ginnie Mae,” said Ginnie Mae Principal Executive Vice President Seth Appleton. “As important, this program underscores Ginnie Mae’s commitment to ensure timely payment of all scheduled principal and interest to investors holding our Multifamily MBS, regardless of market conditions.”
 
Funds advanced by Ginnie Mae will bear a fixed rate of interest. The rate that will apply to a given month’s pass-through assistance to all Issuers will be posted on Ginnie Mae’s website on the second business day of each month.

 
Published
May 08, 2020
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022