Interest Adjustment Dates

YEAR	JANUARY 1	APRIL 1	JULY 1	OCTOBER 1
H-15 RELEASE DATES
2010	November 30 *	March 1	June 1	August 30
2011	November 29 *	February 28	May 31	August 29
2012	November 28 *	February 27	May 29	August 27
2013	November 26 *	February 25	May 28	August 26

* Refers to month of the previous calendar year

Chapter 26-2

The index:

After the initial fixed rate period of a hybrid ARM, or, in the case of the 1-Year ARM, after the first year, the interest rate of each mortgage in an ARM pool or loan package must be subject to an annual adjustment, based on the published weekly average yield of U.S. Treasury securities, adjusted to a constant maturity of one year ("CMT"). This index is published in the Federal Reserve Statistical Release H.15, Selected Interest Rates, and is available on the internet at: www.federalreserve.gov/releases/h15/#weekly. The Issuer must apply the index, using the most recently published figure, 30 days prior to a mortgage interest rate change. In all cases, the Issuer must use an exact day count. For example, if a mortgage interest rate change date falls on the 1st day of a month that is preceded by a 31-day month, the index determination date will be the 2nd day of the preceding month. Ginnie Mae will also periodically publish the H.15 Release date for the quarterly interest rate change dates on its website. These dates must be used when adjusting pool or loan package interest rates.

H.15 is published each Monday, unless that day is a federal holiday. If a federal holiday falls on Monday, the H.15 is published on the following Tuesday. The release date, rather than the date on which the Issuer receives the release, is considered to be the date that the publication is available to each Issuer. If a release date and the index determination date coincide, the H.15 index value released on that date is considered to be available to an Issuer, whether or not the Issuer has actually received the H.15 data.

For example, if the day 30 days prior to an interest rate adjustment date is a Monday, the Issuer must use the index rate contained in the H.15 released on that Monday in order to adjust the interest rate on the mortgages in a pool or loan package. This is true without regard to when the Issuer actually receives the H.15 released on that Monday.

If the 30th day before an interest rate adjustment date falls on a Monday that is also a federal holiday, and the H.15 is not released until the following Tuesday, the Issuer must use the index rate contained in the H.15 that was released on the preceding Monday.

In all cases, the applicable interest rate for the loan must conform to the interest rate contained in the H.15 release in effect on the 30th day of the lookback period.