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How Do I Become a Ginnie Mae Issuer?
Issuers of Ginnie Mae mortgage-backed securities (MBS) make a significant contribution to the expansion of affordable housing opportunities in America. Applicants must therefore demonstrate that they have the organizational, financial, procedural, quality control, and other necessary characteristics that will qualify them to participate in the program.
The Ginnie Mae mortgage-backed securities guide is an invaluable resource when applying for issuer status. In it you will find discussions about eligibility requirements, issuer responsibilities, the application process as well as the applications themselves.
Eligibility requirements are the same for both the Ginnie Mae I and Ginnie Mae II MBS programs. One application qualifies applicants to issue securities under both programs, except those applying to issue only multifamily securities.
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Eligibility Requirements
Ginnie Mae requires its issuers to meet certain criteria, as follows:
- Issuers must be approved FHA mortgagees in good standing. A mortgagee approved only as an FHA loan correspondent is not eligible to be a Ginnie Mae issuer. Issuers may apply for FHA mortgagee approval and Ginnie Mae issuer status at the same time.
- Issuers must possess demonstrated experience and management capacity in the underwriting, origination, and servicing of mortgage loans.
- Issuers must have fidelity bond and a "mortgagee errors and omissions" policy in effect.
- Issuers must have a quality control plan in place for underwriting, originating, and servicing mortgage loans as well as for secondary marketing.
- For the single-family, issuers must have a minimum net worth of $2,500,000. For HMBS programs, issuers must have a minimum net worth of $5,000,000. For the multifamily program, issuers must have a minimum net worth of $1,000,000. For the manufactured housing program, issuers must have a minimum net worth of $10,000,000.
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The Application Process
All applicants will need to submit the information and forms listed in the Ginnie Mae Issuer Applicant Checklist. Please refer to Chapter 7 (PDF) of the Ginnie Mae MBS Guide for full details and descriptions of additional documentation that may be required.
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For More Information:
New Issuer applications require overnight delivery to the following address:
Ginnie Mae
Attn: Enterprise Risk
550 12th Street, S.W., 3rd Floor
Washington, DC 20024
For more information about how to become a Ginnie Mae Issuer or the status of your submitted application, please contact Michael R. Nixon at 202-475-4941 or Karen D. Sharp at 202-475-7150.
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