Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 9 — Eligible Mortgages, Pools and Loan Packages
Ginnie Mae effective dates: 2018-01-25 to 2026-01-22 · 17 dated sections · MBS Guide 5500.3, Rev. 1
Each section below carries Ginnie Mae's own effective date. The Guide is amended
between reissues by All Participants Memoranda (APMs), so a date is that section's
last Guide revision, not confirmation that no later APM has modified it.
GNMA MBS Guide Chapter 9 — mortgage and pool / loan-package eligibility (federal insurance / guaranty, High Balance Loan limits, first-payment and amortization windows, loan-status-at-pooling delinquency cap, encumbrance prohibition, planned-refinance and premium-loan pooling prohibitions, MERS registration mechanics).
Verbatim regulatory text
Verbatim provisions from Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 9 — Eligible Mortgages, Pools and Loan Packages — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Ginnie Mae MBS Guide Ch. 9, Part 2, Section A — Insurance / Guaranty
Each mortgage must be, and must remain, insured or guaranteed under the National Housing Act, Title V of the Housing Act of 1949, the Servicemen’s Readjustment Act of 1944, chapter 37 of Title 38, United States Code, or section 184 of the Housing and Community Development Act of 1992, and must at all times comply with the requirements for obtaining and maintaining such insurance or guaranty.
Ginnie Mae MBS Guide Ch. 9, Part 2, Section F — Limitation against Encumbrances
At the time the assignments to Ginnie Mae become effective (i.e., when the securities are issued to the subscribers designated on the Schedule of Subscribers and Ginnie Mae Guaranty Agreement, form HUD 11705 (Appendix III-6)), the pooled mortgages must not be subject to any security interest, beneficial interest, or other encumbrance arising from any previous or future assignment, pledge, hypothecation or transfer any of the Issuer's right, title, and interest in and to the mortgages. The Issuer must provide the document custodian with releases by the interim lenders of all security interests in mortgages included in a specific pool or loan package (see Release of Security Interest, form HUD 11711A (Appendix III-5)). In addition, the Issuer must certify that these releases encompass all mortgages in the pool or loan package (see Certification and Agreement, form HUD 11711B (Appendix III-5)). If there are no security interests, the Issuer must certify that fact on form HUD 11711B. The Issuer may pledge its servicing income or servicing rights in pooled mortgages in accordance with MBS Guide, Ch. 21, Parts 5 and 6.
Ginnie Mae MBS Guide Ch. 9, Part 1 — Overview of Chapter
This chapter describes basic mortgage and pool and loan package eligibility requirements for Ginnie Mae MBS pools and loan packages. Special requirements that apply to HMBS pools can be found in MBS Guide, Ch. 35.
Ginnie Mae MBS Guide Ch. 9, Part 2 — Mortgage Requirements
Each issuance of securities must be backed by a separate pool of mortgages (or, in the case of some multifamily pools, a single mortgage) each of which, except as otherwise specified, must comply with the following requirements. Additional exceptions and requirements, if any, for particular pool types can be found in MBS Guide, Ch. 24 through 32 and 35.
Ginnie Mae MBS Guide Ch. 9, Part 2, § B — Loan Amount
See MBS Guide, Ch. 24, 31 and 32 for additional requirements for maximum loan amounts and High Balance Loans (as defined below). Pursuant to the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Finance Agency (FHFA) has announced increased conforming loan limits. Accordingly, Ginnie Mae is revising its definition of High Balance Loans as follows. Effective for issuances on or after January 1, 2026, a High Balance Loan is defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any upfront mortgage insurance premium or the VA Funding Fee) that exceeds the following limits: Maximum Loan Amounts (net of any financed MIP or Guaranty Fee) Units Contiguous States, District of Columbia, Puerto Rico Alaska, Guam, Hawaii, U.S. Virgin Islands 1 $832,750 $1,249,125 2 $1,066,250 $1,599,375 3 $1,288,800 $1,933,200 4 $1,601,750 $2,402,625 Additional information on conforming loan limits for the Commonwealth of the Northern Mariana Islands may be obtained directly from FHFA. High Balance Loans are eligible for Ginnie Mae MBS subject to the restrictions detailed in MBS Guide, Ch. 9, Part 2, § B and Ch. 24 Part 2, § A(1). With respect to Ginnie Mae I ”X BD” and “X SN” pool types as well as Ginnie Mae II “M JM”, “M FS”, “All ARMS”, ”C SF”, “C RG”, “C ET” and “C BD” pool types, Issuers may pool High Balance Loans in excess of 10% of the original principal balance of each pool or loan package.
Ginnie Mae MBS Guide Ch. 9, Part 2, § C — Date of First Payment
For mortgages backing SF, FS, BD, GPM, GEM, ARM, RG, ET and SN pools, there is no age limitation as to the first payment date, provided the loans meet the maturity requirement specified in MBS Guide Ch. 24, Part 2, § B(3). However, and in order to avoid possible negative tax implications to foreign investors, Ginnie Mae will not allow any loans originated prior to 1985 to be included in new pool or loan package issuances. For mortgages backing MH pools, the date of the first scheduled monthly payment of principal and interest must be no more than 48 months before the issuance date of the securities. For multifamily loans, the date for the first scheduled monthly payment of principal and interest must be no more than 24 months before the issue date of the securities, except in the case of LM loans (Please See MBS Guide Chapter 31, Part 1)
Ginnie Mae MBS Guide Ch. 9, Part 2, § D — Amortization
For the following pool types, each mortgage must commence amortization no later than the month immediately following the month in which the issue date of the securities occurs: SF, FS, BD, AQ, AR, AT, AF, AS, AX, FT, RL, QL, TL, FL, FB, SL, XL, GP, GT, GA, GD, JM, RG, ET and SN. Each MH loan must commence amortization no later than the issue date. (Please See MBS Guide Chapter 31 and 32 for the specific chapters relating to PL, PN, LM, LS, RX, CL, and CS pools for special requirements relating to commencement of amortization)
Ginnie Mae MBS Guide Ch. 9, Part 2, § E — Loan Status at Pooling
As of the pooling date, no more than one (1) monthly payment on the pooled mortgages can be due and unpaid. For example, if the pooling date of a January 1 single family security is December 28, then in order to be eligible for pooling, the November payment on the loan must have been paid, and the only payment that may be due is the December payment. If the pooling date of a January 1 single family security is January 5, then in order to be eligible for pooling, the December payment on the loan must have been paid, and the only payment that may be due is the January payment. This requirement applies to all single family securities except for securities issued for the purpose of consolidating outstanding pools that are financed by housing bonds. For manufactured home loans, no loan may be more than 15 days delinquent, and each project loan and construction loan must be current, as of the issuance date of the related securities. Modified loans that have successfully completed the modification process per the insuring agencies’ requirements and have been permanently modified may be re-pooled (note that loans previously pooled into Ginnie Mae securities must satisfy the requirements of Chapter 18, Part 3, §B before they can be bought out of the pools for modification). In order to be eligible for repooling, the permanently modified loan must be current as of the issuance date of the related security.
Ginnie Mae MBS Guide Ch. 9, Part 2, § H — Other Requirements
Mortgages must meet any other requirements prescribed by Ginnie Mae in its Commitment to Guarantee MBS, form HUD 11704 (Appendix II-2), including the right to require unusual hazard coverage such as insurance against flood, earthquake, and other catastrophes.
Ginnie Mae MBS Guide Ch. 9, Part 2, § I — Defective Mortgages
Mortgages that do not meet the requirements set forth above are defective and must be removed from the pool in accordance with MBS Guide, Ch. 14, Part 8, § D.
Ginnie Mae MBS Guide Ch. 9, Part 3 — Pool and Loan Package Requirements
Each pool and loan package must meet the following requirements, except as otherwise noted. Additional requirements and exceptions, if any, for particular pool types can be found in MBS Guide, Ch. 24 through 32 and 35.
Ginnie Mae MBS Guide Ch. 9, Part 3, § A — Number of Issuers per Pool
(1) Ginnie Mae I pools: A Ginnie Mae I pool must be originated and administered by a single Issuer, who markets all of the related securities. (2) Ginnie Mae II pools and loan packages: An Issuer may participate in the Ginnie Mae II MBS Program by issuing a custom pool or by participating in the issuance of a multiple Issuer pool. (a) Custom pools: A Ginnie Mae II custom pool must be originated and administered by a single Issuer, who markets all of the related securities. (b) Multiple Issuer pool (MIP): A Ginnie Mae II multiple Issuer pool is a single pool in which one or more Issuers participate. Ginnie Mae may, in its sole discretion, restrict the ability of an Issuer to participate in multiple Issuer pools. An Issuer’s participation in a multiple Issuer pool, when such participation has been expressly restricted by Ginnie Mae in writing, constitutes an event of non-compliance under this Guide. The mortgages submitted by each participating Issuer are referred to as a loan package. The combined loan packages are used to back a single issuance of securities. An Issuer that pools a loan package designates at the time of submission that it wishes to participate in a multiple Issuer pool. If Issuer A submits an eligible loan package and designates it for a multiple Issuer pool for a specified issue date and at a specified interest rate, and no other Issuer submits a loan package for the same issue date and interest rate, a “multiple Issuer pool” will be formed consisting of only Issuer A’s single loan package. Most multiple Issuer pools, however, have two or more participating Issuers. Each participating Issuer originates and is responsible for administering only the loan package that it submits and for marketing securities in an amount equal to the original principal amount of the loan package that it contributes to the multiple Issuer pool. Each security issued in connection with the formation of a multiple Issuer pool is backed by all of the mortgages in the pool and not merely by the loan package submitted by the Issuer that marketed that particular security.
Ginnie Mae MBS Guide Ch. 9, Part 3, § B — First Payment Date
(1) Under the Ginnie Mae I MBS Program, the first payment due security holders will be made 45 days from the issuance date. (2) Under the Ginnie Mae II MBS Program, the first payment due security holders will be made 50 days from the issuance date for loans pooled in MBS securities, and for HMBS securities, on a date pursuant to event conditions described in MBS Guide, Ch. 35.
Ginnie Mae MBS Guide Ch. 9, Part 3, § C — Maturity
(1) Under the Ginnie Mae I MBS Program, the maturity date of the securities is the 15th day of the month in which the underlying pooled mortgage with the latest maturity expires. (2) Under the Ginnie Mae II MBS Program, the maturity date of the securities is the 20th day of the month in which the underlying pooled mortgage with the latest maturity expires. (3) Each pool or loan package must consist of mortgages with maturities that are permitted under the FHA, VA, RD or § 184 loan programs.
Ginnie Mae MBS Guide Ch. 9, Part 3, § D — Number of Loans
(1) Ginnie Mae I MBS pools: Except as provided in MBS Guide, Ch. 24, Part 2, § B(2) with respect to state or local bond financing programs, as of the date of issuance, each SF, BD, GPM, and GEM pool must include at least 3 loans. As of the date of issue, each SN and MH pool must include at least 8 loans; no loan may represent more than 20 percent of the original amount of an MH or SN pool. As of the date of issue, each multifamily pool must include the number of loans specified in MBS Guide, Ch. 31 or 32. (2) Ginnie Mae II MBS custom pools: Except as provided in MBS Guide, Ch. 24, Part 2, § B(2) with respect to state or local housing bond financing programs, as of the date of issue, each SF, RG, ARM, GPM, and GEM MBS pool must include at least 3 loans. Each MH pool must include at least 8 loans. HMBS custom pool requirements are discussed in MBS Guide, Ch. 35. (3) Ginnie Mae II multiple Issuer pools: As of the date of issue, each SF, FS, JM, ARM, GPM or GEM loan package must include at least one loan. The minimum loan amount is $25,000. For all multiple Issuer pools with an August 1, 2010 issuance and thereafter, the security coupon rate must be in half or whole percentages. As of the date of issue, each MH loan package must include the number of loans indicated in the following table: Original Principal Amount of Loan Package Minimum Number of Loans Required 250,000 to 299,999 3 300,000 to 499,999 4 500,000 to 599,999 5 600,000 to 749,999 6 750,000 to 999,999 7 1,000,000 or more 8
Ginnie Mae MBS Guide Ch. 9, Part 3, § E — Mortgages Registered with Mers
(1) MERS records reflect the identity of the Issuers and Ginnie Mae’s interest in the mortgages. Notes for mortgages registered with MERS are to be endorsed in blank by the Issuers registering the mortgages on MERS. The note endorsement will not reflect the transfer to MERS or any transfer of the mortgage as long as the mortgage remains on the MERS system. (2) In consideration for Ginnie Mae’s consent to the registration on the MERS system of mortgages backing Ginnie Mae MBS, Issuers, by registering such loans on the MERS system: (a) waive any and all rights under the MERS rules and acknowledge Ginnie Mae’s right and authority, in the event of Issuer default, to instruct MERS, and for MERS to comply with Ginnie Mae’s instructions, and (b) are liable to Ginnie Mae if they provide false information to MERS in connection with the Ginnie Mae MBS Program. (3) Upon issuance of a Ginnie Mae MBS, an Issuer must register Ginnie Mae as “investor,” and must enter the pool or loan package number on the MERS system.
Ginnie Mae MBS Guide Ch. 9, Part 3, § F — Escrow Accounts
Funds required to be placed in escrow accounts must be deposited in the appropriate servicer's escrow custodial account established for the pool or loan package of which the loan is a part.
Ginnie Mae MBS Guide Ch. 9, Part 3, § G — High Balance Loans
High Balance Loans are defined in MBS Guide, Ch. 9, Part 2, § B. Effective January 1, 2009 High Balance Loans may only be pooled in the following pool types: Summary Table of Eligible Pool Types for High Balance Loans Pool Type Limits X SF Aggregate amount of the issue date unpaid principal balance of the High Balance Loans cannot exceed 10% of the original principal balance of the pool or loan package M SF M SF Aggregate amount of the issue date unpaid principal balance of the High Balance Loans cannot exceed 10% of the original principal balance of the pool or loan package. M JM No limit M FS No limit All ARMs No limit X BD No limit X SN No limit C SF No limit C RG No limit C ET No limit C BD No limit
Operationalizing Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 9 — Eligible Mortgages, Pools and Loan Packages
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