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Ginnie Mae I MBS Program Description

What are Ginnie Mae I Mortgage-Backed Securities?

Ginnie Mae I MBS are modified pass-through mortgage-backed securities on which registered holders receive separate principal and interest payments on each of their certificates.

Ginnie Mae I MBS are based on single-family pools and are Ginnie Mae’s most heavily-traded MBS product. The underlying mortgages generally have the same or similar maturities and the same interest rate on the mortgages. Single-family Ginnie Mae I pools have a 50 basis point (0.5 percent) guaranty and servicing fee. The Ginnie Mae I MBS also permits the securitization of multifamily mortgages. Ginnie Mae I payments are made to holders on the 15th day of each month.

The securitization provisions are established in detail in the Ginnie Mae MBS Guide (Ginnie Mae Handbook 5500.3).

 

Ginnie Mae I Key Program Provisions

Types of mortgage pools and guaranteed securities:

  • Single-family level payment mortgages
  • Single-family buydown mortgages
  • Single-family graduated payment mortgages
  • Single-family growing equity mortgages
  • Manufactured home loans
  • Project construction loans, including multifamily residential, hospital, nursing home, and group practice facility loans
  • Project (permanent) loans, including multifamily residential, hospital, nursing home, and group practice facility loans

A pool must consist of mortgages within one of these categories.

Refer to the Ginnie Mae MBS Guide for information about securities backed by mortgages other than single-family level-payment mortgages.

Minimum pool sizes

Single-family level-payment mortgages: $1 million (may be $25,000 if issued in connection with a local or state housing bond financing program). Pools consisting of at least one loan may be issued for a minimum of $25,000 under the bond program.

If the pool is ever traded in the secondary market, the securities must be sold with a letter stating that the underlying mortgages were a part of a mortgage revenue bond program and the security holder may experience different prepayment characteristics than is customary.

Multifamily PL-PN: $250,000

All other pools: $500,000.

Minimum certificates $25,000 per certificate ($1 thereafter)

 
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