source:
  type: regulation
  id: gnma-mbs-ch32
  authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
  description: "Ginnie Mae MBS Guide Chapter 32 (Construction Loan Pools — Special Requirements). New-source fetch\
    \ + gap-fill (verbatim). \n"
obligations:
- id: gnma-mbs-ch32-0
  canonical_id: gnma-mbs-ch32-0
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 This chapter describes special
    requirements that apply to a pool consisting of a single loan for the construction of multifamily housing. The
    requirements stated in this chapter modify those set forth in previous chapters for applying for and maintaining
    issuer statu…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 This chapter describes special requirements that apply to a pool consisting of
      a single loan for the construction of multifamily housing. The requirements stated in this chapter modify
      those set forth in previous chapters for applying for and maintaining issuer status, obtaining commitment
      authority and pool numbers, submitting pool issuance documents, delivering securities, and administering pools.
      The pool suffix is “CL” or “CS.” The construction loan pool designations have the following meanings: (1)
      “CL” identifies a pool consisting of a single construction loan; the interest rate payable on the securities
      backed by a CL pool will also be the interest rate payable, upon conversion of the construction loan securities,
      on the resulting project loan securities. (2) “CS” identifies a pool consisting of a single construction loan;
      the interest rate payable on the securities backed by a CS pool will differ from the interest rate payable,
      upon conversion of the construction loan securities, on the resulting project loan securities. Construction
      loan pools can be formed only under the Ginnie Mae I MBS Program.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-1
  canonical_id: gnma-mbs-ch32-1
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 To be eligible to issue construction
    loan securities, an applicant must satisfy the eligibility requirements set forth in MBS Guide, Ch. 2 and 3,
    including the net worth requirements applicable to issuers of construction loan securities. (Please See MBS
    Guide Chapter…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 To be eligible to issue construction loan securities, an applicant must satisfy
      the eligibility requirements set forth in MBS Guide, Ch. 2 and 3, including the net worth requirements applicable
      to issuers of construction loan securities. (Please See MBS Guide Chapter 2, Part 9 and Chapter 3, Part 8)'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-2
  canonical_id: gnma-mbs-ch32-2
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 In addition to the risks and
    liabilities described in MBS Guide, Ch. 5, a construction loan pool issuer incurs the following liability: if
    the securities mature, the issuer must retire the securities at par, in cash, using its own funds. (Please See
    MBS Guide Chapter…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 In addition to the risks and liabilities described in MBS Guide, Ch. 5, a construction
      loan pool issuer incurs the following liability: if the securities mature, the issuer must retire the securities
      at par, in cash, using its own funds. (Please See MBS Guide Chapter 32, Part 10, § I and J)'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-3
  canonical_id: gnma-mbs-ch32-3
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 These fees are the same as those
    for project loan securities. (Please See MBS Guide Chapter 31, Part 3)'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 These fees are the same as those for project loan securities. (Please See MBS
      Guide Chapter 31, Part 3)'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-4
  canonical_id: gnma-mbs-ch32-4
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: COMMITMENT AUTHORITY TO GUARANTEE SECURITIES
    To participate in the program, issuers must request commitment authority and pool numbers as described in MBS
    Guide, Ch. 8. All multiline commitment authority will expire the last day of the month that is 24 months from
    the date of app…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: COMMITMENT AUTHORITY TO GUARANTEE SECURITIES To participate in the program, issuers must request
      commitment authority and pool numbers as described in MBS Guide, Ch. 8. All multiline commitment authority
      will expire the last day of the month that is 24 months from the date of approval of the commitment authority.
      Multiline commitment authority cannot be converted to single-line commitment authority.
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-5
  canonical_id: gnma-mbs-ch32-5
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 The procedure for applying for
    multiline commitment authority or pool numbers is described in MBS Guide, Ch. 8, Part 3. Section B. Commitment'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 The procedure for applying for multiline commitment authority or pool numbers
      is described in MBS Guide, Ch. 8, Part 3. Section B. Commitment'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-6
  canonical_id: gnma-mbs-ch32-6
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 The commitment fee is described
    in MBS Guide, Ch. 6, Part 2, § B. Section C. Pool Numbers'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 The commitment fee is described in MBS Guide, Ch. 6, Part 2, § B. Section C.
      Pool Numbers'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-7
  canonical_id: gnma-mbs-ch32-7
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 Consecutive pool numbers must
    be reserved for an issue of construction loan securities and the related project loan securities. The lower
    pool number is to be used for the construction loan securities.'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 Consecutive pool numbers must be reserved for an issue of construction loan securities
      and the related project loan securities. The lower pool number is to be used for the construction loan securities.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-8
  canonical_id: gnma-mbs-ch32-8
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: MORTGAGE ELIGIBILITY AND POOL REQUIREMENTS
    A construction loan pool consists of one mortgage representing a single construction loan. The mortgage must
    satisfy the following requirements: Section A. FHA Insurance'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: 'MORTGAGE ELIGIBILITY AND POOL REQUIREMENTS A construction loan pool consists of one mortgage
      representing a single construction loan. The mortgage must satisfy the following requirements: Section A.
      FHA Insurance'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-9
  canonical_id: gnma-mbs-ch32-9
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 The mortgage must be insured
    by FHA under the National Housing Act and the appropriate implementing regulations and must be eligible for
    pooling under both the construction loan and the project loan MBS programs. Section B. Minimum Mortgage Amount'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 The mortgage must be insured by FHA under the National Housing Act and the appropriate
      implementing regulations and must be eligible for pooling under both the construction loan and the project
      loan MBS programs. Section B. Minimum Mortgage Amount'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-10
  canonical_id: gnma-mbs-ch32-10
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 The mortgage amount, after all
    advances, must total at least $250,000. Section C. Initial Endorsement'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 The mortgage amount, after all advances, must total at least $250,000. Section
      C. Initial Endorsement'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-11
  canonical_id: gnma-mbs-ch32-11
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 The mortgage note must have been
    initially endorsed by FHA for insurance of advances.'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 The mortgage note must have been initially endorsed by FHA for insurance of advances.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-12
  canonical_id: gnma-mbs-ch32-12
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: : 2015-05-01 Prior to each issuance of securities,
    the issuer takes the following steps with respect to FHA- insured advances: (1) makes a request to FHA for the
    insurance of advances; (2) makes timely disbursement to all payees named in form HUD 92403; and (3) submits
    documents …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: ': 2015-05-01 Prior to each issuance of securities, the issuer takes the following steps with
      respect to FHA- insured advances: (1) makes a request to FHA for the insurance of advances; (2) makes timely
      disbursement to all payees named in form HUD 92403; and (3) submits documents to the document custodian for
      its certification and to PPA for the issuance of securities, as described in MBS Guide, Ch. 32, Part 8, §
      B and Ch. 32, Part 9, § B, respectively.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch32-13
  canonical_id: gnma-mbs-ch32-13
  section: Ginnie Mae MBS Guide Chapter 32 — Construction Loan Pools — Special Requirements
  description: 'Ch.32 Construction Loan Pools — Special Requirements: REQUIRED DOCUMENTS FOR CERTIFICATION BY DOCUMENT
    CUSTODIAN After initial endorsement by FHA, the documents listed below must be delivered to the document custodian,
    which certifies to their receipt on the back of the Schedule of Pooled Mortgages, form HUD 11706 (Appendix III-7).
    …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - gnma-mbs-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 32 — Construction Loan Pools — Special Requirements
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_32.pdf
    snapshot_id: b28865c0e54df55e
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:292e97c29efb944c958e05b94c2833c0b30bb5449d2e1d0e6c05094c95b3bdf7
    paragraph_quote: REQUIRED DOCUMENTS FOR CERTIFICATION BY DOCUMENT CUSTODIAN After initial endorsement by FHA,
      the documents listed below must be delivered to the document custodian, which certifies to their receipt on
      the back of the Schedule of Pooled Mortgages, form HUD 11706 (Appendix III-7). Section A. Basic Pool Documents
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 32 PDF, snapshot b28865c0e54df55e;
      substring-verified. New-source fetch.
  judgment: false
