source:
  type: regulation
  id: gnma-mbs-ch35
  authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: "Ginnie Mae MBS Guide Chapter 35 (Home Equity Conversion Mortgage Loan Pools –). New-source fetch\
    \ + gap-fill (verbatim). \n"
obligations:
- id: gnma-mbs-ch35-0
  canonical_id: gnma-mbs-ch35-0
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 This chapter describes the special
    requirements that apply to a pool of Home Equity Conversion Mortgage (HECM) loans. The requirements described
    in this chapter may modify, supplement or in some cases repeat, for the purposes of emphasis, those requirements
    set forth…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 This chapter describes the special requirements that apply to a pool of Home
      Equity Conversion Mortgage (HECM) loans. The requirements described in this chapter may modify, supplement
      or in some cases repeat, for the purposes of emphasis, those requirements set forth in previous chapters with
      respect to Issuer eligibility, mortgage eligibility, pool requirements, required pool and submission documents
      and the actual HECM mortgage-backed securities (HMBS). From time to time, balances related to a HECM loan
      may be pooled into HMBS securities. These balances, which represent participation interests in the related
      HECM loan, are referred to herein as Participations. Participation interests generally consist of advances
      made to borrowers, monthly insurance premiums paid to FHA, certain servicing fees and accrued interest, which
      may include certain servicing fees and guaranty fees. HECM loans, also commonly referred to as “reverse mortgage
      loans,” are FHA-insured loans designed specifically to permit senior citizens to convert the home equity of
      their principal residence into cash. No interest or principal payments are due on the mortgage until maturity,
      which is triggered upon the occurrence of a number of different events discussed in this chapter. Interest,
      however, accrues daily on the HECM loan and is added to the borrower’s remaining principal balance at month
      end. HMBS securities are accrual class pass-through securities and therefore do not provide scheduled payments
      of principal or interest to investors. Interest accruing on the security is added each month to the remaining
      principal balance of the security. Unscheduled payments of principal and interest will generally be passed
      through to security holders under the following circumstances: (i) when a full or partial payment is made
      on a related HECM loan which is related to a Participation that backs an HMBS security and/or (ii) upon the
      purchase of all Participations of the related HECM loan, by the Issuer, for a reason specifically authorized
      in the applicable Guaranty Agreement (Appendix III-27) or in this Guide. HMBS pools may only be formed under
      the Ginnie Mae II Custom MBS Program. Multiple Issuer pools are ineligible for HMBS pooling. This chapter
      will review the program requirements unique to the HMBS pooling process, and, where applicable, refer the
      Issuer for guidance to other sections of the MBS Guide when program requirements remain unchanged. HMBS Issuers
      may obtain additional information about the HECM mortgage insurance program from FHA. HMBS Program Highlights
      – “At a Glance”'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-1
  canonical_id: gnma-mbs-ch35-1
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: , Rev. 1 35-1 ginniemae.gov Entity Relationship
    Rules Administration HMBS Security The HMBS Security is a unique entity specifically identified by a “Ginnie
    Mae” pool number, EIN Number and CUSIP. Must be accounted for and reported on pursuant to Ginnie Mae’s HMBS
    program require…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ', Rev. 1 35-1 ginniemae.gov Entity Relationship Rules Administration HMBS Security The HMBS
      Security is a unique entity specifically identified by a “Ginnie Mae” pool number, EIN Number and CUSIP. Must
      be accounted for and reported on pursuant to Ginnie Mae’s HMBS program requirements, as communicated in this
      MBS Guide. HMBS Pool of Collateral The pool of collateral that is specifically and uniquely associated with
      the HMBS security, which Must be accounted for and reported on pursuant to Ginnie Mae’s HMBS program requirements,
      as'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-2
  canonical_id: gnma-mbs-ch35-2
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: , Rev. 1 35-2 ginniemae.gov Separate Participations
    in a single HECM loan may serve as collateral in multiple HMBS pools. Issuers must be able to specifically identify,
    at the HECM loan level, all Participations across all related HMBS pools. HECM Loan Payments to security holder…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ', Rev. 1 35-2 ginniemae.gov Separate Participations in a single HECM loan may serve as collateral
      in multiple HMBS pools. Issuers must be able to specifically identify, at the HECM loan level, all Participations
      across all related HMBS pools. HECM Loan Payments to security holders must be accounted for at both the HECM
      loan level and the Participation level, and appropriately summarized at the security level. Unscheduled payments
      to security holders must be reported monthly with RPB reporting obligations. There may exist a “One-to-Many”
      relationship between a specific HECM loan payment and the associated Participations and related HMBS securities.
      As such, any unscheduled borrower payments must be pro-rated among all related Participations as a percentage
      of the outstanding principal balance of the related HECM loan. Payment to Security Holder Participations must
      be specifically linked to the HECM loan and to the HMBS pool in which it serves as collateral. Participations
      must also be specifically accounted for in monthly Issuer reporting obligations. A Participation is that portion
      of a HECM loan securitized into an HMBS security. One HECM loan may have multiple Participations in various
      HMBS securities throughout the life of the loan. Although HMBS securities will likely contain many Participations
      from many different HECM loans, there may only exist a one-to-one relationship between any one Participation
      and the HMBS security for which it serves as pool collateral. Participation Basic Relationship Rules between
      HECM Loans, Participations & HMBS Pools * This “At-A-Glance” Chart is intended to provide a general description
      of the mechanics of the HMBS Program.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-3
  canonical_id: gnma-mbs-ch35-3
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: ISSUER ELIGIBILITY REQUIREMENTS Each entity,
    including an existing Issuer, must apply for approval to issue HMBS pools. Each approved applicant will be assigned
    an Issuer identification number that may only be used to issue HMBS pools. The HMBS Issuer identification number
    must b…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ISSUER ELIGIBILITY REQUIREMENTS Each entity, including an existing Issuer, must apply for approval
      to issue HMBS pools. Each approved applicant will be assigned an Issuer identification number that may only
      be used to issue HMBS pools. The HMBS Issuer identification number must be used on all correspondence and
      communication with Ginnie Mae. Section A. Existing Issuer Eligibility
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-4
  canonical_id: gnma-mbs-ch35-4
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 An existing Issuer in good standing
    is eligible to request approval to issue HMBS securities. To request approval, the Issuer should submit a letter
    of interest to Ginnie Mae’s Office of Issuer & Portfolio Management (see Addresses) and include applicable documents
    f…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 An existing Issuer in good standing is eligible to request approval to issue
      HMBS securities. To request approval, the Issuer should submit a letter of interest to Ginnie Mae’s Office
      of Issuer & Portfolio Management (see Addresses) and include applicable documents from Appendix I-1. The request
      for approval must demonstrate the applicant’s ability to satisfy the following eligibility requirements:'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-5
  canonical_id: gnma-mbs-ch35-5
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: (1) Experience originating and servicing HECM
    loans; (2) Capacity to perform Participation tracking and HECM loan accounting. If an Issuer elects to fulfill
    the participation tracking and monitoring requirement using a third party “Participation Agent”, the Issuer
    is fully respon…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: (1) Experience originating and servicing HECM loans; (2) Capacity to perform Participation
      tracking and HECM loan accounting. If an Issuer elects to fulfill the participation tracking and monitoring
      requirement using a third party “Participation Agent”, the Issuer is fully responsible for the work performed
      under that arrangement. An Issuer may contract with only one Participation Agent to perform all monitoring
      and accounting activities related to pooled Participations, as designated in form HUD 11706H (see Appendix
      I-7); and (3) Financial requirements described in MBS Guide, Ch. 3. Ginnie Mae will review the request and
      notify the applicant in writing of its decision. The Ginnie Mae application fee is not required for existing
      Issuers who seek approval to issue HMBS. If additional information is requested by Ginnie Mae, the applicant
      has 60 days to provide it. If the requested information is not submitted to Ginnie Mae within 60 calendar
      days, the application package will be rejected and returned. If the application is denied, Ginnie Mae will
      advise the applicant in writing of the reason(s) for its decision. Ginnie Mae, in its sole discretion, may
      refuse to grant any request for HMBS Issuer approval if it determines that the applicant has failed to meet
      the specific requirements set forth in this MBS Guide, or if Ginnie Mae otherwise determines that approval
      of the applicant would be detrimental to the MBS Program. Section B. New Issuer Eligibility
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-6
  canonical_id: gnma-mbs-ch35-6
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 A new entity that wishes to issue
    HMBS securities must first comply with all Ginnie Mae program eligibility requirements described in MBS Guide,
    Ch. 2 and the application procedure described in MBS Guide, Ch. 7. The entity will then need to satisfy the
    eligibility re…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 A new entity that wishes to issue HMBS securities must first comply with all
      Ginnie Mae program eligibility requirements described in MBS Guide, Ch. 2 and the application procedure described
      in MBS Guide, Ch. 7. The entity will then need to satisfy the eligibility requirements set forth above in
      MBS Guide, Ch. 35, Part 2, § A.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-7
  canonical_id: gnma-mbs-ch35-7
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: ISSUER RISKS AND LIABILITIES An HMBS Issuer
    has certain obligations that may not be customary for a mortgage servicer in the private sector. Each Issuer
    must be aware of these obligations and must make suitable financial arrangements to ensure that it has the capacity
    to fulfill …'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ISSUER RISKS AND LIABILITIES An HMBS Issuer has certain obligations that may not be customary
      for a mortgage servicer in the private sector. Each Issuer must be aware of these obligations and must make
      suitable financial arrangements to ensure that it has the capacity to fulfill them. Some of the risks and
      liabilities are more generally described in MBS Guide, Ch. 5 and elsewhere in this MBS Guide. Section A. Purchase
      Events
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-8
  canonical_id: gnma-mbs-ch35-8
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 Issuers are responsible for purchasing
    any Participation when the outstanding principal balance of the related HECM loan is equal to or greater than
    98% of the Maximum Claim Amount. MBS Guide, Ch. 35, Part 10 describes this Mandatory Purchase Event. In addition,
    MBS …'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 Issuers are responsible for purchasing any Participation when the outstanding
      principal balance of the related HECM loan is equal to or greater than 98% of the Maximum Claim Amount. MBS
      Guide, Ch. 35, Part 10 describes this Mandatory Purchase Event. In addition, MBS Guide, Ch. 35, Part 10 describes
      certain optional purchase events. The Issuer must purchase any related Participation in any outstanding HMBS
      pools when a Mandatory Purchase Event occurs, regardless of whether the Issuer receives timely insurance'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-9
  canonical_id: gnma-mbs-ch35-9
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: payments, if at all. If insurance payments are
    not available, the Issuer must apply its own funds to acquire the Participations upon the occurrence of a Mandatory
    Purchase Event. Under certain circumstances, for instance when a HECM loan becomes due and payable, an Issuer
    may not…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: payments, if at all. If insurance payments are not available, the Issuer must apply its own
      funds to acquire the Participations upon the occurrence of a Mandatory Purchase Event. Under certain circumstances,
      for instance when a HECM loan becomes due and payable, an Issuer may not be able to assign the mortgage to
      FHA. In this instance, the Issuer must utilize its own funds to purchase any outstanding Participations. Issuers
      are responsible for using their own funds to ensure that security holders receive any outstanding principal
      and interest due on the Final Distribution Date. Section B. Interest Due Security Holders But Not Payable
      by Mortgagor
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-10
  canonical_id: gnma-mbs-ch35-10
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 An Issuer is responsible for making
    funds available for interest payments due security holders even if associated interest payments are not required
    to be paid by the mortgagor on the underlying Participation. When a mortgage is prepaid, either in partial or
    full rep…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 An Issuer is responsible for making funds available for interest payments due
      security holders even if associated interest payments are not required to be paid by the mortgagor on the
      underlying Participation. When a mortgage is prepaid, either in partial or full repayment before the end of
      the month, the mortgagor pays interest only until the payoff date. With HECMs, the mortgagee must, according
      to FHA requirements, permit the mortgagor to prepay at any time without penalty. Security holders, however,
      are entitled to interest through the end of the month. The Issuer must make up any interest payment shortfall
      due security holders from its own funds. Section C. Costs Related to Defective Mortgages'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-11
  canonical_id: gnma-mbs-ch35-11
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 If a HECM loan is found to be defective
    at any time after the related Participations have been pooled, the Issuer must cure the defect or purchase all
    related Participations. Substitutions of Participations related to HECM loans in HMBS pools are not permitted.
    An Is…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 If a HECM loan is found to be defective at any time after the related Participations
      have been pooled, the Issuer must cure the defect or purchase all related Participations. Substitutions of
      Participations related to HECM loans in HMBS pools are not permitted. An Issuer must receive prior written
      permission from Ginnie Mae’s Office of Issuer & Portfolio Management before purchasing Participations related
      to defective HECM loans. A request to purchase all Participations related to a defective HECM loan must be
      submitted to the Office of Issuer & Portfolio Management (see Addresses) in accordance with the Form Letter
      for Loan Purchase (Appendix VI-2). Section D. Pool Administration Costs'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-12
  canonical_id: gnma-mbs-ch35-12
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 Issuers are responsible for all
    pool administration costs as described in this chapter and in MBS Guide, Ch. 5, generally. Administration costs
    for HMBS pools include those associated with tracking, accounting for and monitoring the pooled Participations,
    in addition…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 Issuers are responsible for all pool administration costs as described in this
      chapter and in MBS Guide, Ch. 5, generally. Administration costs for HMBS pools include those associated with
      tracking, accounting for and monitoring the pooled Participations, in addition to servicing the related HECM
      loans. Section E. Guaranty Fee'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch35-13
  canonical_id: gnma-mbs-ch35-13
  section: Ginnie Mae MBS Guide Chapter 35 — Home Equity Conversion Mortgage Loan Pools –
  description: 'Ch.35 Home Equity Conversion Mortgage Loan Pools –: : 2017-01-02 Issuers are required to pay a monthly
    guaranty fee to Ginnie Mae for each HMBS security for which the Issuer is Issuer of record. The Issuer pays
    the monthly guaranty fee by making adequate funds available in the central P&I custodial account for ACH debit
    by the CPT…'
  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 35 — Home Equity Conversion Mortgage Loan Pools –
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_35.pdf
    snapshot_id: d9b243f7e9e04f8c
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:86b73cdb466b59ef9e8b89b0155b7342ed2acfe7aec0c00016b86b0c2cf0aec7
    paragraph_quote: ': 2017-01-02 Issuers are required to pay a monthly guaranty fee to Ginnie Mae for each HMBS
      security for which the Issuer is Issuer of record. The Issuer pays the monthly guaranty fee by making adequate
      funds available in the central P&I custodial account for ACH debit by the CPTA. (Please See MBS Guide Chapter
      6, Part 4) The CPTA calculates the amount of the guaranty fee using the RPB data from the Monthly Pool, Loan
      and Participation level accounting data reported by the Issuer in the preceding month. (Please See MBS Guide
      Chapter 35, Part 12 for reporting requirements and Appendix VI-17—'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 35 PDF, snapshot d9b243f7e9e04f8c;
      substring-verified. New-source fetch.
  judgment: false
