source:
  type: regulation
  id: gnma-mbs-ch24
  authority: Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 24 — Single Family, Level Payment Pools And Loan
  description: "Ginnie Mae MBS Guide Chapter 24 (Single Family, Level Payment Pools And Loan). New-source fetch\
    \ + gap-fill (verbatim). \n"
obligations:
- id: gnma-mbs-ch24-0
  canonical_id: gnma-mbs-ch24-0
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: : 2018-05-30 This chapter describes special requirements
    that apply for a pool or loan package of single family, level payment mortgages. The requirements described
    in this chapter may modify, supplement or, in some cases repeat for the purpose of emphasis, those set forth
    in pre…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ': 2018-05-30 This chapter describes special requirements that apply for a pool or loan package
      of single family, level payment mortgages. The requirements described in this chapter may modify, supplement
      or, in some cases repeat for the purpose of emphasis, those set forth in previous chapters with respect to
      mortgage eligibility, pool and loan package requirements, required pool and loan package submission documents,
      and the securities. The pool suffix is “SF.” SF pools can be formed under the Ginnie Mae I MBS Program as
      X SF pools, and the Ginnie Mae II MBS Program as either C SF or M SF pools.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-1
  canonical_id: gnma-mbs-ch24-1
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: MORTGAGE ELIGIBILITY, POOL, AND LOAN PACKAGE
    REQUIREMENTS The mortgage eligibility, pool and loan package requirements that apply, with limited exceptions,
    to all pool types are found in MBS Guide, Ch. 9. In addition, SF mortgages, pools, and loan packages must meet
    the following…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: 'MORTGAGE ELIGIBILITY, POOL, AND LOAN PACKAGE REQUIREMENTS The mortgage eligibility, pool and
      loan package requirements that apply, with limited exceptions, to all pool types are found in MBS Guide, Ch.
      9. In addition, SF mortgages, pools, and loan packages must meet the following requirements: Section A. Mortgage
      Eligibility Requirements'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-2
  canonical_id: gnma-mbs-ch24-2
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: : 2026-02-26 (1) General requirements: Number
    of units: Each mortgage loan must generally cover no more than four units in a single structure. A mortgage
    loan for a two to four unit dwelling may be a High Balance Loan as defined in MBS Guide, Ch. 9, Part 2, § B.
    Issuers must ensu…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ': 2026-02-26 (1) General requirements: Number of units: Each mortgage loan must generally
      cover no more than four units in a single structure. A mortgage loan for a two to four unit dwelling may be
      a High Balance Loan as defined in MBS Guide, Ch. 9, Part 2, § B. Issuers must ensure that the pooling requirements
      for High Balance Loans, specified below in MBS Guide, Ch. 24, Part 2, § A(1), are satisfied. The restrictions
      on the number of units for a single structure imposed by FHA, VA, RD or PIH are applicable to this program.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-3
  canonical_id: gnma-mbs-ch24-3
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-1 ginniemae.gov Maturity: For pools
    or loan packages originated on or after September 1, 2004, Issuers may securitize loans with a first payment
    date more than 48 months before the issue date of the pool. However, and in order to avoid possible negative
    tax consequenc…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-1 ginniemae.gov Maturity: For pools or loan packages originated on or after September
      1, 2004, Issuers may securitize loans with a first payment date more than 48 months before the issue date
      of the pool. However, and in order to avoid possible negative tax consequences to foreign investors, Ginnie
      Mae will not allow any loans originated prior to 1985 to be included in new pool or loan package originations.
      Moreover, and in order to ensure that Ginnie Mae’s single family pools adhere to the test for reasonable homogeneity,
      Issuers must also ensure that the loan maturity requirements specified below in MBS Guide, Ch. 24, Part 2,
      § B(3) are met. Interest rate (i) Ginnie Mae I MBS pools: Each mortgage in a pool must bear the same fixed
      interest rate as every other mortgage in its pool, which is one-half of one percent (50 basis points) higher
      than the interest rate on the related securities. The interest rate on the mortgage may not change during
      the life of the mortgage. (ii) Ginnie Mae II MBS pools and loan packages:'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-4
  canonical_id: gnma-mbs-ch24-4
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-2 ginniemae.gov Each mortgage in
    a pool or loan package issued on or after July 1, 2003 must bear a fixed interest rate at least 25 but not more
    than 75 basis points higher than the interest rate on the related securities. The interest rate on the mortgage
    may not cha…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-2 ginniemae.gov Each mortgage in a pool or loan package issued on or after July
      1, 2003 must bear a fixed interest rate at least 25 but not more than 75 basis points higher than the interest
      rate on the related securities. The interest rate on the mortgage may not change during the life of the mortgage.
      Amortization: Each loan must provide for repayment in equal monthly installments over the fixed term of the
      loan. No loan may be re-amortized while it is in a pool or loan package. Buydowns (i) Ginnie Mae I MBS pools:
      Ginnie Mae I SF (X SF) pools may not contain mortgages with buydown provisions. Any mortgage with buydown
      features, whether or not specifically approved as a buydown mortgage, must either be placed in a separate
      BD or SN pool. (Please See MBS Guide Chapters 25 and 29) (ii) Ginnie Mae II MBS pools and loan packages: SF
      loans that include buydown provisions are eligible for Ginnie Mae II SF pools and loan packages under the
      following conditions: With respect to the C SF pool type, buydown loans may be pooled without limitation.
      The C BD pool type does not need to pool buydown loans exclusively, and may in fact commingle both buydown
      and non-buydown loans. If an Issuer submits a C BD pool type through Ginnie Mae’s electronic pooling application,
      and the pool contains one or more buydown mortgages, the pool will be issued as a C BD pool regardless of
      the BD dollar amount and total pool dollar amount. At pooling, the appropriate FHA ADP codes will be identified
      for any FHA loans and applied to the buydown mortgages. The C BD pool type will be eligible for immediate
      servicing transfer (“PIIT”), so long as both parties meet the servicing transfer requirements communicated
      in the MBS Guide. At issuance, the aggregate unpaid principal balance of all loans in a C BD pool must be
      at least $500,000, and consist of at least three loans, with the exception of Custom Bond Finance pool products,
      which only require, at minimum, an unpaid principal balance of $25,000.00, and one loan. Pursuant to Ginnie
      Mae II MBS program requirements, the spread of note rates eligible for securitization of C BD pool types must
      be at least 25 basis points, but not more than 75 basis points, above the security rate. Consequently, C BD
      pool types will have a minimum servicing fee of 19 bps and a maximum servicing fee of 69 bps plus a 6 basis
      point Ginnie Mae guaranty fee. A multiple Issuer pool or loan package (M SF) may contain both Buydown Loans
      and High Balance Loans. Buydown Loans may not exceed ten percent (10%) of the aggregate original principal
      balance of the loan package. High Balance Loans may not exceed ten percent (10%) of the aggregate original
      principal balance of'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-5
  canonical_id: gnma-mbs-ch24-5
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: the loan package. If a loan is both a Buydown
    Loan and a High Balance Loan, the loan will count against the ten percent (10%) limit of each requirement. Adjustable
    Rate Mortgages (ARMs), Graduated Payment Mortgages (GPMs) and Growing Equity Mortgages (GEMs) are not eligible
    for 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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: 'the loan package. If a loan is both a Buydown Loan and a High Balance Loan, the loan will
      count against the ten percent (10%) limit of each requirement. Adjustable Rate Mortgages (ARMs), Graduated
      Payment Mortgages (GPMs) and Growing Equity Mortgages (GEMs) are not eligible for buydown consideration. Please
      see Chapter 25 of the MBS Guide for additional details on special requirements for buydown pools Interest
      escrow custodial account: An interest escrow custodial account must be maintained in connection with buydown
      mortgages for the deposit of buydown funds provided by the Issuer. This account must meet Ginnie Mae’s escrow
      custodial account requirements and it must meet FHA’s and VA’s requirements for such accounts. (Please See
      MBS Guide Chapter 16, Part 5) Loan amount: The original principal amount of the mortgage for FHA loans is
      limited to the amount permitted for a particular geographic area pursuant to section 203(b)(2), section 214
      or section 220(d)(3)(A)(i) of the National Housing Act. For VA loans see MBS Guide, Ch. 24, Part 2, § A(3)
      below. For RD loans see MBS Guide, Ch. 24, Part 2, § A(4) below. For PIH loans see MBS Guide, Ch. 24, Part
      2, § A(5) below. With respect to Ginnie Mae I “X SF” and Ginnie Mae II “M SF” pools, the aggregate amount
      of the issue date unpaid principal balance of the High Balance Loans, as defined in MBS Guide, Ch. 9, Part
      2, § B, may not exceed 10% of the original principal balance of each pool or loan package. 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. Section 203(k) loans: A section 203(k) loan is eligible for a Ginnie
      Mae I MBS pool or a Ginnie Mae II MBS pool or loan package if (i) the borrower is an individual owner-occupant,
      or (ii) the borrower is an eligible nonprofit agency and the loan is originated under an affordable housing
      program approved by a local FHA office as specified in FHA Mortgagee Letter 2025-05 or (iii) the borrower
      is a state or local government agency. The Issuer pooling nonprofit agency section 203(k) loans must maintain
      in the loan package file with the document custodian a copy of the FHA letter approving the FHA affordable
      housing program under which the loans are originated.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-6
  canonical_id: gnma-mbs-ch24-6
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-3 ginniemae.gov Assumptions: Loans
    that have been assumed by new borrowers in accordance with the requirements of the federal insuring or guaranteeing
    agencies, are eligible to be pooled, or remain pooled, as applicable, in Ginnie Mae MBS. (2) Special requirements
    for…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-3 ginniemae.gov Assumptions: Loans that have been assumed by new borrowers in
      accordance with the requirements of the federal insuring or guaranteeing agencies, are eligible to be pooled,
      or remain pooled, as applicable, in Ginnie Mae MBS. (2) Special requirements for modified FHA-insured loans,
      VA and RD guaranteed loans: The term “Modified Loan” means a mortgage loan that has undergone a rate and/or
      term modification pursuant to a duly executed loan modification agreement under the insuring or guarantying
      agency’s loss mitigation program. At pooling, Modified Loans are'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-7
  canonical_id: gnma-mbs-ch24-7
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: regarded as new loans and judged on the modified
    terms under which the loans were pooled. A Modified Loan may be re-pooled if it retains its first lien position
    and meets the conditions listed below. It is the Issuer’s responsibility to ensure the Modified Loan’s first
    lien posit…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: 'regarded as new loans and judged on the modified terms under which the loans were pooled.
      A Modified Loan may be re-pooled if it retains its first lien position and meets the conditions listed below.
      It is the Issuer’s responsibility to ensure the Modified Loan’s first lien position is not adversely impacted
      by any real estate taxes, assessments such as HOA dues, or other matters that could become a first lien. A
      loan modification that is combined with a deferment is ineligible for re-pooling into any Ginnie Mae single-family
      MBS. The deferment loss mitigation option must be exercised without buying the loan out of a Ginnie Mae MBS
      to avoid subjecting the loan to re-pooling restrictions. Additional conditions for Modified Loans: the original
      mortgage that is to be removed from a Ginnie Mae pool for modification is 90 days or more delinquent. the
      Modified Loan meets all of Ginnie Mae’s eligibility criteria for single family mortgages. the term of the
      Modified Loan is no longer than 360 months from the due date of the first installment payable under the modification
      agreement, with the exception of “Extended Remaining Term Modified Loans” in the C ET pools whose terms are
      greater than or equal to 361 months but not more than 480 months. The date of loan modification may be used
      as the origination date for the purpose of pooling.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-8
  canonical_id: gnma-mbs-ch24-8
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-4 ginniemae.gov the Loan Modification
    Agreement must be recorded. the Issuer must ensure that the Modified Loan maintains its first lien position,
    which for loans backing securities issued on January 1, 2016 or earlier, must be documented by a new title policy,
    a titl…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-4 ginniemae.gov the Loan Modification Agreement must be recorded. the Issuer must
      ensure that the Modified Loan maintains its first lien position, which for loans backing securities issued
      on January 1, 2016 or earlier, must be documented by a new title policy, a title policy endorsement ensuring
      priority over defects, liens, and encumbrances, an ALTA Form Mortgage Modification Policy (MMP), or a Mortgage
      Priority Guarantee policy (MPG). For loans backing securities issued on February 1, 2016, or later, it must
      be documented by either a new title policy, a title policy endorsement ensuring priority over defects, liens,
      and encumbrances, or an ALTA Form Mortgage Modification Policy (MMP); and regardless of security issuance
      date, by such recorded subordination agreements as required to maintain first lien position. When submitting
      Extended Remaining Term Modified Loans for C ET pools, all Issuers must make the following attestation: With
      respect to each mortgage loan, all modifications of the mortgage loan after the origination of such mortgage
      loan must be occasioned by default or reasonably foreseeable default on such mortgage loan within the meaning
      of Treasury Regulations section 1.860G-2(b)(3)(i). Issuers may deliver electronically signed and notarized
      Loan Modification Agreements that meet the requirements outlined below in Chapter 24, Part 3, § A (2) (b).
      Issuers are not permitted to deliver an electronically signed modification agreement if: a.) the security
      instrument, as modified by the electronically signed modification agreement, would be invalid or unenforceable
      or would no longer be in first lien position; b.) the'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-9
  canonical_id: gnma-mbs-ch24-9
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: recording jurisdiction does not permit or provide
    for recordation of electronic documents; or c.) the Issuer or eIssuer is unable to comply with the recording
    jurisdiction’s recordation and formatting requirements for an electronic document’s recordation. (3) Special
    requirements…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: 'recording jurisdiction does not permit or provide for recordation of electronic documents;
      or c.) the Issuer or eIssuer is unable to comply with the recording jurisdiction’s recordation and formatting
      requirements for an electronic document’s recordation. (3) Special requirements for VA-guaranteed loans: For
      a VA-guaranteed loan to be eligible for pooling, the following additional requirements apply: The amount of
      cash down payment and/or equity, plus the amount of available VA guaranty must equal at least 25% of (i) the
      purchase price of the property or (ii) the Certificate of Reasonable Value (CRV), whichever is less. The funding
      fee charged by VA must not be included in this calculation. The cash down payment must also include the amount,
      if any, by which the purchase price exceeds the CRV. Loans for the simultaneous purchase of a home and energy
      conservation improvement are based solely on the CRV amount.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-10
  canonical_id: gnma-mbs-ch24-10
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-5 ginniemae.gov The cash down payment
    may not be derived from a second mortgage on the property. The mortgage amount may exceed the CRV amount only
    if the VA funding fee is included in the mortgage and only to the extent of the funding fee. The unpaid principal
    balanc…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-5 ginniemae.gov The cash down payment may not be derived from a second mortgage
      on the property. The mortgage amount may exceed the CRV amount only if the VA funding fee is included in the
      mortgage and only to the extent of the funding fee. The unpaid principal balance of a VA loan may be greater
      than the current conforming loan limit and still be eligible for inclusion in a Ginnie Mae pool. If there
      are co-mortgagors on a loan (other than husband and wife) and one or more of the mortgagors do not have VA
      eligibility (i.e., vet/non-vet joint loans) the loan is eligible for inclusion in a Ginnie Mae pool if the
      25 percent requirement of VA guaranty plus cash/equity is met. The loan guarantee certificate will only reflect
      the veteran’s pro rata interest in the mortgage. Refinance loans: (i) Effective for mortgage-backed securities
      guaranteed between June 1, 2018 and July 31, 2019, a refinance loan insured or guaranteed under the United
      States Department of Veteran Affairs benefit program in chapter 37 of title 38 of the United States Code is
      eligible for Ginnie Mae securities with such issuance dates only if it meets the following condition. The
      note date of the refinance loan must be on, or after, the later of: the date that is 210 days after the date
      on which the first monthly payment was made on the mortgage being refinanced, and the date on which 6 full
      monthly payments have been made on the mortgage (ii) Effective with mortgage-backed securities guaranteed
      on or after August 1, 2019, a refinance loan insured or guaranteed under the United States Department of Veteran
      Affairs benefit program in chapter 37 of title 38 of the United States Code is eligible for Ginnie Mae securities
      only if it meets the following condition.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-11
  canonical_id: gnma-mbs-ch24-11
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-6 ginniemae.gov The note date of
    the refinance loan is on, or after, the later of: the date on which the borrower has made at least six monthly
    payments on the loan being refinanced; and the date that is 210 days after the first payment due date of the
    loan being refi…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-6 ginniemae.gov The note date of the refinance loan is on, or after, the later
      of: the date on which the borrower has made at least six monthly payments on the loan being refinanced; and
      the date that is 210 days after the first payment due date of the loan being refinanced. (iii) Ginnie Mae
      is adding the following definitions for purposes covered by this section. the term “Refinance Loan” means
      a loan secured by an interest in real property that is a refinancing made to pay off or satisfy one or more
      outstanding loans, debts, or liens associated with the corresponding real property. the term “Loan Refinancing
      a Mortgage Without a VA Guaranty” means a Refinance Loan that is made to pay off a mortgage loan that is not
      insured or guaranteed under chapter 37 of title 38 of the United States Code, including but not limited to
      Refinance Loans made to pay off conventional mortgage loans, Refinance Loans made to pay off mortgage loans
      insured by the Federal Housing Administration, and Refinance Loans made to pay off mortgage loans insured
      or guaranteed under USDA’s Rural Development Program. the term “Loan Refinancing Non-Mortgage Debts” means
      a Refinance Loan that is made to pay off or satisfy a lien placed on the corresponding secured property other
      than a lien associated with a previous mortgage loan, including but not limited to tax, judgment, and mechanic’s
      liens. the term “Loan Refinancing a Mortgage Without Scheduled Monthly Payments” means a Refinance Loan that
      is made to pay off or satisfy an outstanding mortgage that provides, by its own terms, for no monthly payments.
      the term “Permanent Financing Construction or Bridge Loan” means a loan used to provide permanent financing
      for a newly-constructed or renovated Single-family home and to satisfy an existing lien against a such home
      resulting from the corresponding construction or renovation project. the term “Re-Performing Refinance Loan”
      means a Refinance Loan that is not more than 30 days delinquent, that was previously bought out from a pool
      or loan package backing a Ginnie Mae MBS, and that retains the same rate and terms as the rate and terms associated
      with such loan on the date the loan was initially securitized in a Ginnie MBS. the term “Refinance of a Modified
      Loan” means a Refinance Loan that is used to pay off a Modified Loan as defined in Subsection (2) above. the
      term “High LTV VA Cash-Out Refinance Loan” means a Refinance Loan that is insured or guaranteed under the
      provisions of chapter 37 of title 38 of'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-12
  canonical_id: gnma-mbs-ch24-12
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: the United States Code with a loan-to-value ratio
    that exceeds 90 percent at the time of origination (i.e. 90.01 LTV and higher), and where the borrower converts
    any amount of home equity into cash. the term “Seasoning Requirements” means the requirements in Subsection
    (d)(i) and…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: the United States Code with a loan-to-value ratio that exceeds 90 percent at the time of origination
      (i.e. 90.01 LTV and higher), and where the borrower converts any amount of home equity into cash. the term
      “Seasoning Requirements” means the requirements in Subsection (d)(i) and (d)(ii) above.
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
- id: gnma-mbs-ch24-13
  canonical_id: gnma-mbs-ch24-13
  section: Ginnie Mae MBS Guide Chapter 24 — Single Family, Level Payment Pools And Loan
  description: 'Ch.24 Single Family, Level Payment Pools And Loan: , Rev. 1 24-7 ginniemae.gov (iv) Loan Refinancing
    a Mortgage Without a VA Guaranty: Except as noted below, any VA-guaranteed Loan Refinancing a Mortgage Without
    a VA Guaranty, including a Refinance Loan used to pay off a conventional mortgage, is subject to the Seasoning
    Requirem…'
  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 24 — Single Family, Level Payment Pools And Loan
    source_class: gnma-mbs-guide
    source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_24.pdf
    snapshot_id: 617895ff0cce3e6a
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:0af918386968918453e2fc08d1ce2277ba01fbbd86f8fa590d7f5cf832a250ec
    paragraph_quote: ', Rev. 1 24-7 ginniemae.gov (iv) Loan Refinancing a Mortgage Without a VA Guaranty: Except
      as noted below, any VA-guaranteed Loan Refinancing a Mortgage Without a VA Guaranty, including a Refinance
      Loan used to pay off a conventional mortgage, is subject to the Seasoning Requirements in Subsection (d)(i)
      and (d)(ii), above. (v) Re-Performing Refinance Loans: Effective with mortgage-backed securities issued between
      June 1, 2018 and July 31, 2019, any VA -guaranteed Refinance Loan that is redelivered to Ginnie Mae without
      modification must satisfy the requirements in Section (d)(i) above to be eligible for pooling and securitization,
      even if they were previously pooled. Effective with mortgage-backed securities issued on or after August 1,
      2019, VA- guaranteed Re-Performing Refinance Loans are exempt from the Seasoning Requirements in Subsections
      (d)(i) and (d)(ii), above. However, Re-Performing Refinance Loans are subject to the same restrictions applicable
      to all Re- Performing Loans identified in Chapter 18 of this MBS Guide. (vi) Refinances of Modified Loans:
      Except as noted below, any VA-guaranteed Loan Refinancing a Modified Loan is subject to the Seasoning Requirement
      in Subsection (d)(i) or (d)(ii) above. (vii) Loans Refinancing Non-Mortgage Debt: VA-Guaranteed Loans Refinancing
      Non-Mortgage Debt are not subject to the Seasoning Requirements in Subsection (d)(i) or (d)(ii) above. (viii)
      Loans Refinancing Mortgages Without Scheduled Monthly Payments: A Loan Refinancing a Mortgage Without Scheduled
      Monthly Payments, including for example a Refinance Loan used to pay off a reverse mortgage for which no monthly
      payments are scheduled, is not subject to the Seasoning Requirements in Subsection (d)(i) or (d)(ii) above.
      (ix) Permanent Financing Construction or Bridge Loans: Effective with mortgage- backed securities issued between
      June 1, 2018 and July 31, 2019, Permanent Financing Construction or Bridge Loans may be exempt from the Seasoning
      Requirements when the loan associated with the mortgage that is being refinanced does not, by its own terms,
      provide for a minimum of six-monthly payments. For example, a Refinance Loan that is used to pay off a construction
      loan with terms that provide for interest only payments during the first four months followed by a fifth payment
      covering the full balance of the construction loan would not be subject to the Requirements of Subsection
      (d)(ii) above. Effective with mortgage-backed securities issued on or after August 1, 2019, Permanent Financing
      Construction Loans are exempt from the Seasoning Requirements of Subsection (d)(i) and (d)(ii) above.'
    drafter_attestation: Verbatim paragraph from Ginnie Mae MBS Guide Chapter 24 PDF, snapshot 617895ff0cce3e6a;
      substring-verified. New-source fetch.
  judgment: false
