Ginnie Mae MBS Guide Chapter 23 — Conditions for Default: Ginnie Mae Remedies

gnma-mbs-ch23

GNMA MBS Guide Chapter 23 — events of default available to Ginnie Mae (failure to remit / fund central P&I custodial account, application for advance, insolvency, FHA / Fannie / Freddie approval loss, unauthorized custodial-fund use, false reports, breach of warranty); remedies upon default (Issuer-status termination, extinguishment of Issuer interest in pooled mortgages, recovery of custodial-account shortfalls, cross-default, civil money penalties per 24 CFR Part 30, administrative proceedings, denial of reentry). Each submission to Ginnie Mae is a certification of truth to the United States.

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source:
  type: regulation
  id: gnma-mbs-ch23
  authority: 'Ginnie Mae MBS Guide Chapter 23 — Conditions for Default: Ginnie Mae Remedies'
  description: |
    GNMA MBS Guide Chapter 23 — events of default available to Ginnie Mae
    (failure to remit / fund central P&I custodial account, application
    for advance, insolvency, FHA / Fannie / Freddie approval loss,
    unauthorized custodial-fund use, false reports, breach of warranty);
    remedies upon default (Issuer-status termination, extinguishment of
    Issuer interest in pooled mortgages, recovery of custodial-account
    shortfalls, cross-default, civil money penalties per 24 CFR Part 30,
    administrative proceedings, denial of reentry). Each submission to
    Ginnie Mae is a certification of truth to the United States.
obligations:
  - id: gnma-mbs-ch23-no-false-statement
    canonical_id: gnma-mbs-ch23-no-false-statement
    section: Ginnie Mae MBS Guide Ch. 23, Part 6 — False Statements
    description: |
      Each statement, report, and compilation of data or information
      submitted in connection with a Ginnie Mae MBS Program by [ISSUER],
      funds custodian, document custodian, subcontract servicer, or other
      person or entity, directly or indirectly, to Ginnie Mae, its
      employees, its agents or its contractors (including the Ginnie Mae
      Reports Group) is deemed a submission to the United States that is
      relied upon by Ginnie Mae in the operation of a Ginnie Mae MBS
      Program. Submission is deemed a certification that each matter
      stated therein is true, correct, complete, and in accordance with
      the instructions issued by Ginnie Mae.
    type: dont
    audit_question: Can [ISSUER] evidence that no false or misleading statement, report, or item of data or information was submitted, directly or indirectly, to Ginnie Mae, its employees, agents, or contractors (including the Ginnie Mae Reports Group) in connection with a Ginnie Mae MBS Program during the reporting period?
    program_review: Does the program facilitate controls (verification, sign-off, QC) so no false/misleading statement, report, or data is submitted, directly or indirectly, to Ginnie Mae or its agents/contractors — given every submission is a certification to the United States that each matter is true, correct, complete, and per Ginnie Mae instructions?
    file_review: Sample submissions to Ginnie Mae; trace to source and confirm accuracy. The compliance person judges whether any submission was false or misleading.
    judgment: true
    feeds: []
    workflow_phase: governance
    owner_role: compliance_officer
    secondary_owner_role: executive
    cadence: continuous
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - gnma
      - mbs-guide
      - ch23
      - no-false-statement
      - false-claims-exposure
      - promoted
    primary_source:
      tier: 1
      authority: Ginnie Mae MBS Guide Chapter 23, Part 6 — False Statements
      source_class: gnma-mbs-guide
      source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_23.pdf
      snapshot_id: 27ea1f7930e83e9a
      fetched_at: '2026-05-23T00:30:00Z'
      content_hash: sha256:6cb1cdc40681b0401020698e4ab8cfb75ddf5c256463a94c7e9a9ad2d3702a49
      paragraph_quote: 'Each statement, report, and compilation of data or information submitted in connection with a '
      drafter_attestation: Copied verbatim from GNMA MBS Guide Chapter 23 snapshot 27ea1f7930e83e9a at 2026-05-23.
    promoted_at: '2026-05-23T01:32:26+00:00'
    promoted_from: gnma-mbs-ch23-roundb-v1.yaml
  - id: gnma-mbs-ch23-attribution-of-subservicer-acts
    canonical_id: gnma-mbs-ch23-attribution-of-subservicer-acts
    section: Ginnie Mae MBS Guide Ch. 23, Part 2, Section B — Acts of Subcontract Servicer or Agent
    description: |
      Ginnie Mae may attribute to [ISSUER] any act by [ISSUER]'s
      subcontract servicer or any agent of [ISSUER]. Operational
      consequence: [ISSUER] must oversee subservicer and agent conduct
      such that any event of default by them does not flow to [ISSUER].
    type: do
    audit_question: Can [ISSUER] evidence (i) an oversight program over each subcontract servicer and agent calibrated to the events-of-default catalogue in Chapter 23 Part 2 Section A, and (ii) corrective action against any subservicer or agent conduct that would, if attributed to [ISSUER], constitute an event of default?
    program_review: Does the program operate a subservicer/agent oversight program calibrated to the Chapter 23 events-of-default catalogue (since Ginnie Mae may attribute their acts to the Issuer), with corrective action against conduct that would constitute an event of default?
    file_review: Review the subservicer/agent oversight program and corrective actions; the compliance person judges whether oversight is calibrated to the attributable events-of-default.
    judgment: true
    feeds: []
    workflow_phase: servicing
    owner_role: compliance_officer
    secondary_owner_role: default_servicing_analyst
    cadence: continuous
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - gnma
      - mbs-guide
      - ch23
      - subservicer-attribution
      - oversight
      - promoted
    primary_source:
      tier: 1
      authority: Ginnie Mae MBS Guide Chapter 23, Part 2, Section B — Acts of Subcontract Servicer or Agent
      source_class: gnma-mbs-guide
      source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_23.pdf
      snapshot_id: 27ea1f7930e83e9a
      fetched_at: '2026-05-23T00:30:00Z'
      content_hash: sha256:6cb1cdc40681b0401020698e4ab8cfb75ddf5c256463a94c7e9a9ad2d3702a49
      paragraph_quote: 'Ginnie Mae may attribute to the Issuer any act by the Issuer’s subcontract servicer or any agent '
      drafter_attestation: Copied verbatim from GNMA MBS Guide Chapter 23 snapshot 27ea1f7930e83e9a at 2026-05-23.
    promoted_at: '2026-05-23T01:32:26+00:00'
    promoted_from: gnma-mbs-ch23-roundb-v1.yaml
  - id: gnma-mbs-ch23-fund-central-pi-by-due-date
    canonical_id: gnma-mbs-ch23-fund-central-pi-by-due-date
    section: Ginnie Mae MBS Guide Ch. 23, Part 2, Section A(2) — Events of Default (Ginnie Mae II)
    description: |
      Any failure by [ISSUER] (as Ginnie Mae II MBS Issuer) to have funds
      in the central P&I custodial account at the time and in the amount
      required pursuant to MBS Guide, Ch. 15, Part 3 is an event of
      default. An event of default under this provision will be deemed to
      have occurred as of the scheduled date of a monthly ACH debit that
      fails because the deposit of such funds is untimely, insufficient
      or both.
    type: do
    audit_question: For every Ginnie Mae II MBS ACH debit date, can [ISSUER] evidence that the central P&I custodial account held funds in the amount and at the time required by MBS Guide Ch. 15 Part 3, and that no ACH debit failed because of untimely or insufficient deposit during the reporting period?
    program_review: Does the program ensure the GM II central P&I custodial account holds funds in the amount and at the time required by Ch. 15 Part 3, so no monthly ACH debit fails for untimely/insufficient deposit (which is an event of default)?
    file_review: For each GM II ACH debit date, confirm the central P&I account held the required funds on time, with no failed debit from untimely/insufficient deposit.
    judgment: false
    feeds: []
    workflow_phase: servicing
    owner_role: default_servicing_analyst
    secondary_owner_role: compliance_officer
    cadence: monthly
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - gnma
      - mbs-guide
      - ch23
      - central-pi-funding
      - ginnie-mae-ii-default
      - promoted
    primary_source:
      tier: 1
      authority: Ginnie Mae MBS Guide Chapter 23, Part 2, Section A(2) — Events of Default
      source_class: gnma-mbs-guide
      source_url: https://www.ginniemae.gov/issuers/program_guidelines/MBSGuideLib/Chapter_23.pdf
      snapshot_id: 27ea1f7930e83e9a
      fetched_at: '2026-05-23T00:30:00Z'
      content_hash: sha256:6cb1cdc40681b0401020698e4ab8cfb75ddf5c256463a94c7e9a9ad2d3702a49
      paragraph_quote: 'any failure by a Ginnie Mae II MBS Issuer to have funds in the central P&I custodial '
      drafter_attestation: Copied verbatim from GNMA MBS Guide Chapter 23 snapshot 27ea1f7930e83e9a at 2026-05-23.
    promoted_at: '2026-05-23T01:32:26+00:00'
    promoted_from: gnma-mbs-ch23-roundb-v1.yaml
_promotion_history:
  - promoted_at: '2026-05-23T01:31:41+00:00'
    candidate_path: obligations\_remediation\_round_b_drafts\gnma-mbs-ch23-roundb-v1.yaml
    candidates_promoted: 0
    candidates_skipped_existing: 0
  - promoted_at: '2026-05-23T01:32:26+00:00'
    candidate_path: obligations\_remediation\_round_b_drafts\gnma-mbs-ch23-roundb-v1.yaml
    candidates_promoted: 3
    candidates_skipped_existing: 0

Verbatim regulatory text (3)

Verbatim provisions from Ginnie Mae MBS Guide Chapter 23 — Conditions for Default: Ginnie Mae Remedies — 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. 23, Part 6 — False Statements

Each statement, report, and compilation of data or information submitted in connection with a

Source: Ginnie Mae MBS Guide Chapter 23, Part 6 — False Statements · source URL · snapshot 27ea1f7930e83e9a

Ginnie Mae MBS Guide Ch. 23, Part 2, Section B — Acts of Subcontract Servicer or Agent

Ginnie Mae may attribute to the Issuer any act by the Issuer’s subcontract servicer or any agent

Source: Ginnie Mae MBS Guide Chapter 23, Part 2, Section B — Acts of Subcontract Servicer or Agent · source URL · snapshot 27ea1f7930e83e9a

Ginnie Mae MBS Guide Ch. 23, Part 2, Section A(2) — Events of Default (Ginnie Mae II)

any failure by a Ginnie Mae II MBS Issuer to have funds in the central P&I custodial

Source: Ginnie Mae MBS Guide Chapter 23, Part 2, Section A(2) — Events of Default · source URL · snapshot 27ea1f7930e83e9a

Operationalizing Ginnie Mae MBS Guide Chapter 23 — Conditions for Default: Ginnie Mae Remedies

This is verbatim, source-snapshotted regulator text from the Claude for Compliance open corpus. To turn a rule like this into compliance work product: gap-analyze your policies and procedures (P&Ps) against these requirements to surface stale, conflicting, or missing provisions; operationalize any change with a ready-to-run update kit; and produce audit-ready evidence — every step grounded only in the regulator’s own words, never invented.

Source of record: https://claudeforcompliance.com/regs/gnma-mbs-ch23/ · register gnma-mbs-ch23 · Claude for Compliance. Free to read and download; see regulatory updates and methodology.