Ginnie Mae moves up multiple issuer deadline
Ginnie Mae moved up the deadline for multiple issuers of mortgage-backed securities to give the agency more time to sift through the information beginning Jan. 1. The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month. "This change will allow Ginnie Mae to publish multiple Issuer pool information on the third business day prior to the last business day of the month," according to a memo from Ginnie President Theodore Tozer. Ginnie Mae guarantees timely payment of principal and interest on federally insured loans to investors of MBS. While the issuance of these Ginnie-backed securities slipped 1.4% to $413 billion in the fiscal year of 2010, 30% of all MBS issued was backed by the agency. Write to Jon Prior.