Ginnie Mae MBS Guide (5500.3, Rev. 1) Chapter 13 — Document Custodians — Eligibility And
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Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2022-06-17 This chapter provides a general overview of the eligibility requirements, the document review procedures, the pool or loan package certification requirements, and the ongoing document retention, protection, and management responsibilities applicable to Document Custodians. The detailed instructions and requirements applicable to Document Custodians and to the various pool and loan package certification processes are detailed in the Ginnie Mae Document Custody Manual, Appendix V-01 of this Guide (“Document Custody Manual” or “the Manual”). In the event of a conflict between the provisions contained in the Chapters of this Guide and the Document Custody Manual, the Guide chapters shall govern. The authority to maintain custody of eNotes is separate from the requirements described in this Chapter and the Document Custody Manual. The Digital Collateral Guide, Appendix V-07 to this Guide provides the eligibility requirements and application procedures for becoming an eCustodian.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
GENERAL ROLES AND RESPONSIBILITIES OF DOCUMENT CUSTODIANS IN THE MORTGAGEBACKED SECURITIES PROGRAM
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 The primary roles of a Document Custodian approved to participate in the in the Ginnie Mae Mortgage-Backed Securities Program are to make required pool certifications and to maintain physical and custodial control of the related loan, pool and loan package documents. Document Custodians work under direct contract with an approved Ginnie Mae Issuer, but have fiduciary responsibilities to Ginnie Mae related to the pool or loan package documents under their custody. The general roles and responsibilities of a Document Custodian are described in greater detail in Chapter 1 of the Document Custody Manual.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
BECOMING AN APPROVED DOCUMENT CUSTODIAN In order to become an approved Document Custodian, an institution must meet and continue to satisfy Ginnie Mae’s Eligibility Requirements, obtain a Document Custodian Identification Number and enter into a Master Custodial Agreement, Form HUD-11715, with each Issuer for which it serves or plans to serve as a document custodian. Section A. Eligibility Requirements
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 (1) General Requirements: (a) The eligibility requirements applicable to all institutions seeking to participate as a Document Custodian are provided in “Part A. General Eligibility Requirements for Document Custodians” of Chapter 2 of the Document Custody Manual. (2) Additional Requirements for Certain Institutions:
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
(a) Institutions are subject to additional eligibility requirements if they wish to perform self-custody or to perform document custodial functions for an affiliate entity—these additional requirements are provided in “Part B. Additional Requirements for Issuers Performing Self Custody,” and in “Part C. Additional Requirements for Performing Custodial Activities for Affiliates” of Chapter 2 of the Document Custody Manual, respectively. Section B. Obtaining a Document Custodian Identification Number
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 An institution may request a Document Custodian Identification Number by following the process detailed in “Part E. Ginnie Mae Document Custodian ID Number” of Chapter 2 of the Document Custody Manual. Section C. Executing a Master Custodial Agreement
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 Institutions that meet the applicable eligibility requirements and have an active Document Custodian ID Number may enter into a Master Custodial Agreement, Form HUD-11715, with a Ginnie Mae Issuer. A Document Custodian must sign a separate Form HUD-11715 for each Issuer that it serves.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 Each institution approved as a Document Custodian is required to maintain and make available, upon request by Ginnie Mae, or its designated agent, the documentation detailed in “Part D. Documentation of Eligibility” of Chapter 2 of the Document Custody Manual.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 Ginnie Mae, or its designated agent, has the right to inspect a custodial institution’s premises, its documentation of eligibility, and its policies and practices prior to assess whether an institution meets the requirements for approval as a Ginnie Mae Document Custodian, or, periodically upon approval, to assess whether the institution continues to satisfy Ginnie Mae program requirements.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2023-12-01 Each approved Document Custodian is required to obtain access to the Ginnie Mae’s electronic pooling applications necessary to carry out their custodial responsibilities under the MBS Program. The instructions and forms needed to obtain user access to these systems are contained in Appendix III-29, Government National Mortgage Association System Access Forms, of this Guide. In order to access Ginnie Mae’s electronic e-Access/e-Notification software, each document custodian is required to use an expanded version of their 3-digit Document Custodian Identification Number to receive and transmit certain data with Ginnie Mae. A leading zero must be keyed first, followed by the assigned three-digit identification number at the login screen.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
Each Document Custodian is required to assign at least one staff member to monitor the organization’s e-notification mailbox on a regular basis.
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
DOCUMENT REVIEW PROCEDURES FOR POOL AND LOAN PACKAGE CERTIFICATION Each Document Custodian is required to review the pool and loan or loan package documents (MBS Program Pool Documents) placed under its control to determine whether such MBS Program Pool Documents satisfy Ginnie Mae’s document requirements for Initial Certification, Final certification, or Recertification, as applicable. Ginnie Mae requires an Initial and Final Certification for all pool types except Construction Loan Pools and Project Loan Pools. For Construction Loan Pools and Project Loan Pools, Ginnie Mae requires only a single Final Certification prior to the issuance of the related security. Section A. Initial Certification Process and Related Document Review Procedures
Ginnie Mae MBS Guide Chapter 13 — Document Custodians — Eligibility And
: 2017-01-06 By an “Initial Certification”, the Document Custodian certifies to Ginnie Mae that: 1) it has received from the Issuer the minimum loan, pool, or loan package documents required to allow a Ginnie Mae security to be issued; 2) that the documents meet the attributes, accuracy, and completeness requirements described in the applicable document review procedures detailed in the Manual; and, 3) that the documents relate to and are consistent with the list of loans reflected in the associated Schedule of Pooled Mortgages, Form HUD-11706, in the case of an MBS, or with the Schedule of Pooled Participations and Mortgages, Form HUD-11706H, in the case of an HMBS. The list of documents required for Initial Certification, the corresponding document review procedures, and required initial certification procedures, including certification deadlines, for the various pool types are contained in the Document Custody Manual as follows: (1) Chapter 3, Part B, For Single Family Pools; (2) Chapter 4, Part C, For Manufactured Home Loan Pools (3) Chapter 10, Part C, For HECM Loan Pools Section B. Final Certification process and Related Document Review Procedures