Ginnie Mae Master Servicing Agreement

Like the single-family MBS program, third-party lenders secured by Ginnie Mae service and/or service advances were compensated during the term of the monitoring framework contract and up to Ginnie Mae for all advances paid under the PTAP/C19, as any repayment obligations to these third-party lenders for loans subject to a claim and repayment agreement, are subject to the reimbursement of the amounts advanced by Ginnie Mae. under PTAP/C19. As of 10 April 2020, the PTAP/C19 aid will be made available to all issuers under the Ginnie Mae programme and, unlike the PTAP aid which can be used in the event of a natural disaster, requests for support and receipt of an advance under the PTAP/C19 do not form the basis for a default under the Ginnie Mae Guarantee Agreement. An issuer may only apply for assistance once a month to cover errors in payment of principal and interest (“monthly transfers”) due to investors of mortgage securities (MBS) related to deferred loans, including lenient loans, from the date on which each application for support is submitted. PTAP/C19 funds may not be used to cover any other service or operating costs of the issuer. A multi-family issuer of MBS may apply for assistance under PTAP/C19 by: (1) an application and repayment agreement; (2) the conclusion of a framework supervision contract; (3) provide Ginnie Mae with a statement that the issuer has received third-party financing of the capital and interest losses and setting out the issuer`s plan for the repayment of the funds presented by Ginnie Mae under the PTAP/C19; and (4) provide additional supporting documentation requested by Ginnie Mae. Once Ginnie Mae has approved an initial application for support, a mbs multi-family issuer will only need to file a new application and a refund agreement for all subsequent applications, as well as all other supporting documents required by the framework monitoring contract or requested by Ginnie Mae. Like single-FAMILY MBS issuers, not all multi-family MBS issuers applying for support and all advances paid by Ginnie Mae under PTAP/C19 form the basis for default under the Ginnie Mae Guarantee Agreement. . . .

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