Pooling requirements have been eased for issuers of securities guaranteed by the Government National Mortgage Association.
Under existing pooling requirements, Ginnie Mae issuers are required to submit loan packages of at least three loans for a minimum of $250,000.
But that changes on June 21.
In bulletin APM 10-06, the Washington, D.C.-based company said issuers can now submit just one loan. In addition, the minimum package size has been reduced to $25,000.
Ginnie also noted that the security coupon rate must now be either a half or whole rate. The coupon rate requirement impacts securities with an issue date on or after July 1. Non-conforming pools will be rejected.
The updates will be incorporated into the Ginnie Mae Mortgage-Backed Securities Guide on July 1.