Ginnie Mae 5500.3, Rev. 1
Applicability: Ginnie Mae I MBS Program and Ginnie Mae II MBS Program.
Purpose: To evidence the establishment or existence of a master principal and interest custodial account for the deposit of sums payable under mortgages pooled for, and guaranteed by, Ginnie Mae in connection with MBS, that all deposits made therein by issuers are subject either to draft by Ginnie Mae or by wire transfer to Ginnie Mae (in the event of a funds shortfall), and that all such amounts shall be payable to Ginnie Mae on demand and without notice.
This agreement covers each pool or loan package that is (a) covered by a Schedule of Subscribers and Ginnie Mae Guaranty Agreement (or Schedule of Subscribers and Ginnie Mae Guaranty/Contractual Agreement), form HUD 11705 (Appendix III-6) or Schedule of Subscribers and Ginnie Mae Guaranty Agreement, form HUD 11705H (Appendix III-28), that identifies the bank account covered by this agreement as the P&I Custodial Account that will be used for such pool or loan package or (b) included on a list attached to this agreement pursuant to Instruction 5, below.
Prepared by: Issuer and custodial bank.
Prepared in: Electronic form via Ginnie Mae Enterprise Portal
Completion
Instructions: General instructions to complete and submit this form to Ginnie Mae are as follows:
1. Login into GMEP;
2. Select the IPMS tab;
3. Select Master Agreements Management Application;
4. Enter the data points listed below;
5. Upload the PDF version of Form HUD 11709; and
6. Upon completion of PDF upload, send documents (hard copy) with
original signatures to the below address:
Ginnie Mae Relationship Services
C/O The Bank of New York
101 Barclay Street – 8 East
New York, NY 10286-0001
Note: Form HUD 11702 must be submitted and approved prior to submission of the remaining agreements. Failure to do so will prevent the acceptance of other required Master Agreements.
For detailed instructions, see Master Agreement Management user Manual which can be accessed via GMEP.
Issuer Details:
Issuer Name/Number: Type or select the Issuer Number from the drop down menu, the Issuer name will display.
Document Date: Utilizing the calendar icon, select the date the Master Servicing Agreement is being executed.
Signed By/Title: These fields cannot be edited and default to name and title of the user authenticating the request.
P&I Account Type: Select Custodial Account or Disbursement Account by clicking the applicable radio button.
Bank Details:
Account Name: Enter the full legal name of the Issuer’s Account.
P&I Bank ID: Enter ABA (Routing Number) of the Financial institution where the account is maintained.
Account Number: Enter the Issuer’s account number. The entry must be numerical, no symbols or dashes.
Institutional Details:
Institutional Name: Enter the full legal name of Financial Institution where Issuer’s account is located.
Address: Specify the Building name/number and street address of the Financial Institution.
City/State/ZIP: Enter location of financial institution.
Bank Officer Name/Title: Enter the name and title of Banking Officer at Financial institution.
Form HUD-11709 requires the Issuer to create a PDF of the form and obtain the requisite signatures prior to submission.
To generate a PDF of the Form
Click the View as HUD PDF button located on the Create Form Screen. A file down load box displays, select Save or Open and print the form.
Obtain the requisite signatures
Scan the form as a PDF
Save to the user’s folder/file directory.
To upload the completed form:
Click the browse button.
Select the file name of the saved PDF form.
Click
the Upload Document button.
NOTE: The path to the selected
document appears in the field directly to the left of the Browse
button.
Click Save to Submission to submit the form for review and authentication by an Authorized Signatory.
Note: The financial institution that maintains the principal and interest custodial account established in accordance with this Master Agreement must meet the requirements mandated in this Guide. (See Section 16-8 of the Ginnie Mae MBS Guide and Section 5.01 of the applicable Guaranty Agreement (Appendices III-15 through III-20 and III-23 through III-26 of the Ginnie Mae MBS Guide)).
Completion instructions for the form.
1. Check the appropriate box.
2. ABA/Federal Routing Number of the financial institution that maintains the issuer’s principal and interest custodial account(s) for the corresponding pools or loan packages.
3. Date form is prepared by issuer.
4. Full legal name and street address of bank or credit union. If funds are held in branch, give that address.
5. A list of pools and loan packages must be attached to this agreement whenever the array of pools and loan packages that the applicable P&I Custodial Account is used for is to be changed other than as a result of the submission of a new pool.
6. Check the appropriate box. If the issuer uses a separate “disbursement account” for receipt and payment of funds, such account must be covered by a separate form HUD 11709. The disbursement account must be used exclusively for funds related to Ginnie Mae securities.
7. Full legal name of issuer.
8. Issuer ID number that has been assigned by Ginnie Mae (if not yet assigned, leave blank).
9. Signature and title of authorized officer whose name appears on Resolution of Board of Directors and Certificate of Authorized Signatures, form HUD 11702 (Appendix I-2).
10. Number assigned by bank or credit union for this account.
11. Signature of an authorized officer of the bank or credit union.
12. Title of authorized officer signing (11) above.
13. Date account is established.
Date:
12/16/2013
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| File Title | Appendix III-2 Combined Guide Test |
| Author | 95 Workstation |
| File Modified | 0000-00-00 |
| File Created | 2021-01-23 |