Ginnie Mae Extends Securitization Deadline for LIBOR Based HECM Loans

Ginnie Mae issued All Participant Memorandum 20-19 (APM 20-19) to extend the deadline for securitization of new LIBOR based home equity conversion mortgage (HECM) loans.  As stated in the memorandum, “the first participation of any LIBOR-Based HECM must be securitized into HMBS with an Issue Date of February 1, 2021, or earlier to remain eligible for securitization under Ginnie Mae’s program.”