Ginnie Mae Updates Certification Process for Quarterly Financial Statements

Ginnie Mae recently updated its Mortgage-Backed Securities Guide (MBS Guide) to incorporate a new Mortgage Bankers’ Financial Reporting Form (MBFRF) certification requirement for each submission of unaudited quarterly financial statements.  The new certification requirement is effective with the reporting period ending September 30, 2020, which is due on October 31, 2020.

In general, the MBS Guide requires all non-supervised Issuers to provide Ginnie Mae with an unaudited quarterly financial statement that is submitted on the web-based MBFRF (Form HUD-11750).  Pursuant to the new certification requirement, as part of the electronic MBFRF data submission process, the Issuer’s chief executive officer, chief financial officer or equivalent will need to attest that the unaudited financial statements were prepared in accordance with generally accepted accounting principles (i.e., GAAP) and that the information submitted is true and accurate.  The officer completing the certification for any Issuer will also need to be listed on the Issuer’s Form HUD 11702, Resolution of Board of Directors and Certificate of Authorized Signatures that is in effect as of the date of the certification.