After the issuer and Ginnie Mae have executed a claim and refund contract and, no later than the date on which the corresponding monthly transfer is due, they deposit the authorized payment by ACH transfer directly to a central P-I account for the issuer at the time of transmission by the issuer of the application and refund agreement. In an „All Participants” note of April 10, 2020 (APM 20-03), Ginnie Mae announced that she had revised and expanded her issuer assistance programs in Chapter 34 of the Risk of Death Guide (MBS Guide) to include a Pass Assistance Program (PPM) in response to COVID-19`s national emergency statement. The program announced in APM 20-03 is aimed at single-family issuers and takes effect immediately. As explained in more detail below, the aid takes the form of a fixed-rate loan to cover the deficits in monthly capital and interest transfers on bond loans (see „Credit Conditions” below). Requests for assistance for April are expected today, April 13, 2020, at 11:59 a.m.m EST. The PTAP program will not alleviate all cash shortages. For example, issuers are not allowed to use PTAP credits to make regular tax and insurance advances or other service charges. In addition, the program clearly provides that issuers will seek assistance from their third-party partners, both as a first option to close transfer deficits and as assistance in financing advances. Home > affordable hosting > Ginnie Mae announces PTAP assistance for issuer assistance under the PTAP is to consider as an exceptional measure for use when other resources are exhausted and with the requirement of full reimbursement by the issuer. The request for assistance is not a standard event under the MBS program.
Instead, the program is tightly adapted to relieve the direct pressure of bondholder transfers. To benefit from this relief, issuers (1) must model expected deficits on a monthly basis, (2) monthly compliance with information, and (3) reassess distribution, compensation and capital liquidity plans to meet program conditions.