APM 26-02: Clarification of Pooling Eligibility for Mortgages Subject to Beneficial Interest

Ginnie Mae reminds Issuers of their ongoing obligation to comply with the Mortgage-Backed Securities Guide, 5500.3, Rev.1 (MBS Guide), including the limitation against encumbrances on mortgages backing Ginnie Mae securities.

Therefore, Issuers are prohibited from pooling any mortgages subject to beneficial interest, or selling a beneficial interest in mortgages pooled in a Ginnie Mae mortgage-backed security. In accordance with Chapter 9 Part 2 §F of the MBS Guide, any encumbrance must be extinguished prior to pooling and Issuers must complete the Certification and Agreement, form HUD-11711B, and if necessary, a HUD-11711A, certifying that only Ginnie Mae will have any ownership interest in and to the pooled mortgages.

Ginnie Mae has modified Chapter 9 Part 2 §F of the MBS Guide consistent with this announcement.

If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.

Common questions

What does "APM 26-02: Clarification of Pooling Eligibility for Mortgages Subject to Beneficial Interest" cover?

Ginnie Mae has clarified that Issuers are strictly prohibited from pooling mortgages subject to any beneficial interest or selling such interests in…

Which agency issued this update?

This update was issued by Government National Mortgage Association.

When was it published?

It was published on January 22, 2026.

APM 26-02: Clarification of Pooling Eligibility for Mortgages Subject to Beneficial Interest

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