Ginnie Mae is evaluating how and when to discontinue emergency programs and temporary policy changes implemented to soften the impact of COVID-19 on the housing market. In 2020, Ginnie Mae allowed for broadened use of digital assets and electronic transactions, took extraordinary measures to safeguard liquidity, relaxed compliance and regulatory requirements and supported federal relief programs.
“We recognize that the task of navigating through the COVID-19 pandemic is not yet complete, but the new year provides an opportunity to begin shifting our focus to what must occur next,” said Ginnie Mae. “The MBS Program initiatives implemented this year… could not be sustained in perpetuity in their present form without detriment to the overall program. As a result, Ginnie Mae expects to amend or retire many of the temporary programs put in place in 2020, and renew its focus on our previously published strategic agenda.”
Programs like Pass-Through Assistance and Temporary Relief from the Acceptable Delinquency Thresholds Requirements are already set to expire. Ginnie Mae will continue to monitor economic conditions that may alter its decision to sunset temporary programs, but said it “does not anticipate doing so absent elevated delinquencies or other adverse economic developments.”