Ginnie Mae has announced the extension of two COVID-19-related policies, extending certain delinquency reporting exemptions for issuers and permitting the use of alternative audit procedures. Details regarding the extension of these temporary measures related to delinquency thresholds and audit policy can be found in Ginnie Mae’s All Participants Memoranda (APM) 23-01 [1], and APM 23-02 [2] respectively.
“Ginnie Mae is continuously engaged with Issuers to ensure that our policies support operational efficiency and promote working effectively with borrowers on loss mitigation efforts,” said Ginnie Mae Principal EVP Sam Valverde [3]. “These extended flexibilities are an appropriate response to the lingering effects of the pandemic on Issuer operations.”
APM 23-01 [4] recognizes COVID-19 continues to impact Issuers’ independent auditors’ ability to perform certain on-site document custodian review audit activities, requiring physical inspection and observation. The temporary flexibilities extended in APM 23-01 allow alternative audit procedures for Issuers with a fiscal year ending on or before June 30, 2023.
APM 23-02 [2] outlines the delinquency reporting exemptions for six months which is the timeframe provided in previous APMs. Whether additional extensions of the exemptions are warranted will be considered and announced later this year.
On Monday, the Biden Administration released its National COVID-19 Preparedness Plan [5], a set of rules to enable America to move forward safely, sustaining and building on the progress made over the past 13 months. This Plan lays out the roadmap to help fight COVID-19 in the future as the nation begins to return to more normal routines, with a focus on four key goals:
- Protect Against and Treat Covid-19
- Prepare for New Variants
- Prevent Economic and Educational Shutdowns
- Continue to Vaccinate the World
The Biden Administration recently notified Congress that it plans to let the emergency declarations related to the COVID-19 pandemic expire on May 11.