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62 | M REPORT SECONDARY MARKET THE LATEST O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T Ginnie Mae Revises Requirements for Pooling Re-Performing Loans Ginnie President Alanna McCargo said, "Today's announcement demonstrates Ginnie Mae's continued commitment to providing programs and options to Issuers that maintain the strength and liquidity of the government mortgage market." G innie Mae has an- nounced, effective February 1, 2023, it is shortening the re- pooling seasoning requirements for re-performing loans from six months to three months and will be allowing issuers the option to pool re-performing loans into TBA eligible Ginnie Mae II Multi- Issuer Pools. "I am pleased that we have been able to deliver early on this policy change, which I an- nounced late last year," Ginnie Mae President Alanna McCargo said. "Today's announcement demonstrates Ginnie Mae's con- tinued commitment to providing programs and options to Issuers that maintain the strength and liquidity of the government mort- gage market." Effective with pools submitted February 1, 2023, and thereafter, the following changes have been made to re-performing loan secu- ritizations: » The borrower has made timely payments for the three months immediately preceding the is- suance month associated with the mortgage-backed securities (MBS), and » The Issue Date of the MBS is at least 120 days from the last date the loan was delinquent. Re-performing loans must also meet all other applicable pooling parameters. Since the inception of the C-RG pool-type in February 2021, approximately $39.5 billion of the securities have been issued through year-end 2022. Ginnie Mae recently reported that its mortgage-backed securities (MBS) portfolio outstanding grew to $2.280 trillion in December 2022, including $31.14 billion of total MBS issuance for the month of December, leading to $19 billion of net growth, and a new record end-of-year balance. New MBS issuance from Ginnie Mae supports the fi- nancing of more than 107,000 households, including more than 49,000 first-time homebuy- ers. Approximately 70% of the December MBS issuance reflects new mortgages that support home purchases, as refinance activ- ity remained low due to higher mortgage rates. For the 2022 calendar year, Ginnie Mae supported the pooling and securitization of more than 730,000 first-time homebuyer loans.