Ginnie Mae explains new daily liquidation-event reporting, sets 5 a.m. ET deadline

Ginnie Mae trainer Christy Christensen led a Jan. 28 webinar outlining the agency's new single-family liquidation-event reporting (LER) process and the tools issuers must use to file alerts.

Christy Christensen, the session presenter, said the changes are implemented under APM 25-07 and Appendix 6-24 and stressed that "there is no change to RFS monthly reporting." The new LER workflow is a daily reporting stream for loans removed from a Ginnie Mae pool and uses the PA/LER module in MGM for manual entry, MGM file upload or SFTP file transfers.

Why it matters: issuers, servicers and service bureaus must prepare operationally to deliver liquidation-event data daily; failure to meet the required timing may require coordination with account executives. Rob Worley, a business analyst in Ginnie Mae's Office of Security Operations, told attendees that "All LER must be reported daily by 5 a.m. Eastern time as of Feb. 3" once an issuer has successfully completed testing.

Key details from the webinar:

- Authority and resources: Ginnie Mae cited APM 25-07 and Appendix 6-24 as the implementing guidance and pointed participants to Appendix 6-19 for monthly investor reporting. Presentation slides and quick-reference cards will be posted on ginniemae.gov under Issuer Training → Tools and Resources.

- Reporting window and deadlines: LER submissions are due no later than 5 a.m. Eastern the following business day after a liquidation event. Corrections to LER records may be submitted through an issuer's cutoff; if an exception is not cleared by cutoff it will remain for that month.

- How to submit: Manual entry via the PA/LER module (Tools → PA/LER → LER Loan Activity), MGM file upload, or SFTP. Deletions must be performed manually in the PA/LER loan activity screen and cannot be removed via file upload.

- Data elements and file layout: The LER file layout in Appendix 6-24 requires 15 fields from the existing loan record to load into the reporting system. Presenters also noted seven fields that should be entered from the HUD 11710e liquidation schedule when doing manual entries.

- Exceptions and validation: Appendix 6-24 defines E (error) and W (warning) exceptions; E exceptions must be corrected by issuers, while W exceptions should be reviewed and corrected if necessary. Panelists advised daily review of exceptions for the reporting period and demonstrated resolving example warnings in the UI.

- Testing and go-live: The testing window is open through Feb. 26. Issuers and service bureaus that have passed testing can begin production reporting after testing is successfully completed. Panelist Mike said that ICE and Sagen have passed tests and are working with customers on implementation; however, some vendors (for example, Fiserv, per an attendee) reported later target dates for their production readiness.

- Support and escalation: Attendees were told to contact their account executive (AE) if they cannot meet timing requirements and to use the customer service desk at askjennymay@hud.gov for additional questions. Ginnie Mae said it will compile unanswered Q&A into FAQs and post a recording of the webinar within about a week.

Attendee concerns centered on service-provider readiness and operational timing. Karen Schneider said her vendor told customers it targets May 2026 for implementation; panelists reiterated that manual submissions are possible and encouraged affected issuers to work with their AE.

Next steps: issuers should confirm test status with their service providers, complete testing as soon as possible if required, and prepare operational processes to deliver LER data by 5 a.m. Eastern the next business day once in production. Ginnie Mae will publish materials and a recording on ginniemae.gov and update FAQs based on outstanding questions from the session.