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Ginnie Mae officials lay out PDS reporting rules, deadlines and temporary flexibility ahead of Dec. 1 go‑live
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Summary
Ginnie Mae told issuers at a training webinar that PDS reporting will begin Dec. 1 using November 2024 reporting‑period data, reiterated monthly submission and exception deadlines, clarified several action‑code and forbearance rules, and said Appendix 6‑22 will be updated to resolve remaining ambiguities.
Ginnie Mae officials on the webinar opened by confirming the new Payment Default Status (PDS) collection will go live Dec. 1 and will use November 2024 reporting‑period data for the initial submissions. "We're getting ready to start December PDS reporting," a presenter said, and urged issuers and vendors to review Appendix 6‑22 and coordinate with service bureaus ahead of the launch.
The training, led by Sylvia Bowling of Ginnie Mae and a technical team that included Matt Tetelbach and Christy Christensen, covered both the MyGinnieMae manual‑entry screens and substantive coding questions that issuers raised during a long Q&A. Organizers listed resources including Appendix 6‑22, APM 2406 (the policy mandating PDS reporting), Modernization Bulletins 50 and 54, and two quick‑reference cards (QRCs) to be posted online.
Why it matters: PDS aims to provide loan‑level detail about defaulted loans in the Ginnie Mae portfolio to give investors and the agency better visibility into loss‑mitigation events and outcomes. Issuers are responsible for monthly reporting and for ensuring the codes and dates entered reflect the state of each loan for the reporting period.
Key deadlines and submission rules: Debbie Bowles of the issuer‑support team explained the timing and exception windows. PDS data must be submitted monthly by the fifth business day at 7 p.m. Eastern; critical and high exceptions must be cleared by the seventh business day at 7 p.m. Eastern. Issuers may enter up to 20 action codes and dates per loan per reporting period through the PDS module in MyGinnieMae.
Bankruptcy and code 042: A recurring area of confusion at the webinar involved how to handle loans that are current but in bankruptcy. Presenters said Ginnie Mae's current preference is to report code 042 ("no action") each month that a loan remains current while in bankruptcy, but acknowledged that Appendix 6‑22 did not make that clear. "The guidance we're providing to issuers and to our testing partners is that the following options are also acceptable for this scenario," a presenter said, listing (1) report a 042 each month, (2) report the bankruptcy code each month, or (3) report the bankruptcy code only when it occurs and not repeat it while the loan remains current. Ginnie Mae said it will update Appendix 6‑22 in the coming months to clarify the preferred approach.
Default reason codes and forbearance: Issuers pressed for clarity on which default reason code to report for the initial cycle versus subsequent months. Christy Christensen told attendees the default reason code (the file field referenced in the training) "needs to be reported for the correct default reason code every month," meaning the code should reflect the month being reported rather than indiscriminately carrying forward prior values unless they remain accurate. For forbearance, presenters said that if a forbearance action code (for example, codes defined in Appendix 6‑22) is reported, the forbearance term must be supplied and the forbearance status should be reported each month while it remains active; in parallel, Ginnie Mae is asking issuers to continue submitting the supplemental forbearance file for six months to avoid disclosure impacts.
Event‑based vs. status‑based reporting: Multiple participants asked whether PDS is event‑based (one‑time reporting when an event occurs) or status‑based (repeating codes while conditions persist). Presenters noted Appendix 6‑22 generally treats many items as event‑based — you report the action when it happens — but that Ginnie Mae recognizes some issuers currently report recurring statuses (for example, bankruptcy each month). For the initial weeks after go‑live, Ginnie Mae said it will accept either approach where differences exist and will formalize the preferred practice in an updated Appendix 6‑22.
System access and manuals: Debbie Bowles walked through the PDS home screen in MyGinnieMae, including PDS activity, exceptions, download and issuer summary tabs, and the monthly certification workflow (which requires an RSA soft token). The PDS menu item was scheduled to be released in MyGinnieMae on Nov. 29 so issuers can access the module before the Dec. 1 reporting start.
Outstanding clarifications and next steps: Presenters committed to reposting the slide deck with an updated slide addressing bankruptcy reporting, to publish the two PDS QRCs, and to follow up by email on specific edge cases (for example, how to treat certain "alternative to foreclosure" scenarios). Attendees were directed to submit additional questions via Ginnie Mae's customer‑service channels and asked to complete the webinar survey.
The training concluded with organizers saying they would stay on the line after the scheduled hour to answer remaining questions and that Appendix 6‑22 will be formally updated in the coming months to resolve remaining ambiguities.
