Government National Mortgage Association - Department of Housing and Urban Development - Chapter III - General

Sep 4, 2026

Uploaded by Gelato

Chapter III establishes the general framework for the Government National Mortgage Association (GNMA/Ginnie Mae), including scope, descriptive responsibilities, creation and legal status, operational authority, and organizational functions. It defines the Association’s fiduciary role, its guarantee of securities backed by insured or guaranteed mortgages, and the mechanisms for appointing officers and attorney-in-fact. The chapter also covers audits, reporting expectations, reserved exceptions, and location of the principal office, followed by Part 310 and Part 320 coverage outlines.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages16

Reading Time40 min

AccessFree to download

CHAPTER III—GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Part 300—General

Sec. 300.1 Scope of chapter

Sec. 300.3 Description

Sec. 300.5 Creation and status

Sec. 300.7 Area of operations

Sec. 300.9 Office

Sec. 300.11 Authority of officers

Sec. 300.13 Power of attorney

Sec. 300.15 Exceptions

Sec. 300.17 Audits and reports

PART 310—BYLAWS OF THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION

Sec. 310.1 Bylaws of the Association

PART 320—GUARANTY OF MORTGAGE-BACKED SECURITIES

Subpart A—Pass-Through Type Securities

Sec. 320.1 General

Sec. 320.3 Eligible issuers of securities

Sec. 320.5 Securities

Sec. 320.7 Mortgages

Sec. 320.8 Excess Yield Securities

Sec. 320.9 Pool administration

Sec. 320.10 Financial reporting

Sec. 320.11 Insurance coverage

Sec. 320.12 Integrity

Sec. 320.13 Guaranty

Sec. 320.15 Default

Sec. 320.17 Fees

Subpart B—Bond-Type Securities

Sec. 320.21 General

Sec. 320.23 Eligible issuers

Sec. 320.25 Securities

CHAPTER III—GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Part Page 300 General .................................................................... 581 310 Bylaws of the Government National Mortgage Association ............................................................... 582 320 Guaranty of mortgage-backed securities ................ 582 330 Guaranty of multiclass securities ........................... 587 340 Fiduciary activities ................................................ 590 341–349 [Reserved] 350 Book-entry procedures ............................................ 591 351–400 [Reserved] PART 300—GENERAL Sec. 300.1 Scope of chapter. 300.3 Description. 300.5 Creation and status. 300.7 Area of operations. 300.9 Office. 300.11 Authority of officers. 300.13 Power of attorney. 300.15 Exceptions. 300.17 Audits and reports. AUTHORITY: 12 U. S.C. 1723a, unless otherwise noted, and 42 U. S. C. 3535(d) . SOURCE: 60 FR 42015, Aug. 14, 1995, unless otherwise noted. § 300.1 Scope of chapter. This chapter consists of general information and does not purport to set forth all of the procedures and requirements that apply to the operations of the Association. Complete specific information as to any aspect of such operations may be obtained from the office listed in § 300.9. § 300.3 Description. The Government National Mortgage Association (hereinafter in this chapter called the Association, GNMA or Ginnie Mae) furnishes fiduciary services to itself and other departmentsand agencies of the Government, and guarantees privately issued securities backed by trusts or pools of mortgages or loans which are insured or guaranteed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS) and certain other loans or mortgages guaranteed or insured by the Government. In the course of its business, the Association is referred to as GNMA or Ginnie Mae. [66 FR 44265, Aug. 22, 2001] § 300.5 Creation and status. The Association is a Government corporation in the Department of Housing and Urban Development. It is derived from the Federal National Mortgage Association, which was partitioned by the Congress into two corporations effective September 1, 1968, one of which is the Association. The operations of the Association are conducted under its statutory charter contained in title III of the National Housing Act, 12 U. S.C. 1716, et seq. § 300.7 Area of operations. The Association is authorized to conduct its business in any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States. § 300.9 Office. The Association directs its operations from its office located at 451 Seventh Street, SW. , Washington DC 20410. § 300.11 Authority of officers. The President, each Vice President, and each Assistant Vice President of the Association are severally expressly empowered in the name of the Association to sign all contracts and other documents, instruments, and writings which call for execution by the Association in the conduct of its business and affairs, and to encumber, mortgage, pledge, convey or otherwise alien any property which the Association may own or in which it may have an estate, right, title or interest. In addition, the President, each Vice President, each Assistant Vice President, the Secretary of the Association, each Assistant Secretary, the Treasurer and the Controller shall have the authority as may be provided in the Bylaws of the Association or as may be delegated to them in a manner not inconsistent with the Bylaws. § 300.13 Power of attorney. In order to efficiently carry out the purposes of the Association, the Association may appoint any person its true and lawful attorney-in-fact by publication in the FEDERAL REGISTER or by appoin

FAQs

What is the scope of Chapter III for GNMA/Ginnie Mae?

The chapter provides general information and does not list every procedure and requirement governing Association operations. Specific procedures are obtained from the office identified in the chapter.

How does GNMA/Ginnie Mae describe its responsibilities and guarantees?

GNMA furnishes fiduciary services and guarantees privately issued securities backed by mortgage or loan trusts/pools. The underlying mortgages or loans are insured or guaranteed through FHA, VA, RHS, and certain other government-supported programs.

What authority do officers have under Sections 300.11 and 300.13?

Officers are empowered to sign contracts and documents required for the Association’s business and to encumber, mortgage, pledge, convey, or otherwise transfer property interests the Association holds. The Association may also appoint attorney-in-fact through Federal Register publication or written appointment from the President.

Sep 4, 2026

Uploaded by Gelato