Ginnie Mae Summit 2014 - Program

TABLE OF
CONTENTS
03 Welcome from Ted Tozer
04 Program of Events
10 About the Speakers
22 About Ginnie Mae
24 Ginnie Mae Products & Programs
26 Ginnie Mae Account Executives
27 Hotel Map
UPCOMING
TRAININGS
SINGLE-FAMILY:
November 19-21, 2014
Atlanta, GA
February 18-20, 2015
West Coast (Location TBD)
June 17-19, 2015
Midwest (Location TBD)
MULTIFAMILY:
March 18-20, 2015
Dallas, TX
July 22-24, 2015
Midwest (Location TBD)
2015 SUMMIT:
November 2015
Washington, DC
CONNECT WITH US:
www.facebook.com/
ginniemae.gov
@GinnieMaeGov
www.linkedin.com/
company/ginnie-mae
#PowerofPartnerships
(Training dates subject to change)

WELCOME FROM TED TOZER
September 22, 2014
Welcome to the 2014 Ginnie Mae Summit!
We appreciate you being part of this year’s exciting event. Our
goal is to bring together the partners who help us fulfill our
mission to support affordable housing in the U.S. This two-day
event is designed for you to hear from the Ginnie Mae team that
you work with every day and to meet and learn from other Ginnie
Mae stakeholders, including Issuers, document custodians and
other federal agencies. But, more importantly, this event is an
opportunity for us to hear from you.
The housing finance industry has changed dramatically over the
last few years, transforming at an unprecedented pace. Ginnie Mae
has also undergone a transformation of its own during this period.
In the last four years, we have gone from a $1 trillion portfolio to
a $1.5 trillion portfolio in outstanding mortgage-based securities
(MBS). It took Ginnie Mae 40 years to reach $1 trillion and only four
to reach this new milestone in outstanding MBS. This monumental
change could not have been reached without each and every one
of you – our partners.
Thank you again joining us as we celebrate the power of
partnerships. And, thank you for all you do to support affordable
housing across our country.
Sincerely,
Ted Tozer
President, Ginnie Mae
3

PROGRAM
OF EVENTS
SUN
21
SEPT
3:00-5:00 P.M.
Registration
Regency Foyer
MON
22
SEPT
7:30 A.M.-5:00 P.M.
Registration
Regency Foyer
9:00-9:45 A.M.
Opening Plenary: Creating Opportunity
Regency Ballroom ABCD
The Honorable Julián Castro, Secretary,
U.S. Department of Housing and Urban
Development
The Honorable Theodore Tozer, President,
Ginnie Mae
Over the next two years, the U.S. Department
of Housing and Urban Development will be
laser-focused on advancing policies that create
opportunities for people across the country. Hear
Secretary Julián Castro outline his top priorities
including building a stronger HUD, helping
families secure quality housing and an equal shot
at the American dream, ending homelessness
and more. President Ted Tozer will describe
Ginnie Mae’s role in supporting these priorities,
take a look ahead at what’s next on the horizon
and share how Ginnie Mae is transforming to
meet the challenges ahead.
9:45-10:30 A.M.
General Session Panel: State of the State:
Trends and Observations
Regency Ballroom ABCD
Barbara Cooper-Jones, Senior Vice
President, Office of Enterprise Data &
Technology Solutions, Ginnie Mae
John Getchis, Senior Vice President, Office
of Capital Markets, Ginnie Mae
Kathleen Gibbons, Senior Advisor for Policy
and Program Development, Ginnie Mae
Gregory Keith, Senior Vice President and
Chief Risk Officer, Office of Enterprise Risk,
Ginnie Mae
Mary Kinney, Executive Vice President &
Chief Operating Officer, Ginnie Mae
Since the conservatorship of Fannie Mae and
Freddie Mac began in 2008, uncertainty remains.
Many are wondering what’s next for the housing
finance industry and housing finance reform.
However, as that issue continues to percolate,
the industry is undergoing a game-changing
transformation, including the increased presence
of non-depository institutions in the mortgage
origination universe and the proliferation of
servicing transfers. The session will explore this
and take a look at the ever-evolving technology
that will have to meet the needs of the industry.

MON
22
SEPT
What will it mean to you and your business?
And, finally, what does all of this mean for
risk management? Join us for a fireside chat
with our panel as they weigh in on the current
market, new trends and what’s next in the
industry.
10:30-10:45 A.M.
Break
10:45 A.M.-12:00 P.M.
Breakout 1: What You Need to Know
about Servicing Transfers
Washington A/B
Jonathan Hughes, Account Executive,
Ginnie Mae
Ana Rocha, Account Executive, Ginnie Mae
Akvile Sweetman, Senior Account
Executive, Ginnie Mae
Learn the details of a successful servicing
transfer. Topics covered will include the new
PTS transfer system process, timeline and
definitions based on recent policy changes,
pool certifications, due diligence practices and
lessons learned. The session will also include the
transfer at issuance (formally known as PIIT)
approval process.
Breakout 2: Ginnie Mae MBS and the
Capital Markets
Potomac 5/6
John Getchis, Senior Vice President, Office
of Capital Markets, Ginnie Mae
Greg Reiter, Managing Director and Head
of Residential Mortgage Research, Wells
Fargo Securities, LLC
This session will provide information on current
MBS pooling trends with emphasis on the
supply and demand drivers of market pricing.
Differences between Ginnie I and Ginnie II
MBS pricing dynamics and the preferences
of dealers, investors and Ginnie Mae will also
be outlined. The session will also explain how
your pooling strategy creates your “brand” as a
Ginnie Mae Issuer.
Breakout 3: Ginnie Mae Explained – What
We Do and Where We Are Going
Potomac 3/4
Michael Drayne, Senior Vice President,
Office of Issuer & Portfolio Management,
Ginnie Mae
How well do you understand Ginnie Mae?
This session will explore the Ginnie Mae MBS
program, and how Ginnie Mae is different
from Fannie Mae and Freddie Mac. It will also
cover how Ginnie Mae is evolving to meet the
challenges of today’s complex, fast-moving
housing finance industry.
12:00-1:20 P.M.
Group Lunch
Regency Ballroom ABCD
Kimberly Eaglin, Special Assistant/Training
Coordinator, Ginnie Mae
1:30-2:45 P.M.
Breakout 4: Policy – Next Steps
Potomac 3/4
5

MON
22
SEPT
Kathleen Gibbons, Senior Advisor for Policy
and Program Development, Ginnie Mae
Stephanie Schader, Program Development
Manager, Ginnie Mae
Join this discussion of policy developments
from the past year and a look at upcoming
policy objectives. The session will explore Ginnie
Mae program-level topics such as buyouts,
SCRA reimbursement, eligibility standards
and acknowledgement agreements, as well as
housing finance reform, interagency cooperation
and Ginnie Mae’s Dodd-Frank responsibilities.
Please bring your questions and suggestions.
Breakout 5: Workshop – Single-Family
Reporting and Remitting Accurately
Potomac 5/6
Stewart Spettel, Director of Operations,
Ginnie Mae
Rick Garner, Manager, Virtual Development
Corporation
Nancy Strickland, Manager, Virtual
Development Corporation
During this session, Ginnie Mae experts will
discuss common single-family reporting errors
and investor reporting compliance issues.
Breakout 6: Advanced Pooling of
Multifamily Loans
Washington A
Michelle Murphy, Senior Mortgage-Backed
Securities Specialist, Ginnie Mae
Andrea Hunter, Vice President, Bank of New
York Mellon
Multifamily Issuers in this session will go beyond
the basics of GinnieNET pooling and learn tips
from Ginnie Mae’s pool processing agent. Topics
covered will include construction to permanent
loan conversions, mortgage increases, crosscollateralized
pools, “two for one” pooling,
and issuance and settlement calendar tips.
Some of these special situations require paper
submissions, manual processing, special
disclosures and approvals from Ginnie Mae.
Learning how to assemble such a pool package
will prepare you for virtually any pooling
situation. The last half of the session will be an
open Q&A to address any pooling topic.
Breakout 7: Single-Family Issuer
Operational Performance Profile (IOPP)
Washington B
Erica Johnson, Senior Mortgage Banking
Analyst, Ginnie Mae
René Mondoñedo, Senior Mortgage Banking
Analyst, Ginnie Mae
Matt Baker, Manager, Deloitte
Ginnie Mae will roll out the Issuer Operational
Performance Profile (IOPP) in early 2015. This
session will show Issuers what they will actually
see when logging into the system for the first
time and provide them with training plans.
2:45-3:00 P.M.
Break
3:00-4:15 P.M.
Breakout 8: Workshop – The Path to
Pooling Single-Family Loans Successfully
Regency Ballroom ABCD
Roy Hormuth, Director of Single-Family,
Ginnie Mae
Andrea Hunter, Vice President, Bank of New
York Mellon
Steven Stone, Secondary Marketing
Manager, Oceanside Mortgage
During this session, experts will discuss the
pooling process. Learn about common errors in
the process and how you can avoid them. You’ll
also have the opportunity to hear tips on best
practices from a new Issuer.
Breakout 9: Ginnie Mae 101 and
Onboarding
Washington A
Ebony Sorrell, Account Executive,
Ginnie Mae
As government lending has increased over the
past few years, Ginnie Mae has also seen an
increase in lenders who desire to participate
in our program. This session will help you
understand the role Ginnie Mae plays in the
housing finance industry and guide you through
the onboarding process.

MON
22
SEPT
Breakout 10: Managing Multifamily
Portfolio Performance
Potomac 5/6
Zachary Skochko, Senior Mortgage-Backed
Securities Specialist, Ginnie Mae
Do you want to learn how Ginnie Mae’s
Multifamily Division analyzes its portfolio of
11,000 loans? In this session, you will see Ginnie
Mae’s Multifamily MBS performance presented
in a variety of ways, with a special section on
summarizing FHA’s Interest Rate Reduction
(IRR) activity. There will be a staff demonstration
on how to quickly perform ad hoc research on
active and terminated pools. The session will be
complete with handouts detailing a full array of
charts and graphs and will conclude with a Q&A
session with the entire division to answer all of
your data and portfolio questions.
4:15-5:00 P.M.
Networking Opportunity
Regency Foyer
Ginnie Mae Account Executives and other staff
will be on hand for a meet-and-greet and to
answer on any questions from the day’s sessions.
TUES
23
SEPT
9:00-10:00 A.M
Washington Report
Regency Ballroom ABCD
Paul Miller, Managing Director and Head of
Financial Services/Real Estate
Research, FBR & Co.
Hear the latest housing finance industry news
from a Washington expert.
10:00-10:15 A.M.
Break
10:15-11:45 A.M.
General Session Panel: Insuring and
Guaranteeing Agency Partners
Regency Ballroom ABCD
Kathleen Gibbons, Senior Advisor for Policy
and Program Development, Ginnie Mae
Mike Frueh, Director, Loan Guaranty Service,
U.S. Department of Veterans Affairs
Kevin Stevens, Director, Single-Family,
Federal Housing Administration
Joaquín Tremols, Director, Single-Family
Housing Guaranteed Loan Division,
U.S. Department of Agriculture Rural
Development
important recent developments for their
agencies during this fiscal year and their major
plans for next year. There will be a question and
answer conversation among panelists, with some
provocative topics to stimulate more back and
forth with the audience. The session should catch
you up on the past, help you plan for the future
and give you significant information to consider
as you make sense of today’s market.
11:45 A.M.-1:10 P.M.
Lunch on Your Own
1:15-2:15 P.M.
Breakout 1: Document Custody Standards
Washington B
Stephanie Schader, Program Development
Manager, Ginnie Mae
Susan Skiles, Mortgage Banking Analyst,
Ginnie Mae
Changes to Ginnie Mae’s Appendix V, Document
Custodian Manual will be presented and
discussed as well as the top findings during the
latest Document Custodian Compliance reviews.
Breakout 2: Workshop – Multifamily
Reporting and Remitting Accurately
Washington A
Senior executives of the FHA, VA and RHS
programs will each give a sweep of the most
Stewart Spettel, Director of Operations,
Ginnie Mae
7

TUES
23
SEPT
Rick Garner, Manager, Virtual Development
Corporation
Nancy Strickland, Manager, Virtual
Development Corporation
During this session, Ginnie Mae experts will
discuss common multifamily reporting errors and
investor reporting compliance issues.
Breakout 3: Single-Family Program
Compliance
Potomac 5/6
Erica Johnson, Senior Mortgage Banking
Analyst, Ginnie Mae
John Staudt, Mortgage Banking Analyst,
Ginnie Mae
Paul St. Laurent III, Lead Mortgage Banking
Analyst, Ginnie Mae
Donovan Chase, ERS Manager, Deloitte
With the continued growth of Ginnie Mae’s MBS
program comes an increased need to effectively
monitor counterparty performance. Ginnie Mae’s
monitoring division will present information on
what key indicators and tools are leveraged
when assessing an Issuer’s performance,
including baseline monitoring, utilization of
financial statement information and on-site
operational review results.
Breakout 4: Single-Family Portfolio
Performance Highlights
Regency Ballroom ABCD
Roy Hormuth, Director of Single-Family,
Ginnie Mae
Ginnie Mae has experienced steady, increased
growth in the share of the secondary mortgage
market in the past few years. This session will
share highlights from Ginnie Mae’s evaluation
of the portfolio’s most recent performance,
including issuance and delinquency trends.
2:15-2:30 P.M.
Break
2:30-3:30 P.M.
Breakout 5: Managing Subservicing
Partnerships
Regency Ballroom ABCD
Leslie Meaux, Director, Monitoring and Asset
Management, Ginnie Mae
Michael Webb, Director of Enterprise
Vendor Management and Procurement
Services, EverBank Financial Corp.
Ginnie Mae’s program permits Issuers to utilize
a third party to service their portfolios. This
discussion will introduce you to some Issuers
that have effectively incorporated an oversight
approach that Ginnie Mae would categorize as
best in class.
Breakout 6: Workshop – Understanding
Ginnie Mae’s Revised Acknowledgement
Agreement
Washington A
Kathleen Gibbons, Senior Advisor for Policy
and Program Development, Ginnie Mae
Harlan Jones, Senior Account Executive,
Ginnie Mae
Senior Ginnie Mae staff will discuss recent
changes to the agreement Ginnie Mae uses
to acknowledge pledges of Issuers’ servicing
portfolios. The session will touch on motives
for acknowledging the rights of lenders to
Issuers, the advantages and the limitations
to the agreement for Ginnie Mae and for the
creditor, and the ways in which you can use
the agreement to facilitate funding for your
organization.
Breakout 7: Multifamily Program
Compliance
Potomac 5/6
Erica Johnson, Senior Mortgage Banking
Analyst, Ginnie Mae
John Staudt, Mortgage Banking Analyst,
Ginnie Mae
Paul St. Laurent III, Lead Mortgage Banking
Analyst, Ginnie Mae
Donovan Chase, ERS Manager, Deloitte
With the continued growth of Ginnie Mae’s
MBS program comes an increased need to
effectively monitor counterparty performance.
Ginnie Mae’s monitoring division will present
information on what key indicators and tools are
leveraged when assessing a multifamily Issuer’s
performance, including baseline monitoring,

TUES
23
SEPT
utilization of financial statement information and
on-site operational review results.
3:30-3:45 P.M.
Break
3:45-4:15 P.M.
Breakout 8: MISMO Standards
Washington B
Nicole Jackson, Senior Data Analyst,
Ginnie Mae
Ginnie Mae has created the MISMO-compliant
Pool Delivery Dataset (PDD) XML file for Issuers
to submit single-family at issuance pool and loan
data using the new Single-Family Pool Delivery
Module (SFPDM) to be released in 2016. The
new PDD XML file will replace the single-family
electronic flat file layout currently submitted
through GinnieNET. This session will share
information about the technical implementation
resources released to Issuers for the adoption of
this new MISMO-compliant PDD file. It will also
suggest activities Issuers can perform to prepare
for the release of Ginnie Mae’s new SFPDM.
Following the presentation on Ginnie Mae’s
MISMO Adoption effort, there will be a Q&A
session. This discussion will aim to assist the
Issuer community in successful implementation
of the new MISMO-compliant PDD XML file.
Breakout 9: Ginnie Mae Updates and
Development
Regency Ballroom ABCD
Belinda Jackson, Director of Product and
Process Development, Ginnie Mae
Victoria Vargas, Director of Program
Administration, Ginnie Mae
The FHA note sale program is a popular option
for servicers to use in managing their delinquent
loans without having to take them through the
entire foreclosure process. Severely delinquent
FHA-insured loans are submitted through the
note sale program and sold through competitive
bid without FHA insurance. Once the loan is
purchased, foreclosure is delayed for a minimum
of six additional months, so the new servicer can
work with the borrower to find an affordable
solution to avoid foreclosure.
Breakout 11: Multifamily Issuer Operational
Performance Profile (IOPP)
Washington A
Erica Johnson, Senior Mortgage Banking
Analyst, Ginnie Mae
René Mondoñedo, Senior Mortgage Banking
Analyst, Ginnie Mae
Matt Baker, Manager, Deloitte
Ginnie Mae will roll out the Issuer Operational
Performance Profile (IOPP) in early 2015. This
session will show Issuers what they will actually
see when logging into the system for the first
time and provide them with training plans.
4:15-5:00 P.M.
Closing Session: “Hot Topics” Q&A
Regency Ballroom ABCD
Stephanie Schader, Program Development
Manager, Ginnie Mae
The Summit will conclude with an open floor.
Ginnie Mae management will be on hand, so
bring your comments and questions on today’s
industry hot topics.
This session will provide a recap of new
processes and highlight upcoming projects,
including a streamlined investor reporting
process, enhancements to document custodian
transfers and Issuer management changes.
Session presentations are available at
ginniemae.gov/media_center.
Breakout 10: FHA Note Sale Program
Potomac 5/6
Erik Cribbs, Financial Operations Analyst,
Federal Housing Administration
9

ABOUT THE SPEAKERS
HONORABLE JULIÁN CASTRO
Secretary
U.S. Department of Housing and
Urban Development
Julián Castro was sworn in as
the 16th Secretary of the U.S.
Department of Housing and Urban
Development on July 28, 2014. In
this role, Castro oversees 8,000
employees and a budget of $46
billion, using a performance-driven
approach to achieve the Department’s mission of
expanding opportunity for all Americans.
“Julián is a proven leader, a champion for safe,
affordable housing and strong, sustainable
neighborhoods,” said President Barack Obama after
Castro’s confirmation. “I know that together with
the dedicated professionals at HUD, Julián will help
build on the progress we’ve made battling back
from the Great Recession – rebuilding our housing
market, reducing homelessness among veterans,
and connecting neighborhoods with good schools
and good jobs that help our citizens succeed.”
As Secretary, Castro’s focus is ensuring that HUD is
a transparent, efficient and effective champion for
the people it serves. Utilizing an evidence-based
management style, he has charged the Department
with one goal: giving every person, regardless of
their station in life, new opportunities to thrive.
Before arriving at HUD, Castro served as Mayor
of the City of San Antonio. During his tenure,
he became known as a national leader in urban
development. In 2010, the City launched the
“Decade of Downtown,” an initiative to spark
investment in San Antonio’s center city and older
neighborhoods. This effort has attracted $350
million in private sector investment, which will
produce more than 2,400 housing units by the end

of 2014. In addition, San Antonio’s East Side is the
only neighborhood in America that has received
funding to implement major projects under three
key Obama Administration revitalization initiatives:
Choice Neighborhoods, Promise Neighborhoods and
the Byrne Criminal Justice Program.
In March 2010, Castro was named to the World
Economic Forum’s list of Young Global Leaders.
Later that year, Time magazine placed him on its
“40 under 40” list of rising stars in American politics.
Previously, Castro served as a member of the San
Antonio City Council. He is also an attorney and
worked at Akin, Gump, Strauss, Hauer & Feld before
starting his own practice.
Secretary Castro received a B.A. from Stanford
University in 1996, and a J.D. from Harvard Law
School in 2000. He and his wife Erica have a
daughter, Carina.
HONORABLE
THEODORE W. TOZER
President
Ginnie Mae
Theodore W. Tozer was sworn
in as President of Ginnie Mae
on February 24, 2010, bringing
with him more than 30 years
of experience in the mortgage,
banking and securities industries.
As President of Ginnie Mae,
Mr. Tozer actively manages Ginnie Mae’s more
than $1.5 trillion portfolio of mortgage-backed
securities (MBS) and more than $460 billion in
annual issuance. The expansion of the investor base
allowed Ginnie Mae’s portfolio to grow from $1
trillion to $1.5 trillion in less than four years and to
fund the administration housing recovery initiatives
through FHA, VA and RHS lending. Throughout his
tenure, Mr. Tozer remains committed to bringing
global capital into the housing finance system.
This commitment is evident in the organization’s
emphasis on expanding its domestic and
international investor base, which contributed to
Ginnie Mae reporting an average net income of
approximately $800 million in each fiscal year of his
tenure.
Mr. Tozer is responsible for the administration of
Ginnie Mae’s mortgage-backed securities (MBS)
programs. He also oversees the organization’s
enterprise-wide risk management capabilities and
capital market activity. Under his leadership, Ginnie
Mae has embarked on a multi-year hiring initiative
designed to bring key functions in-house, manage
the sharp increase in MBS volume and Issuers, and
monitor the housing finance reform landscape. In
FY 2013, he increased the Ginnie Mae team from 85
to 110 employees, growing the organization by more
than 29 percent. Also, in FY 2013, Ginnie Mae saw
nearly $800 million in profit. Mr. Tozer also oversees
the effort to improve the ease of doing business
with Ginnie Mae, turning the corporation into a
more customer-centric organization and enhancing
the transparency of the data disclosures of the
mortgage loans backing Ginnie Mae securities.
Prior to his appointment as President, Mr. Tozer
served as Senior Vice President of Capital Markets
at the National City Mortgage Company (NCM) for
more than 25 years, overseeing pipeline hedging,
pricing, loan sales, loan delivery and credit guideline
exceptions. During his tenure at NCM, the company
never experienced a loss, and annual loan sales grew
from $1 billion in 1989 to $106 billion in 2003. Mr.
Tozer was instrumental in transforming NCM from an
“originate and hold” lender to an “originate and sell”
lender. In 1987, he had NCM approved as a Ginnie
Mae Issuer.
Mr. Tozer served as a charter member of Fannie
Mae’s National Lender Advisory Board until 2009.
He was also a member of Freddie Mac’s National
Lender Advisory Board. In addition, he was
chairman of the Capital Markets Committee of the
Mortgage Bankers Association (MBA) from 2002
to 2004, a member of the MBA Board of Governors
from 2002 to 2004, a trustee of the Ohio Mortgage
Bankers Association from 1999 to 2001, and part of
the Fannie Mae Midwest Secondary Advisory Group
from 1994 to 1999.
Mr. Tozer received his Bachelor of Science Degree in
Accounting and Finance from Indiana University. He
became a Certified Public Accountant in 1980 and a
Certified Management Accountant in 1984. He and
his wife Sandy live in Fairfax, VA.
11

MARY K. KINNEY
Executive Vice President & Chief
Operating Officer
Ginnie Mae
As Executive Vice President, Mary
Kinney administers Ginnie Mae’s
more than $1.5 trillion portfolio of
outstanding mortgage-backed
securities (MBS) and Real Estate
Mortgage Investment Conduit
(REMIC) programs. She is also
responsible for managing Ginnie Mae’s daily
operations and strategic planning, including all MBS
operations, counterparty relationships, contracting,
budget and legislative initiatives, and overall risk
management of the organization.
Additionally, Ms. Kinney maintains liaisons with key
officials and executives of housing and securities
industries, the investment community, members of
Congress, and other departments and agencies of
the federal government.
Ms. Kinney has extensive experience in the MBS
business, housing finance, affordable housing and
commercial real estate investment, including 21
years at Fannie Mae. She has also managed end-toend
activities for private-label MBS at both Citicorp
and the Mortgage Guaranty Insurance Corporation.
Additionally, Ms. Kinney has managed loan
origination and servicing functions in the primary
servicing mortgage market.
Prior to her arrival at Ginnie Mae, Ms. Kinney was
the Vice President of Enterprise Data Warehouse
Operations at Fannie Mae, where she designed,
developed and managed technology infrastructure
to support MBS data collection and analysis. During
her tenure at Fannie Mae, Ms. Kinney also served as
the Director/Vice President of the National Housing
Impact Division. In that role, she led long-range
strategic and day-to-day activities for enterprisewide
compliance and congressionally-mandated
affordable housing goals and corporate affordable
lending commitments. Ms. Kinney also directed
loan administration teams for Citicorp’s commercial
real estate portfolio in the Mid-Atlantic region. Ms.
Kinney earned a Bachelor of Science degree from
St. Lawrence University in Canton, New York.
BARBARA COOPER-
JONES
Senior Vice President
Office of Enterprise
Data & Technology
Solutions
Ginnie Mae
Joining Ginnie Mae
in November 2011,
Barbara Cooper Jones
brings to the team
more than 25 years of experience in transforming
information management environments and
building long-term partnerships with business
and technology stakeholders. In her current role,
she is responsible for defining and developing
enterprise-wide strategies to ensure the ongoing
and future alignment of Ginnie Mae’s operations and
technology across the enterprise business model
and all business operations. In addition, Ms. Cooper-
Jones is working to define and develop strategies
for all mortgage loan/MBS-related technology and
data management-related design and development
activities.
Prior to joining Ginnie Mae, Ms. Cooper-Jones
was the Assistant Vice President of Enterprise
Program Management in National IT at the Federal
Reserve Bank of Richmond, where she led largescale
program management review of the Reserve
Banks’ business and technology architectures. Ms.
Cooper-Jones was also responsible for providing
architectural direction to ensure that the Reserve
Banks met National IT’s technology standards. Her
clients included many of the 12 Reserve Banks,
including the Financial Support Office, Cash Product
Office, Office of Statistics and Reserves, and
Customer Relations Support Office.
Ms. Cooper-Jones received her Bachelor of Science
degree in Accounting from Virginia State University.
She has also completed a host of leadership
development programs and executive coaching
courses, and served as both a formal and informal
mentor in the Federal Reserve Bank of Richmond
and Fannie Mae’s Corporate Mentor Programs. In
addition, she has been a featured speaker at Gartner
and The Data Warehouse Institute conferences.

MICHAEL R. DRAYNE
Senior Vice President
Office of Issuer & Portfolio
Management
Ginnie Mae
Michael Drayne is responsible
for the management of Ginnie
Mae’s relationships with the
mortgage lenders who issue
securities under the Ginnie Mae
mortgage-backed securities
program. In this capacity, he oversees the Single-
Family and Multifamily Program Divisions, as well as
the Monitoring & Asset Management Division, the
latter of which is responsible for the oversight of
the Ginnie Mae servicing assets owned by Issuers or
Ginnie Mae.
A 25-year veteran of the housing finance industry,
Mr. Drayne began his career at Chevy Chase Bank,
where he served as Vice President and Director
of Secondary Marketing. In addition, he was
responsible for managing several other operational
units for the bank’s nationwide mortgage lending
subsidiary. He also held management positions with
the residential lending divisions of two other banks.
At one of these banks, he co-founded a reverse
mortgage lending unit.
Mr. Drayne has participated at numerous industry
conferences. In particular, he has spoken about the
U.S. secondary mortgage markets and the evolution
of the post-crisis housing finance industry and its
relation to government-insured lending and the
capital markets.
Mr. Drayne has a Bachelor of Science Degree in
Business Administration and a Master’s Degree in
Public Management, both from the University of
Maryland. He resides in Washington, D.C.
JOHN F. GETCHIS
Senior Vice President
Office of Capital
Markets
Ginnie Mae
John F. Getchis joined
Ginnie Mae as the Senior
Vice President of the
Office of Capital Markets
in July 2012. Ginnie Mae’s
Capital Markets program
is divided into three primary areas: administration of
the corporation’s multiclass MBS program, gathering
and dispersal of market intelligence related to
these securities, and business development to
focus upon investor awareness and MBS program
improvements.
Mr. Getchis brings with him 35 years of experience
at financial institutions with a focus on mortgagebacked
securities and the capital markets. In
his current role, he is responsible for overseeing
the performance and execution of Ginnie Mae’s
multiclass securities program. Multiclass securities
programs include Single-Family, Multifamily, and
Reverse Mortgage REMICs, Stripped MBS, Callable
Securities, and Platinum Certificates. Ginnie Mae
multiclass securities help increase the liquidity of
Ginnie Mae MBS and attract new sources of capital
for federally insured or guaranteed loans.
Prior to joining Ginnie Mae, Mr. Getchis was the Chief
Operating Officer (and prior to his appointment as
COO, he was the Director of Banking & Structured
Transactions) at Ally Securities (formerly GMAC).
Prior to Ally Securities, Mr. Getchis served as
managing director at Redwood Financial Services
and held executive positions at CoreStates
Securities and First Buckingham Group. Earlier in his
career, Mr. Getchis served as director of the Asset-
Backed Securities Group at Merrill Lynch (NYC). He
began his career as an accountant, including a sixyear
tenure at Freddie Mac.
13

GREGORY A. KEITH
Senior Vice President &
Chief Risk Officer
Office of Enterprise Risk
Ginnie Mae
Gregory A. Keith joined Ginnie
Mae as Senior Vice President and
Chief Risk Officer in October 2010.
He monitors the corporation’s
aggregate risk and compliance
with risk policies, develops and
maintains corporate-wide procedures for risk
management, and provides independent evaluation
and oversight of all risk management activities.
Mr. Keith has more than 25 years of experience
in the financial services industry. Much of his
experience has been in mortgage- and asset-backed
finance. Prior to joining Ginnie Mae, Mr. Keith spent
nine years in various roles at Fannie Mae. These
roles spanned across multiple disciplines, including
strategy, risk and finance. Most recently, he served
as Director of Counterparty Risk Management,
where he structured, monitored and mitigated
financial risk with business partners.
In 2001, Mr. Keith came to Fannie Mae from First
Union Capital Markets, where he was Vice President
of Business Integration. There, he documented
and managed the implementation of business
strategies and tactical business requirements for the
Structured Products Group of the Corporate and
Investment Bank.
Previously, Mr. Keith also served as a Manager at
KPMG Consulting, focusing on the execution of
strategic, financial, and operational engagements.
Prior to joining KPMG, Mr. Keith worked as a
Forecasting and Planning Analyst at the American
Residential Mortgage Corporation and as a Financial
Analyst at Great American Bank.
Mr. Keith holds a Bachelor of Arts from San Diego
State University.
MATT BAKER
Manager
Deloitte
Matt Baker joined Deloitte in 2003 and has more
than 10 years of experience in providing data and
risk analysis services for a wide range of industries,
including mortgage finance and insurance. Matt
has significant project management experience in
supporting lender/servicer risk and counterparty
monitoring. This project experience includes
work with the Department of Agriculture and the
Department of Housing and Urban Development.
DONOVAN CHASE
ERS Manager
Deloitte
Donovan Chase has supported Ginnie Mae in
performing Issuer and Document Custodian reviews
since 2007. In this work he has also supported
Ginnie Mae’s efforts to examine the impacts of
compliance reviews, update the compliance review
standards, and work with Ginnie Mae to develop
new solutions to compliance review challenges.
ERIK CRIBBS
Financial Operations Analyst
Federal Housing Administration
Erik Cribbs is responsible for the management of
FHA’s Single-Family Non-Performing Loan (NPL)
sale program. In this capacity, he oversees all
aspects of the program from working directly with
Single-Family servicers to acquire loans through the
purchase of the loans by investors.
A 14-year veteran of the housing finance industry,
Erik began his career with Ernst and Young, where
he served as a consultant to Fortune 500 companies
and the United States government. After leaving
Ernst and Young, he held various management
positions in the homebuilding sector with both a
regional and a national home builder. Prior to joining
FHA, Erik served as Managing Director at EMAX
Financial and Real Estate Advisory Services.
Erik earned his Bachelor of Science in Finance from
the University of Maryland and a Master’s Degree in
Accounting from the University of Virginia.

KIMBERLY EAGLIN
Special Assistant/Training Coordinator
Office of Issuer & Portfolio Management
Ginnie Mae
Kimberly Eaglin joined Ginnie Mae as an Account
Executive in December 2010. She later took on
the role of Special Assistant to the Senior Vice
President, serving as training and events coordinator
for Ginnie Mae.
Kimberly has 10 years of housing finance and real
estate experience. She served as a consultant for an
8(a) firm conducting Ginnie Mae compliance reviews
and also assisted in the FHA modernization effort,
for which she developed online training courses.
MICHAEL FRUEH
Director, Loan Guaranty Service
U.S. Department of Veterans Affairs
Michael James Frueh directs the national loan
program responsible for helping veterans obtain
mortgages to purchase homes, adapt homes
to accommodate certain service-connected
disabilities, and retain their homes if they
experience financial difficulties, as well as the
program that sells REO properties acquired
through this process. Michael has more than 22
years of experience in the mortgage industry,
especially in the area of secondary markets. He
previously worked in the structured finance group
at PricewaterhouseCoopers as well as in Bankers
Trust’s asset securitization group. He owned a
mortgage bank based in North Carolina.
Michael has a BS in Mathematics from Pepperdine
University (emphasis in computer science and premedicine),
and an MBA in Business Administration
(Finance and Economics) from the George
Washington University.
RICHARD (RICK) C. GARNER
Manager
Virtual Development Corporation
Rick Garner is a senior member of Ginnie Mae’s
Mortgage Backed Securities Administration Agent
(MBSAA) Program. He holds an MBA, and has been
involved in a wide range of activities supporting
Ginnie Mae programs for more than 10 years. Rick
has more than 20 years of experience in full life
cycle systems development and implementation,
MBS security operations and reporting, and business
process engineering. He brings expert knowledge
of Ginnie Mae programs and processes. Rick was a
member of the Ginnie Mae team that launched the
HMBS product in 2009, and he has continued to
support the HMBS program since that time.
KATHLEEN GIBBONS
Senior Advisor for Policy and
Program Development
Office of Issuer & Portfolio Management
Ginnie Mae
Kathy Gibbons has served in her current position
since April 2011, following more than three years as
the Director of the Single-Family MBS Division, with
responsibility for policy and product development,
Issuer management, risk evaluation, and government
and industry communications.
Kathy came to Ginnie Mae from Mortgage Bankers
Association (MBA) where she was the staff
specialist for secondary mortgage market issues.
Before working at MBA, Kathy was a senior manager
for structured transactions and markets at Ernst
& Young. Her prior employment also includes nine
years at Fannie Mae as a securities lawyer and later
as an MBS capital markets director, charged with
the development, pricing, marketing, and legal,
accounting and dealer operations for the start-up
REMIC program, both single-family and multifamily
mortgage-backed transactions.
ROY R. HORMUTH
Director of Single-Family
Office of Issuer & Portfolio Management
Ginnie Mae
Roy R. Hormuth joined Ginnie Mae in August 2012 as
Director of the Single-Family Division in the Office
of Issuer & Portfolio Management. Roy has more
than 25 years of experience in housing finance and
capital markets.
In his role at Ginnie Mae, Roy directs the
organization’s Single-Family MBS program, including
MBS backed by manufactured housing and reverse
mortgage collateral. Roy manages all Issuer
15

elationships in the Single-Family MBS program and
is responsible for enhancing Issuer outreach and
training opportunities. He also takes a leading role in
supervising Issuer servicing portfolios and transfers
in addition to transaction management.
Prior to joining Ginnie Mae, Roy was the Senior
Manager/Team Lead at Fannie Mae, managing
teams responsible for top-tier national bank and
investment banking customer relationships.
JONATHAN HUGHES
Account Executive
Office of Issuer & Portfolio Management
Ginnie Mae
Jonathan Hughes joined Ginnie Mae in 2013 and is
an Account Executive within the Office of Issuer &
Portfolio Management Division. Jonathan manages
a portfolio of 23 active single-family Ginnie Mae
Issuers with more than $450 billion in securities.
Jonathan has extensive experience within the
banking industry, having held several leadership
positions in both the private and nonprofit sectors,
including positions at Bank of America, Fannie Mae,
EverBank, Habitat for Humanity Jacksonville, and
Merrill Lynch. Prior to joining Ginnie Mae, Jonathan
served as Employment Director with Volunteers of
America Delaware Valley and was responsible for
addressing the employment and housing needs of
“Returning Citizens” (Ex-Offenders).
ANDREA HUNTER
Vice President
Bank of New York Mellon
Andrea Hunter has managed the New Pool
processing staff as Ginnie Mae’s pool processing
agent. Her responsibilities include all functions
related to Single-Family, Multifamily and HMBS
New Pool Issuance. Andrea has developed and
established guidelines and controls for daily
Ginnie Mae operations and serves as a subject
matter expert on Single-Family, Multifamily and
Platinum Pool processing functions. Currently
Andrea manages and monitors Ginnie Mae business
initiatives as they relate to MBS operations as the
Business Projects Support Team Manager/Subject
Matter Expert. Andrea has worked with Ginnie Mae
for more than 25 years.
BELINDA JACKSON
Director of Product and Process Development
Office of Security Operations
Ginnie Mae
Belinda Jackson has more than 20 years of
experience in both the private and public sectors.
Belinda holds a Bachelor of Arts in Economics
from Hood College and a Master of Business
Administration from Marymount University. She also
holds a Level III Federal Acquisition Certification
for Program and Project Managers, a Federal
Acquisition Certification for Contracting Officers
and a 6 Sigma Green Belt Certification.
NICOLE C. JACKSON
Senior Data Analyst
Office of Enterprise Data &
Technology Solutions
Ginnie Mae
Nicole Jackson joined Ginnie Mae in November
2012 as a senior data analyst in the Enterprise Data
& Technology Solutions division. In this role, she
manages several projects that support Ginnie Mae’s
effort to develop its Enterprise Data Management
Strategy. These projects include helping to establish
an Enterprise Data Governance Strategy and
implementing enhanced business intelligence and
reporting standards. In addition, Nicole oversees
the execution of the Mortgage Industry Standard
Maintenance Organization (MISMO) for Ginnie Mae’s
Single-Family at-Issuance pool delivery dataset
(PDD).
Prior to Ginnie Mae, Nicole spent 11 years in various
positions at Fannie Mae. While at Fannie Mae, she
provided leadership in the management of several
projects that automated and improved the accuracy
and timeliness of the financial reporting and
forecasting processes.
ERICA JOHNSON
Senior Mortgage Banking Analyst, Monitoring
and Asset Management Division
Office of Issuer & Portfolio Management
Ginnie Mae
Erica Johnson joined Ginnie Mae as a Mortgage
Banking Analyst in December 2010. Her primary
responsibility is monitoring active Issuers and

document custodians to ensure compliance
with Ginnie Mae’s Mortgage-Backed Securities
program. Additionally, she works on multiple special
projects, internal audits and government contract
management.
Erica has more than 13 years of mortgage industry
experience, which includes performing seller/
servicer and document custodian onsite operational
risk management reviews for Freddie Mac.
HARLAN JONES
Senior Account Executive
Office of Issuer & Portfolio Management
Ginnie Mae
Harlan Jones has been a Senior Account Executive
with Ginnie Mae since 2013. His division, led by
Roy Hormuth, is responsible for the management
of Ginnie Mae’s relationships with single-family
mortgage lenders that issue Mortgage-Backed
Securities under the Ginnie Mae program. Harlan
works closely with his team in managing these
Issuer relationships in the western region of the
United States.
Prior to that, Harlan worked for Fannie Mae’s Single-
Family Division Pricing and Structured Transactions.
LESLIE MEAUX
Director, Monitoring and Asset
Management Division
Office of Issuer & Portfolio Management
Ginnie Mae
Leslie Meaux joined Ginnie Mae as the Director of
Monitoring and Asset Management in December
2011 and is responsible for monitoring and
compliance oversight of active Issuers as well
as managing the defaulted portfolios being
subserviced for the agency.
Leslie has more than 20 years of mortgage servicing
experience with both GSEs, managing servicers
of all sizes relative to relationship, change and
performance management. She spent 18 years at
Freddie Mac managing both national and regional
servicers and another three years at Fannie Mae
as a senior portfolio manager. Leslie also marketed
Freddie Mac’s key default technologies, including
EarlyIndicator and EarlyResolution, during her
tenure there.
PAUL MILLER
Managing Director and Head of Financial
Services/Real Estate Research
FBR & Co.
Paul Miller is well known in the investment
community for providing in-depth, fundamental
analysis and investment recommendations on
money center, regional and community banks, as
well as on mortgage finance companies. Paul’s
coverage includes Wells Fargo & Co., JPMorgan
Chase & Co., Bank of America, and U.S. Bancorp.
In 2010, Paul was named the top overall stock
analyst among 2,700 analysts by Forbes.com. He
also received the Forbes.com Blue Chip Analyst
Award as the leading analyst covering banks and
thrifts in 2008, 2009 and 2010; he received the
same award for coverage of finance companies in
2009. Paul was recognized by the Financial Times/
StarMine in 2008 and 2009 as the leading earnings
estimator in thrifts & mortgage finance. He was also
named The Wall Street Journal’s “Best on the Street”
in 2006 and 2007 for coverage of thrifts. In 2008,
Bloomberg Markets ranked Paul No. 1 for Bearish
Best Calls from among more than 3,000 analysts
worldwide.
Paul is a former bank examiner for the Federal
Reserve Bank of Philadelphia, where he worked
for five years, conducting financial analysis for
more than 30 community banking institutions in
the Philadelphia and Harrisburg market areas. Paul
earned his B.S. in Economics, his B.A. in International
Relations, and his M.S. in Economics from the
University of Delaware. He received the chartered
financial analyst designation in 1997.
17

RENÉ MONDOÑEDO
Senior Mortgage Banking Analyst, Monitoring and
Asset Management Division
Office of Issuer & Portfolio Management
Ginnie Mae
René Mondoñedo joined Ginnie Mae as a Mortgage
Banking Analyst in May 2012. His primary
responsibility is monitoring active Issuers and subservicers
to ensure compliance with Ginnie Mae’s
Mortgage-Backed Securities program. Additionally,
he works on multiple special projects and
government contract management.
René has 29 years of secondary mortgage industry
experience, which included overseeing Single-Family
performing loan servicing operations for Freddie
Mac, multifamily loan servicing operations for Fannie
Mae and general servicing functions like transfers
of servicing, interim servicing, and servicing
performance scorecards.
MICHELLE MURPHY
Senior Mortgage-Backed Securities Specialist
Office of Issuer & Portfolio Management
Ginnie Mae
L. Michelle Murphy manages a portfolio of over $85
billion in Multifamily and healthcare loans. Prior
to joining Ginnie Mae in 2004, Michelle held other
government positions, such as Budget Analyst in
the Office of Public and Indian Housing, Presidential
Management Fellow and HUD Community
Development Fellow.
GREG REITER
Managing Director and Head of Residential
Mortgage Research
Wells Fargo Securities LLC
Greg Reiter is Managing Director and Head of
Residential Mortgage Research in the Research
and Economics department for Wells Fargo
Securities, LLC. Greg leads the RMBS research team
in developing strategy, publishing and marketing
innovative ideas to institutional investors. Greg
brings more than 25 years of experience from both
the sell side and the buy side.
Greg was previously at Freddie Mac where he was
responsible for developing RMBS securitization
strategies, as well as broadening investor and dealer
outreach efforts. His previous sell side research
experience includes serving as Managing Director
and Head of Agency MBS Strategy for the Royal
Bank of Scotland and Director of Agency CMO,
hybrid ARM and specified pool strategy at UBS
Investment Bank. He began his career in MBS
structuring and banking working for DB Alex Brown
and Citibank.
ANA ROCHA
Account Executive
Office of Issuer & Portfolio Management
Ginnie Mae
Ana Rocha joined Ginnie Mae in February 2011 as
a Mortgage Industry Account Executive. In this
capacity she has been in charge of Ginnie Mae
accounts within the Midwest and more recently
has concentrated on project management and
internal training matters related to the Single-Family
Division. Ana has more than 14 years of experience
in the banking field, eight of which were spent in
the mortgage industry. Prior to joining Ginnie Mae,
Ana served as Mortgage Analyst at Freddie Mac in
charge of Puerto Rican accounts.
STEPHANIE SCHADER
Program Development Manager
Office of Issuer & Portfolio Management
Ginnie Mae
Stephanie joined Ginnie Mae in 2011 as an Account
Executive. Recently, she took the role of Program
Development Manager, responsible for the MBS
Guide and program policy. Stephanie has 18 years
of experience in housing finance, including 13 years
in the private sector. Prior to joining Ginnie Mae,
Stephanie was a Credit Policy Specialist at FHA.
SUSAN SKILES
Mortgage Banking Analyst, Monitoring
and Asset Management Division
Office of Issuer & Portfolio Management
Ginnie Mae
Susan Skiles joined Ginnie Mae in September 2012
from Fannie Mae where she worked for 12 years.
Prior to that, she worked at a regional bank for 16
years in post-closing, servicing and collections areas.

Susan brings specific expertise related to document
custody, including compliance and auditing of
document custodians. She is focused on managing
the relationships with the document custodians and
reviewing the document custodian and certification
requirements to ensure gaps are identified and
needed updates are made to our guidance in this
area.
ZACHARY SKOCHKO
Senior Mortgage-Backed Securities Specialist
Office of Issuer & Portfolio Management
Ginnie Mae
Zack Skochko has been a Mortgage-Backed
Securities Specialist with Ginnie Mae since 2010.
His division, led by Philip Buckley, is responsible for
the securitization of nearly 99 percent of all FHA
multifamily loans through the Ginnie Mae program.
Zack works closely with each of the 56 active Ginnie
Mae Issuers, who are all are FHA mortgagees, and
with capital markets investors.
Formerly, Zack worked at FHA’s Office of Asset
Sales, selling non-performing multifamily loans to
private investors after the FHA claims process was
complete. Prior to that, Zack worked in private
industry in commercial mortgage originations and
development. Zack has 15 years of commercial
mortgage experience.
EBONY SORRELL
Account Executive
Office of Issuer & Portfolio Management
Ginnie Mae
Ebony Sorrell joined Ginnie Mae in October 2013
as an Account Executive in the Office of Issuer
& Portfolio Management. In this capacity, she
is responsible for the securitization of singlefamily
loans through the Ginnie Mae program.
Ebony has extensive background knowledge in
the financial services industry with more than 11
years of experience in MBS accounting, reporting,
and business analysis. Ebony spent several years
at Fannie Mae as a Business Analyst, where she
analyzed and reported on a variety of MBS and
complicated REMIC transactions.
STEWART SPETTEL
Director of Operations
Office of Securities Operations
Ginnie Mae
Stewart Spettel is the Director of Operations for
Ginnie Mae’s Office of Securities Operations. This
office is responsible for supporting the collection of
monthly investor reporting, namely, the collection of
Remaining Principal Balance (RPB) and Reporting
and Feedback System (RFS) loan- and pool-level
data. Stewart has been with Ginnie Mae for two
years. Prior to this he worked for a private mortgage
insurance company as a contractor to Ginnie Mae.
He also has experience in loan servicing.
PAUL ST. LAURENT III
Lead Mortgage Banking Analyst
Office of Issuer & Portfolio Management
Ginnie Mae
Paul St. Laurent III joined Ginnie Mae in 1991 after a
one-year HUD internship. Paul has served in various
capacities throughout his long tenure at Ginnie
Mae, including account executive, team leader and
Monitoring Director. He is intricately familiar with all
of Ginnie Mae’s processes, systems and procedures
– as one of Ginnie Mae’s most longstanding
employees.
Paul has focused primarily in various risk and asset
management and contractor oversight capacities
and has actively participated in close to 50 Issuer
defaults, including challenging defaults at TBW and
Lend America in recent times and First Beneficial,
Radius and Woodbai prior to the mortgage crisis.
JOHN STAUDT
Mortgage Banking Analyst, Monitoring
and Asset Management Division
Office of Issuer & Portfolio Management
Ginnie Mae
John Staudt joined Ginnie Mae as a Mortgage
Banking Analyst in December 2012. Prior to joining
Ginnie Mae, John spent 20 years with Freddie Mac
in various capacities, including servicing account
management, default and fraud management, and
operational risk management.
19

John’s primary responsibilities include monitoring
active Issuers to ensure compliance with Ginnie
Mae’s Mortgage-Backed Securities program and
contract management and oversight.
KEVIN STEVENS
Director, Single-Family
Federal Housing Administration
Ginnie Mae
Kevin Stevens joined HUD in 2008. He is currently
the Director of the Home Mortgage Insurance
Division (HMID) within the Office of Single-Family
Program Development (OSFPD). This office is
responsible for production and maintenance of
credit policy for all of FHA’s forward mortgage
programs, including the Section 203(b) program,
FHA’s largest. Kevin joined FHA in 2011 and
served as the Deputy Director of the division for
two years. Prior to joining FHA, he served as the
acting Director of the SAFE Act program office,
formerly part of the Office of Risk Management and
Regulatory Affairs. Kevin began his career in the
mortgage industry in the early 1990s with a focus
on wholesale loan origination for 10 years prior to
joining HUD.
STEVEN STONE
Secondary Marketing Manager
Oceanside Mortgage
Steven Stone has been with Oceanside Mortgage,
a retail lender based in New Jersey, full time since
2006. During his tenure, he has helped transform
the company from a small broker shop to a fullservice
mortgage lender with Freddie Mac and
Ginnie Mae approvals. Steven has his undergraduate
degree from Webb Institute, where he studied Naval
Architecture and Marine Engineering, and has an
MBA from Georgetown University. Steven likes to
spend his free time on the water, boating and sailing.
NANCY STRICKLAND
Manager
Virtual Development Corporation
Nancy Strickland is a senior member of Ginnie Mae’s
Mortgage-Backed Securities Administration Agent
(MBSAA) program. Nancy leads the Production
Control Team that reviews RFS Issuer-generated
feedback. She brings expert knowledge of Ginnie
Mae programs and processes to the team. She
currently presents RFS Issuer Training for both
Single-Family and Multifamily programs. Prior to
joining the MBSAA team in 1999, Nancy worked in
mortgage banking for 12 years managing agency
MBS portfolios.
AKVILE SWEETMAN
Senior Account Executive
Office of Issuer & Portfolio Management
Ginnie Mae
Akvile is responsible for managing key business
partners and their MBS Issuer relationships. She
is a Team Lead and a Senior Account Executive
at Ginnie Mae. Her region includes Top 8 GSE and
Ginnie Mae MBS producers. Her region accounts
for $370 billion in outstanding MBS securitized with
Ginnie Mae.
Akvile brings 15 years of experience in many facets
of financial and banking industry. Since graduating
with her MBA from Johns Hopkins University, Akvile
has worked for FleetBoston Financial (Bank of
America), SunTrust, Fannie Mae and Ginnie Mae.
JOAQUÍN TREMOLS
Director, Single-Family Housing
Guaranteed Loan Division
U.S. Department of Agriculture Rural Development
Joaquín Tremols is the Director of the USDA Rural
Development’s Single-Family Housing Guaranteed
Loan Division in Washington, D.C. He is responsible
for administering all aspects of a guaranteed loan
portfolio of more than $80 billion. Joaquín has
been involved in the mortgage industry since 1983.
His background includes nearly a decade at the
Chase Manhattan Bank in New York, where he
filled progressively more responsible management
positions in mortgage origination and servicing
activities. He also worked in the Regulation and
Legislation Section of the FDIC’s legal department
prior to joining Rural Development in 1998.
Joaquín earned a Bachelor’s degree from the
University of Delaware and a Juris Doctor degree
from the George Washington University School of
Law.

VICTORIA VARGAS
Director of Program Administration
Office of Securities Operations
Ginnie Mae
Victoria joined Ginnie Mae in 2005. She currently
serves as the Director of Program Administration
within the Office of Security Operations. Her team
is responsible for managing Freedom of Information
Act inquiries and the website, as well as stewarding
business applications and managing the MBS
Guide. She has 12 years in the housing industry.
Prior to joining Ginnie Mae, Victoria worked at HUD
headquarters as a Presidential Management Fellow,
where she focused on a Secretarial initiative.
MICHAEL WEBB
Director of Enterprise Vendor Management and
Procurement Services
EverBank Financial Corp.
Michael D. Webb is responsible for overseeing the
development and successful implementation of a
comprehensive risk-based framework of governance
processes used enterprise-wide to continuously
manage vendor risk and performance at EverBank.
Michael has oversight responsibilities for more than
1,200 third-party relationships conducting business
with EverBank. Prior to joining EverBank, Michael
served in similar positions with Bank of America
and has more than 13 years of vendor management/
supply chain management experience. Earlier in his
career, he practiced law in Connecticut for six years.
21

ABOUT GINNIE MAE
MISSION
Ginnie Mae’s mission is to bring global capital into
the housing finance market – a system that runs
through the heart of our nation’s economy – while
minimizing risk to the taxpayer. For more than
45 years, Ginnie Mae has provided liquidity and
stability, serving as the principal financing arm for
government loans and ensuring that mortgage
lenders have the necessary funds to provide loans
to consumers. Ginnie Mae delivers mortgage
securitization programs for mortgage lenders and
attractive offerings for global investors.
In 1970, Ginnie Mae created and issued the first
Mortgage-Backed Security (MBS) in the United
States as a financial tool to help bring funds from
worldwide investors into the U.S. housing market.
Ginnie Mae’s counter-cyclical role ensures that
mortgage financing is available for homeownership
and rental properties regardless of the economic
climate. Ginnie Mae’s mission is to expand
affordable housing by linking global markets to the
nation’s housing markets.
HISTORY
In the early 1930s, soaring unemployment produced
large-scale mortgage loan defaults and home
foreclosures. This led to an oversupply of property
and caused real estate prices to plunge. Congress
responded by passing the National Housing Act of
1934, creating the Federal Housing Administration
(FHA), charged with increasing the availability of
mortgage credit to homebuyers by insuring private
lenders against the risk of mortgage default.
Over time it became U.S. policy to bolster
homeownership by providing banks, thrifts and
other lenders across the country with government
backing for single-family and multifamily
mortgages. In 1968, Congress established the
Government National Mortgage Association, also
known as Ginnie Mae, creating the governmentowned
corporation within the U.S. Department of
Housing and Urban Development (HUD). Ginnie
Mae’s role is to assist in raising capital for mortgage
loans insured or guaranteed by other government
agencies.
INVESTORS
Purchase Securities and Receive
Monthly Pass-through of Principal
and Interest from Borrowers
LENDERS
Originate Loans under Guidelines of
Federal Credit Programs
Guarantees Investors Timely
Payment of Principal and Interest on
Securities
FHA, VA, RD OR PIH
Insure or Guarantee
Loans
ISSUERS
(Often the Lenders or
Their Affiliates) Pool
Loans and Create
Mortgage-Backed
Securities

FINANCING SAFE
AND AFFORDABLE
HOUSING
Ginnie Mae facilitates the securitization of
government-insured products. It is not in the
business of making or purchasing mortgage loans,
nor does it buy, sell or issue securities. Loans
insured or guaranteed by the following agencies are
eligible collateral for Ginnie Mae securities:
• Federal Housing Administration (FHA)
• U.S. Department of Veterans Affairs (VA)
• U.S. Department of Agriculture’s Rural
Development (RD)
• HUD’s Office of Public and Indian Housing (PIH)
Before Ginnie Mae is at risk of paying out on its guaranty,
three levels of protection must be exhausted:
1) homeowner equity; 2) insurance provided by the
government agency that insured the loans; and, 3)
corporate resources of the entity that issued the security.
This process is illustrated as follows:
Last
Dollar
Loss
LOSSES
First
Dollar
Loss
Government Agency
Insurance
Homeowner Equity
GINNIE MAE
Ginnie Mae incurs losses on a security
only in the rarest cases – when all
borrower equity and government
insurance resources are
exhausted and the issuing
institution fails.
RELATIVE LOSS POSITION
Corporate
Resources
of Issuer
As a self-sustaining, profitable and wholly-owned
government corporation, Ginnie Mae derives its
income primarily from the guaranty fee paid by
program participants. For an annual fee of six basis
points, calculated on the outstanding securities
balance of each MBS, approved Issuers may
securitize government-backed products through
Ginnie Mae. For that fee, Ginnie Mae guarantees the
timely payment of principal and interest on MBS to
investors, making homeownership possible. Private
investors worldwide purchase FHA-, RD- and PIHinsured
loans as well as VA-guaranteed loans in the
form of Ginnie Mae securities.
The continued demand for these securities provides
a steady source of funding for government-backed
loans. The securities also enjoy strong pricing in the
secondary market and favorable trading spreads,
which translate to lower interest rates to borrowers.
BUSINESS MODEL &
RISK MANAGEMENT
As you can see, Ginnie Mae is in the fourth loss position
and is at risk only when all three of the preceding layers
of risk protection are exhausted or fail. Additionally, the
failure of an Issuer will cause Ginnie Mae to experience
financial loss only to the extent that funds are needed to
transfer the servicing to another Issuer or to the extent
there is deterioration in servicing value. Ginnie Mae
monitors the delinquencies in Issuer servicing portfolios
in an efficient and effective manner to mitigate the
potential losses associated with Issuer defaults.
The simple but strong business model that Ginnie
Mae has built highlights the power of the Federal
Government and the private sector working
together. Through the efficiency and low-cost
securitization of the model, Ginnie Mae fulfills the
needs and demands of various market segments
23

y leveraging the full faith and credit of the U.S. Government to access global capital. Ginnie Mae’s business
model significantly limits the taxpayers’ exposure to risk associated with secondary market transactions. Its strategy
is to guarantee a simple pass-through security to lenders rather than to buy loans and issue its own securities.
Because private lending institutions originate eligible loans, pool them into securities and issue Ginnie Mae MBS, the
corporation’s exposure to risk is limited to the ability and capacity of its MBS Issuer partners to fulfill their obligations
to pay investors. By guaranteeing the servicing performance of the Issuer – not the underlying collateral – Ginnie Mae
insulates itself from the credit risk of the mortgage loans.
GINNIE MAE PRODUCTS
& PROGRAMS
Ginnie Mae offers reliable solutions to meet the needs of Issuers and investors. Our products and programs
provide the flexibility necessary to respond to market changes. At the core of Ginnie Mae’s business model
is the simple pass-through security, which comes in the form of two product structures – Ginnie Mae I
Mortgage-Backed Securities (MBS) and Ginnie Mae II MBS.
GINNIE MAE I MBS
Single-Issuer pools
Note rates on underlying mortgages are fixed and
all the same.
Acceptable collateral:
• To-Be-Announced (TBA) eligible: Single-
Family Level-Payment Mortgages
• Non-TBA eligible: Buydown Mortgages,
Graduated Payment Mortgages, Growing
Equity Mortgages, Serial Notes, Manufactured
Home Loans, Project Loans, Construction
Loans
GINNIE MAE II MBS
Single- or Multiple-Issuer pools
Multiple note rates on underlying mortgages—
limited to a range of 50 basis points.
Acceptable collateral:
• TBA eligible: Single-Family Level-Payment
Mortgages, including up to 10 percent
Buydown Mortgages
• Non-TBA eligible: Adjustable-Rate Mortgages,
Graduated Payment Mortgages, Growing
Equity Mortgages, Serial Notes, Manufactured
Home Loans, Home Equity Conversion
Mortgage (HECM) Loans
Larger pool size
More demographically and geographically diverse
Customizable pools
SINGLE-FAMILY MBS PROGRAM
Ginnie Mae’s MBS are backed by single-family mortgages that originated through the Federal Housing
Administration (FHA), the U.S Department of Agriculture’s Rural Development (RD), the U.S Department of
Housing and Urban Development’s Office of Public and Indian Housing (PIH), and the U.S. Department of
Veterans Affairs (VA) home loan program.

Within the Single-Family MBS program, the Targeted
Lending Initiative (TLI) provides incentives for
lenders to increase loan volumes in traditionally
underserved areas. Established in 1996, the TLI
program offers discounts ranging from one to
three basis points on Ginnie Mae’s six-basis-point
guaranty fee, depending on the percentage of TLIeligible
loans within the pool or loan package. The
reduced fee motivates lenders to originate loans in
these distressed areas.
MULTIFAMILY MBS PROGRAM
Ginnie Mae’s mission of supporting affordable
housing extends to ensuring that adequate rental
homes remain within reach of those who need them.
By guaranteeing multifamily MBS that are sold
to investors in the global capital markets, Ginnie
Mae enables lenders to reduce mortgage interest
rates paid by developers and property owners of
apartment buildings, hospitals, nursing homes,
assisted-living facilities and other structures.
MANUFACTURED HOUSING PROGRAM
Manufactured housing plays an integral role in
affordable housing across the United States housing
market today. Ginnie Mae’s Manufactured Housing
(MH) MBS program allows for the issuance of Ginnie
Mae pools for loans insured by FHA’s Title I program,
which are used to finance manufactured housing.
Manufactured housing loans can be pooled into MH
MBS within the Ginnie Mae II Program.
HMBS PROGRAM
Ginnie Mae’s Home Equity Conversion Mortgages
(HECM) securities program provides capital and
liquidity for FHA-insured reverse mortgages. HECM
loans can be pooled into HECM mortgage-backed
securities (HMBS) within the Ginnie Mae II MBS
program. They also can serve as collateral for Real
Estate Mortgage Investment Conduits (REMICs)
backed by HMBS (H-REMICs). Ginnie Mae had a
pioneering role in developing a liquid securities
market for reverse mortgages, enabling senior
citizens to have access to the equity in their homes
during challenging economic times.
MULTICLASS PRODUCTS
Ginnie Mae MBS also serve as the underlying collateral for multiclass products, such as REMICs, Callable
Trusts, Platinum Securities and Stripped Mortgage-Backed Securities (SMBS). These structured transactions
allow the private sector to combine and restructure cash flows from Ginnie Mae MBS into securities that
meet unique investor requirements for yield, maturity and call-option protection. They also help to increase
liquidity in the secondary mortgage market and to attract new sources of capital.
REMICS
CALLABLE TRUSTS
PLATINUM
SECURITIES
SMBS
REMICs are investment
vehicles that reallocate
pass-through cash
flows from underlying
mortgage obligations
into a series of different
bond classes, known
as tranches, which vary
based on term and
prepayment risk.
Callable trusts are
investment vehicles
that allow investors
the flexibility to
redeem or call a
security prior to its
maturity date under
certain conditions
to hedge against
fluctuating interest
rate environments.
Platinum securities
are investment
vehicles that allow
investors who hold
multiple pools of MBS
to combine them into
a single Ginnie Mae
Platinum Security.
SMBS are investment
vehicles that are
custom-designed
securities that redirect
MBS principal and/or
interest cash flows to
meet investors’ specific
objectives. Ginnie Mae
guarantees the timely
payment of principal
and interest on each
class of SMBS.
25

GINNIE MAE ACCOUNT
EXECUTIVES
SINGLE-FAMILY
DIRECTOR
Roy Hormuth
Roy.R.Hormuth@hud.gov, 202.475.8869
ACCOUNT EXECUTIVES
Susan Carroll
Susan.M.Carroll@hud.gov, 202.475.7818
Bradley Frye
Bradley.C.Frye@hud.gov, 202.475.8819
Jonathan Hughes
Jonathan.H.Hughes@hud.gov, 202.475.8827
Harlan Jones
Harlan.K.Jones@hud.gov, 202.475.8798
John Kozak
John.J.Kozak@hud.gov, 202.475.4927
Cedric Parish
Cedric.M.Parish@hud.gov, 202.475.7843
Ana Rocha
Ana.C.Rocha@hud.gov, 202.475.7813
Ebony Sorrell
Ebony.P.Sorrell@hud.gov, 202.475.8859
Akvile Sweetman
Akvile.Sweetman@hud.gov, 202.475.6751
Richard Washington
Richard.J.Washington@hud.gov, 202.475.4928
Anderson Williams
Anderson.S.Williams@hud.gov, 202.475.7822
MULTIFAMILY
DIRECTOR
Philip Buckley
Philip.H.Buckley@hud.gov, 202.475.4979
MORTGAGE-BACKED SECURITIES SPECIALISTS
Jennifer Burke
Jennifer.S.Burke@hud.gov, 202.475.7833
Michelle Murphy
Lashonia.M.Murphy@hud.gov, 202.475.7825
Zachary Skochko
Zachary.S.Skochko@hud.gov, 202.475.8980

HOTEL MAP
BALLROOM LEVEL
27

AGENDA
IN BRIEF
SUNDAY, SEPT 21
3:00-5:00 P.M.
Registration
Regency Foyer
1:30-2:45 P.M.
Breakout 4: Policy –
Next Steps
Potomac 3/4
TUESDAY, SEPT 23
9:00-10:00 A.M
Washington Report
Regency Ballroom ABCD
Breakout 6: Workshop –
Understanding GNMA’s
Revised Acknowledgement
Agreement
Washington A
MONDAY, SEPT 22
7:30 A.M.-5:00 P.M.
Registration
Regency Foyer
9:00-9:45 A.M.
Opening Plenary: Creating
Opportunity
Regency Ballroom ABCD
9:45-10:30 A.M.
General Session Panel:
State of the State: Trends
and Observations
Regency Ballroom ABCD
10:30-10:45 A.M.
Break
10:45 A.M.-12:00 P.M.
Breakout 1: What You Need
to Know about Servicing
Transfers
Washington A/B
Breakout 2: Ginnie Mae
MBS and the Capital
Markets
Potomac 5/6
Breakout 3: Ginnie Mae
Explained – What We Do
and Where We Are Going
Potomac 3/4
12:00-1:20 P.M.
Group Lunch
Regency Ballroom ABCD
Breakout 5: Workshop –
Single-Family Reporting
and Remitting Accurately
Potomac 5/6
Breakout 6: Advanced
Pooling of Multifamily
Loans
Washington A
Breakout 7: Single-
Family Issuer Operational
Performance Profile (IOPP)
Washington B
2:45-3:00 P.M.
Break
3:00-4:15 P.M.
Breakout 8: Workshop –
The Path to Pooling Single-
Family Loans Successfully
Regency Ballroom ABCD
Breakout 9: Ginnie Mae 101
and Onboarding
Washington A
Breakout 10: Managing
Multifamily Portfolio
Performance
Potomac 5/6
4:15-5:00 P.M.
Networking Opportunity
Regency Foyer
10:00-10:15 A.M.
Break
10:15-11:45 A.M.
General Session Panel:
Insuring and Guaranteeing
Agency Partners
Regency Ballroom ABCD
11:45 A.M.-1:10 P.M.
Lunch on Your Own
1:15-2:15 P.M.
Breakout 1: Document
Custody Standards
Washington B
Breakout 2: Workshop –
Multifamily Reporting and
Remitting Accurately
Washington A
Breakout 3: Single-Family
Program Compliance
Potomac 5/6
Breakout 4: Single-Family
Portfolio Performance
Highlights
Regency Ballroom ABCD
2:15-2:30 P.M.
Break
2:30-3:30 P.M.
Breakout 5: Managing
Subservicing Partnerships
Regency Ballroom ABCD
Breakout 7: Multifamily
Program Compliance
Potomac 5/6
3:30-3:45 P.M.
Break
3:45-4:15 P.M.
Breakout 8: MISMO
Standards
Washington B
Breakout 9: Ginnie Mae
Updates and Development
Regency Ballroom ABCD
Breakout 10: FHA Note Sale
Program
Potomac 5/6
Breakout 11: Multifamily
Issuer Operational
Performance Profile (IOPP)
Washington A
4:15-5:00 P.M.
Closing Session: “Hot
Topics” Q&A
Regency Ballroom ABCD