Ginnie Mae recently announced that, as a result of current market conditions, many of its business partners are experiencing significant operational challenges. As a result, Ginnie Mae has received many requests for extensions or delays in the implementation of its Reporting and Feedback System.

In an effort to address its clients' concerns, Ginnie Mae will not be implementing RFS on November 1, 2008. The delay includes the proposed new file layout for the GinnieNET Web-based system, which was being implemented as part of the RFS roll-out.

Issuers that are on schedule and wish to move forward with registration, connectivity testing, training, and data validation testing should adhere to the following timeline. Security officers are required to submit their portal registration forms to Ginnie Mae no later than July 25, 2008. Between August 4 – August 8, 2008, security officers will be notified via telephone by Ginnie Mae's systems administrator of their identification information and initial Website passwords.

By August 14, 2008, Ginnie Mae should begin adding users and, by the close of the month, Web-based training will be provided during the last two weeks of August. Connectivity and general formatting will also be concluded by the end of the month.

A timeline for data validation testing will be posted to the Ginnie Mae website, no later than July 31, 2008. For those issuers that are not ready to move forward with the above, Ginnie Mae will announce a new timeline after assessing issuer readiness. A member of the Ginnie Mae team will be contacting them during the month of August to better assess their needs and readiness. Once this process is completed, Ginnie Mae will issue a revised RFS implementation timeline.

Ginne Mae indicated that this latest announcement superseded any previous notifications regarding the RFS timeline.