Master Custodial Agreement

• Legal Form Number: HUD-11715
• Issuer: Ginnie Mae
• Section: Ginnie Mae

For Reference Purposes Only – Not Valid for Submission

___________________________________________________

U.S. Department of Housing

and Urban Development

Government National Mortgage Association

OMB Approval No. 2503-0033 (Exp.04/30/2026)

Master Custodial Agreement

Initial Renewal

Public reporting burden for this collection of information is estimated to average 2 minutes per response, including the time for reviewing instructions,

searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may

not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.

The information is required by Sec. 306(g) of the National Housing Act or by Ginnie Mae Guide 5500.3, Rev. 1, in order to establish a custodial

relationship for the safekeeping of mortgage documents in the pools or loan packages backing each of the issuer’s securities issues. The agency may

not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number. The information

collected will not be disclosed outside the Department except as required by law.

The attached list of Pools and Loan Packages is covered by this Agreement

The Master Agreement dated this ____________________________ day of ___________________________________, 20_____ by and between

_______________________________________________________________ (Issuer), _______________________________ (Issuer ID Number) and

______________________________________________________________ (Custodian), ___________________________ (Custodian ID Number) .

Whereas, the Issuer proposes to issue mortgage-backed

securities guaranteed by the Government National Mortgage

Association (Ginnie Mae) pursuant to Section 306(g) of the

National Housing Act; and

Whereas, these securities will be based on and backed by all

pools and/or loan packages of mortgages to be identified in the

records of Ginnie Mae by the Issuer's I. D. Number

_____________________.

Whereas, the Custodian is a financial institution regulated by

(must be regulated by the Federal Deposit Insurance Corporation

(FDIC), the Federal Reserve System (FRS), the Office of the

Comptroller of the Currency of the U. S. (OCC), the Office of Thrift

Supervision (OTS), the National Credit Union Administration

(NCUA), or a Federal Home Loan Bank (FHLB)).

Whereas, the parties to this Agreement desire to set forth the

terms and conditions for the deposit and custodianship of the

documents evidencing and relating to mortgages to be pooled

under the Ginnie Mae Mortgage-Backed Securities Program.

Therefore, in consideration of the mutual undertakings ex-

pressed in this Agreement, the parties agree as follows:

1. The Issuer shall originate or acquire mortgages that will

provide the base and backing for the mortgage-backed

securities; all of these mortgages shall be insured or

guaranteed by the Federal Housing Administration (FHA), the

Department of Veterans Affairs (VA), the Department of

Agriculture, Rural Development (RD) or by the Secretary of

Housing and Urban Development.

2. For each eligible mortgage, the Issuer shall deposit with the

Custodian the documents referenced by the following Sections

of the Ginnie Mae Mortgage-Backed Securities Guide, Rev. 1:

a. For Initial Certification:

For SF, FS, BD, AR, AQ, AT, AF, FT, AS, AX, GP, GT,

GA, GD, and SN pools: Section 13-4(A) of the Ginnie Mae

MBS Guide, Rev. 1.

For MH pools: Sections 13-4(A) and 30-4(A)(1) of the

Ginnie Mae MBS Guide, Rev. 1.

For HMBS pools: Sections 13-4(A) and 35-8 of the Ginnie

Mae MBS Guide, Rev. 1.

b. For Final Certification:

For SF, FS, BD, AR, AQ, AT, AF, FT, AS, AX, GP, GT, GA,

GD, and SN pools: Section 13-4(B) of the Ginnie Mae MBS

Guide, Rev. 1.

For MH pools: Sections 13-4(B) and 3 0-4(A)(2) of the

Ginnie Mae MBS Guide, Rev. 1.

For PL, PN, LM, RX and LS pools: Sections 13-4(B), and

31-10 of the Ginnie Mae MBS Guide, Rev. 1. (Final

Certification only)

For CL and CS pools: Sections 13-4(B) and 32-8 of the

Ginnie Mae MBS Guide, Rev. 1. (Final Certification only)

For HMBS pools: Sections 13-4(B) and 35-8 of the Ginnie

Mae MBS Guide, Rev. 1.

3. If documents with respect to any mortgage (or related to a

Participation) in the pools or loan packages are found to be

defective, the Issuer shall replace the defective documents or

repurchase the mortgage at par, pursuant to applicable

requirements of the Ginnie Mae Mortgage-Backed Securities

Guide, Rev. 1.

4. For all mortgage documents deposited with the Custodian, the

Issuer shall submit to the Custodian a Schedule of Pooled

Mortgages (form HUD 11706) or a Schedule of Pooled

Participations and Mortgages (form HUD 11706H..

5. The Custodian shall review each mortgage file in accordance

with instructions in the Ginnie Mae Mortgage-Backed Securities

Guide, Rev. 1, including the Document Custodian Manual

(Appendix V-1). The Custodian shall notify the Issuer

immediately of any missing, incomplete, or inconsistent

documents, and the Issuer shall deposit such missing

documents or complete or correct the documents.

form HUD-11715 (12/2007)

Previous editions are obsolete; replaces HUD-11715-M Page 1 of 2 ref. Ginnie Mae Handbook 5500.3, Rev. 1