A published update to two chapters of the Ginnie Mae mortgage-backed securities guide within the Department of Housing and Urban Development handbook accidentally included the old effective date.

Ginnie Mae had extended the deadline for the new risk-based capital ratio back in October 2022, but the update to the guide's second and third chapters inadvertently included the original deadline, which would have been Dec. 31 of this year.

The upcoming Ginnie Mae risk-based rule for nonbanks is one of three pending capital reforms that could reshape the mortgage industry, with the others involving potential changes to bank regulations and a framework major government-related loan buyers use.

Some large nonbanks like PennyMac have said they will be able to contend with the upcoming Ginnie Mae capital rule, but others like Ocwen have shown concern about meeting the new directive in its current form. Ocwen has said it may have to exit owned servicing in response.

The pending Ginnie Mae capital rule has been controversial because it imposes a particularly high risk weight on servicing assets somewhat similar to the one used in the banking industry, but with adjustments designed to be better suited for nondepositories.

Ginnie has urged MBS issuers who foresee difficulty complying with the new nonbank capital ratio to reach out to the agency for assistance.