In one sentence
The government corporation guaranteeing mortgage-backed securities composed of federally insured loans, including FHA multifamily.
The longer version
Ginnie Mae does not lend; it guarantees securities backed by government-insured loans, giving FHA lenders a liquid execution. For HUD multifamily, the Ginnie Mae security is how the loan gets funded at attractive rates.
The securitization mechanics add closing steps and timing considerations that HUD lenders coordinate alongside the loan closing itself.
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