Attachment_1GIA Draft_PWS.pdf

Attachment 1 Performance Work Statement (PWS) Global Insurance Advisory (GIA)

1 August 2026

Performance Work Statement (PWS)

Global Insurance Advisory (GIA) Services

August 2026

2 August 2026

Table of Content

Vision Statement

1 General Information

1.1 Scope of Work

1.2 Background

1.3 Constraints

1.4 Non-Personal Services

1.5 Period of Performance

1.6 Place of Performance

1.7 Hours of Operation

1.8 Special Qualifications

1.9 Post Award Kickoff Conference

1.10 Status Meetings

1.11 Contractor Travel

1.12 Transition In……………………………………………………………………………………...7

1.13 Transition Out

2 Definitions and Acronyms

2.1 Definitions

2.2 Acronyms

3 Government-Furnished Property and Services

3.1 Government Services

3.2 Facilities

3.3 Equipment

3.4 Materials and Information

3.5 Quality Assurance (QA)

4 Contractor-Furnished Items and Services

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4.1 Facilities…………………………………..………………………………………………………………………….10

4.2 Equipment

4.3 Materials

4.4 Contractor Responsibilities

4.5 Contractor Personnel

4.6 Identification of Contractor Employees

5 Specific Tasks

5.1 Global Regulatory Surveillence and Advisory Services ……………………………………………….12

5.2 Modeling and Research ………………………………………………………………………………………..13

5.3 Project Management …………………………………………………………………………………………...14

5.4 Transition Out ……………………………………………………………………………………………………..15

6 Deliverables

6.1 Quality Control Plan

6.2 Acceptance Criteria

7 Related Documents

8 Performance Requirements Summary...………………………………………….………………………..19

4 August 2026

Performance Work Statement (PWS)

Global Insurance Advisory (GIA) Services

Vision Statement

For 50 years, Government National Mortgage Association (GNMA) has provided liquidity and stability, serving as the principal financial arm for government mortgage loans and ensuring that mortgage lenders have the necessary funds to provide loans to customers. The GNMA mission remains committed to promoting global capital into the housing financial system, as a fundamental core factor of our nation's economy, with emphasis on minimizing risk to the taxpayer.

1 General Information

1.1 Scope of Work

The U.S. Department of Housing and Urban Development (HUD), Government National Mortgage Association (GNMA), Office of Capital Market (OCM) (collectively, the Government) seeks a contractor to provide Global Insurance Advisory (GIA Services) as defined in this Performance Work Statement (PWS). The Contractor shall serve as an advisor for GNMA’s engagement on global insurance regulation governing the holdings of Agency Mortgage-Backed Securities. GIA Services include the following:

• Global Regulatory Surveillance and Advisory Services

• Modeling and Research

• Project Management

• Transition Out

• Travel

A detailed description of the specific tasks to be performed by the Contractor are provided below in Section 5, Specific Tasks (Section 5). The Contractor shall provide all personnel, equipment, supplies, facilities, transportation, tools, materials, supervision, and other items and non-personal services necessary to perform GIA Services as defined in Section 5, except for those items specified below in Section 3 Government-Furnished Property and Services.

1.2 Background

Congressionally chartered in 1968 as a wholly government owned corporation in the U.S.

Department of Housing and Urban Development (HUD), the Government National Mortgage Association (GNMA) serves a critical role in the U.S. housing finance system. GNMA’s authority is prescribed, generally, by Title III of the National Housing Act, as amended (12 U.S.C. 1716 et seq.).

Solvency II The European regulatory framework governing institutional insurers plays a material role in shaping demand for Ginnie Mae mortgage-backed securities (MBS) and the broader functioning and structure of the agency MBS market. Because Ginnie Mae MBS carry the full faith and credit guarantee of the U.S. government, they receive favorable treatment under many regulatory and risk management frameworks, making them an important source of high-quality liquid assets, portfolio diversification, and duration exposure for a broad range of investors. Understanding the regulatory

5 August 2026 environment governing the insurance segment provides important insight for assessing and forecasting investment behavior, market liquidity, and the demand for Ginnie Mae securities across both normal and stressed market conditions.

European insurers invest in mortgage-backed securities within the Solvency II prudential framework created by European Insurance Occupational Pension Authority’s (EIOPA), an agency within the European Union. Established in 2016, Solvency II, a principles-based regulation, is designed to ensure insurers maintain sufficient capital to meet long-term policyholder obligations while managing investment risk. Under this regime, investment decisions are influenced by risk-based capital requirements, asset eligibility standards, and governance expectations related to credit, market, and liquidity risk. Ginnie Mae MBS generally benefit from their explicit full faith and credit guarantee of the U.S. government, resulting in favorable credit risk treatment relative to many other fixed-income assets. As a result, Ginnie Mae MBS can serve as important investment instrument for European insurers seeking high-quality, investment-grade assets that provide diversification, predictable cash flows, and long-duration. However, as the European insurance regulatory environment evolves, it is incumbent on Government to understand and be prepared for how movements in regulation can adversely or positively impact demand for Ginnie Mae MBS.

1.3 Constraints

The GIA Services identified in this PWS will adhere to the rules, regulations, laws, standards, and conventions identified by HUD, and the Federal Government. Constraints shall include the following:

• The Contractor shall manage all projects in accordance with the National Defense Industrial Association (NDIA) American National Standards Institute Electronic Industries Alliance (ANSI/EIA) - 748 standards for Earned Value Management Systems (EVMS) and be subject to periodic compliance reviews.

• The Contractor shall prepare PPM documentation in accordance with the format and content as specified in the PPM templates. Templates can be located at https://www.hud.gov/stat/cio/ppmv20. The HUD PPM guide will always take precedence whenever inconsistencies manifest between the PPM Guide and its corresponding PPM templates and PPM Checklists.

• The Contractor shall comply with program and project management practices that reflect the Project Management Body of Knowledge (PMBOK©), the government edition: Guide to the Project Management Body of Knowledge (PMBOK Guide), 7th.

Ed | FAI.GOV, as it relates to the projection of collateral and bond cash flows for the analysis of MBS and other related securities for the amortization and projection of mortgage products.

• Projection of collateral and bond cash flows necessary to efficiently reverse-engineer complex securitization structures incorporating the Securities Industry and Financial Market Association’s (SIFMA) Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities for the amortization and projection of mortgage products.

• Federal Travel Regulation (FTR) - prescribed by the GSA, for travel in the continental U.S.: https://www.gsa.gov/travel/plan-book/per-diem-rates.

https://www.hud.gov/stat/cio/ppmv20 https://www.fai.gov/content/guide-project-management-body-knowledge-pmbok-guide-7th-ed https://www.fai.gov/content/guide-project-management-body-knowledge-pmbok-guide-7th-ed https://www.gsa.gov/travel/plan-book/per-diem-rates

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1.4 Non-Personal Services

The Government will neither supervise Contractor employees nor control the method by which the Contractor performs the required tasks. Under no circumstances shall the Government assign tasks to or prepare work schedules for individual Contractor employees. It shall be the responsibility of the Contractor to manage its employees and to guard against any actions that are of the nature of personal services or give the perception of personal services.

If the Contractor believes that any actions constitute, or are perceived to constitute personal services, it shall be the Contractor's responsibility to notify the Contracting Officer (CO) immediately. These services shall not be used to perform the work of a policy, decision making, or management nature, i.e., inherently Government functions. All decisions relative to programs supported by the Contactor shall be the sole responsibility of the Government.

1.5 Period of Performance

The period of performance shall be for a one (1) year base period and one (1) 12-month option Period.

1.6 Place of Performance

The GIA Services performed under this contract shall be performed at the Contractor’s facilities.

1.7 Hours of Operation

N/A

1.8 Special Qualifications

N/A

1.9 Post Award Kickoff Conference

The Contractor shall attend any post award conference convened by the contracting activity or contract administration office in accordance with HUD’s Acquisition Regulation (HUDAR) clause 2452.237-79 - Post Award Conference.

1.10 Status Meetings

The CO, Contracting Officer’s Representative (COR), and other Government personnel, as appropriate, may meet periodically with the Contractor to review Contractor performance, requirement status, etc. At these meetings, the CO will apprise the Contractor of how the Government views the Contractor's performance or progress of the requirement. The Contractor will apprise the Government of problems, if any, being experienced. Appropriate action shall be taken to resolve outstanding issues. These meetings shall be at no additional cost to the Government. Post Award Conference and subsequent meetings may be held via teleconference at the CO’s discretion.

1.11 Contractor Travel

Prior to travel, the Contractor shall coordinate with and receive Government authorization from the COR. Reimbursement of travel costs will be in accordance with the Federal Travel Regulation and in accordance with FAR Overhaul 31.205-46.

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1.12 Transition-In

N/A

1.13 Transition - Out

To minimize any decrease in productivity and to prevent possible negative impacts on additional services, the Contractor shall have sufficient personnel on board during the 90 days transition-out period. The incumbent Contractor shall ensure a smooth transition with the successor Contractor during the transition-out period, prior to completion of contract performance. The incumbent Contractor shall aid the successor in the development of plans, procedures, and methods for the assumption of all on going work. The Contractor shall provide an orderly transition of work acceptance and accomplishment, such that full control by the successor contractor is achieved by the end of the new contract transition-in period.

2 Definitions and Acronyms

2.1 Definitions

Burn Rate - The speed at which a project's budget or a contractor's funds are spent overtime, indicating financial health and performance, measured as dollars spent per period (e.g., month) or percentage of budget used.

Business Day – Every official day of the week which are days between and including Monday to Friday. This does not include federal holidays and weekends.

Contractor - A supplier or vendor awarded a contract to provide specific supplies or service to the Government. The term used in this contract refers to the prime.

Contracting Officer (CO) - A person with authority to enter into, administer, and/or terminate contracts and make related determinations and findings on behalf of the Government. Note: the only individual who can legally bind the Government.

Contracting Officer’s Representative (COR) – An employee of the U.S. Government appointed by the Contracting Officer to perform contract administration activities regarding technical issues.

This individual has authority to provide technical directions to the Contractor if direction is within the scope of the contract, does not constitute a change, and has no funding implications. This individual does NOT have the authority to change the terms and conditions of the contract.

Defective Service - A service output that does not meet the standard of performance associated with the PWS.

Deliverable - Anything that can be physically or electronically delivered but may include non-manufactured things such as meeting minutes or reports.

Government Furnished Property (GFP) - Government-furnished property is property in the possession of, or directly acquired by, the Government and subsequently furnished to the Contractor for performance of a contract. Government-furnished property includes, but is not limited to, spares and property furnished for repair, maintenance, overhaul, or modification.

Government-furnished property also includes contractor-acquired property if the contractor-

8 August 2026 acquired property is a deliverable under a cost contract when accepted by the Government for continued use under the contract.

Performance Standard - The Contractor’s performance level required by the Government.

Performance Work Statement (PWS) - A statement of work for performance-based acquisitions that describe the required results in clear, specific, and objective terms with measurable outcomes.

Quality Assurance (QA) - Policies and procedures adopted by the Government to ensure that supplies and services acquired under Government contracts conform to the contracts’ quality requirements.

Quality Assurance Surveillance Plan (QASP) - A plan describing how the agency will survey, observe, test, sample, evaluate and document the Contractor's performance in meeting critical performance standards identified in the contract.

Quality Control (QC) - All necessary measures taken by the Contractor to assure that the quality of an end product of service shall meet contract requirements.

Subcontractor - Any person, other than the prime contractor, who offers to furnish or furnishes any supplies, material, equipment, or services of any kind under a prime contract or a subcontract entered into in connection with such prime contract, and any person who offers to furnish or furnishes general supplies to the prime contractor or a higher tier subcontractor. The Government does not have privity of contract with a subcontractor.

2.2 Acronyms

AQL - Acceptable Quality Level

CFO or OCFO - Office of the Chief Financial Officer of HUD

CIO or OCIO - Office of the Chief Information Officer of HUD

CO - Contracting Officer

COR - Contracting Officer Representative

CPO - Office of the Chief Procurement Officer of HUD

CTQ- Critical to Quality

EST - Eastern Standard Time (U.S.)

ETC - Estimate to Completion

GAO - U.S. General Accounting Office

GFAS - GNMA Financial Accounting System

GNMA – Government National Mortgage Association

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HUD - U.S. Department of Housing and Urban Development

HUDAR - HUD Acquisition Regulation

NLT – No Later Than

NTE – Not To Exceed

OCPO - Office of the Chief Procurement Officer

OCM – Office of Capital Markets

OIG - Office of Inspector General

OMB - Office of Management and Budget

POAM – Plan of Action and Milestones

PM - Project Manager

POC - Point of Contact

PPM - Project Planning and Management

PPSM - Ports/Protocol/Services Management

QA - Quality Assurance

QASP - Quality Assurance Surveillance Plan

QCP - Quality Control Plan

SF - Standard Form

SOP – Standard Operating Procedure

TBD - To be determined

U.S.C - United States Code

3 Government-Furnished Property and Services

The Contractor shall ensure accurate control and accountability of all Government-Furnished Property (GFP) in accordance with the terms and conditions of the contract. The Government will furnish, at no cost to the Contractor, the GFP shown below.

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3.1 Government Services

Property furnished to the Contractor will be in accordance with FAR Part 45. It is anticipated the Government will not provide any GFP, including not issuing the Contractor Personal Identity Verification (PIV) cards.

The Government will provide the Contractor staff with any required Standard Operating Procedures and Policies. The Government will also provide access to GNMA applications and infrastructure at the GNMA host site. Copies of required materials may be provided to the Contractor in hard copy or soft copy. All materials will remain the property of the Government and will be returned to the COR/GNMA upon request and/or at the end of the contract period.

3.2 Facilities

Facilities will not be provided by the Government.

3.3 Equipment

Equipment will not be provided by the Government.

3.4 Materials and Information

The Government will provide documentation or access to information via BOX. Copies of the required materials may be provided to the Contractor in hard copy or soft copy. All materials will remain the property of the Government and will be returned to the COR upon request and/or at the end of the contract period.

3.5 Quality Assurance (QA)

The Government shall evaluate the Contractor's performance under the contract in accordance with the Quality Assurance Surveillance Plan (QASP). The QASP is primarily focused on what the Government must do to ensure that the Contractor has performed in accordance with the performance standards. It defines how the performance standards will be applied, the frequency of surveillance, and the minimum acceptable quality level.

4 Contractor-Furnished Items and Services

The Contractor shall furnish, all facilities, equipment, and supplies required to perform the work under this contract that are not listed under Section 3.

4.1 Facilities

The Contractor shall furnish all facilities required to perform GIA Services.

4.2 Equipment

The Contractor shall furnish all equipment required to perform GIA Services.

4.3 Materials

The Contractor shall furnish all materials required to perform GIA Services.

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4.4 Contractor Responsibilities

The Contractor shall only conduct business with designated Government personnel listed as points of contact (POCs). Names of authorized personnel will be provided to the Contractor by the Government, in writing, and updated as necessary throughout the contract.

U.S. Federal records, copies of original results and reports, verified original data, corrected data, and corrected supporting final reports which are made, received, handled, and/or maintained by the Contractor remain the property of the U.S. Government. Federal records must be surrendered to the COR upon request and upon the expiration of the contract.

The Contractor shall create and maintain records and archives related to the services performed under this Contract. All Contractor reports, data, and information housed in its system(s) as funded by Securitized Financial Advisory Services shall be considered the property of the U.S.

Government and shall be turned over to the Government or its agent upon request.

4.5 Contractor Personnel

The Contractor shall provide a Project Manager who will be responsible for the performance of work under the contract and shall be designated as the main point of contact. The Contractor shall also designate an alternate to act in the absence of the Project Manager and the alternate point of contact. These Contractor personnel (main point of contact and alternate point of contact) are considered Key Personnel by the Government and shall be listed as such in accordance with HUDAR 2452.237-70, "Key Personnel”. The Project Manager and the designated alternate shall have full authority to act on all contact matters relating to the daily operations of this contract.

Accordingly, at a minimum, the Key Personnel shall have the technical knowledge of the requirement and be in the position to actually receive assignment, guidance, and direction from the COR and CO per HUDAR 2452.237-73, Conduct of Work and Technical Guidance. The Contractor shall allocated sufficient hours for the Key Personnel to the requirement to ensure successful contract performance. The Key Personnel shall each be an employee of the Contractor.

An employee of a subcontractor is not acceptable for either of these positions. The Project Manager or the designated alternate shall be available between the hours of 8:00am to 4:30pm, Monday through Friday EST, except Federal Holidays or when the Government facility is closed for administrative reasons.

4.6 Identification of Contractor Employees

All Contractor/subcontractor personnel shall wear company picture identification badges to distinguish themselves from Government employees when outside of the Contractor’s facilities and/or acting on behalf of the Government/ GNMA. When conversing with Government personnel, including during business meetings, over the telephone, via electronic mail, teams messaging, or other correspondence, Contractor/subcontractor personnel shall identify themselves as such to avoid situations arising where sensitive topics might be better discussed solely between Government employees.

Contractors/subcontractors shall identify themselves on any attendance sheet or any coordination documents they may review. Electronic mail signature blocks shall identify their company affiliation. Where practicable, Contractor/subcontractors occupying collocated space with their Government program customer shall identify their workspace area with their name and company affiliation, or at a minimum, "Contractor" after name.

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5 Specific Tasks

5.1 Monthly Status Reporting (MSR)

The Contractor shall submit a Monthly Status Report (MSR), documenting the occurrence of bi-weekly status meetings with GNMA, progress and issues related to the tasks and requirements of the Contract, including but not limited to surveying the global landscape insurance regulation impacting fixed-income insurers, providing color on policy developments on global regulatory bodies, providing status on current assigned projects, gathering intelligence on additional issues affecting global insurers, and ideating on strategies to engage with them The Contractor shall record meeting minutes and submit those minutes to the COR for review and approval within two

(2) business days after the meeting. The Contractor shall use meeting minutes to inform the MSR.

The Contractor shall submit the MSR the first business day of each month reflecting the activity of the previous month.

Performance Standards

a) Standard: The Contractor shall submit the MSR minutes the first business day of each month for the prior month.

AQL: A three (3) business day deviation from standard.

b) Standard: The Contractor shall record meeting minutes and submit those minutes to the COR for review and approval within two (2) business days after the meeting.

AQL: One (1) business day deviation from standard.

Deliverables A001 Monthly Status Reporting (MSR) A002 Recorded Meeting Minutes

5.1.1 Quarterly Surveillance Report

The Contractor shall provide quarterly updates monitoring and intelligence gathering of the regulatory developments impacting investor appetite for Ginnie Mae MBS. Specifically, but not limited to conducting research and analysis related to regulatory developments on EIOPA’s Solvency II and its impact on insurers which will be supplied to the agency in a Quarterly Surveillance Report.

Performance Standards

a) Standard: The Contractor shall submit the Surveillance Report the first business day of each month for the prior month.

AQL: A five (5) business day deviation from standard.

Deliverables A003 Quarterly Surveillance Report

5.1.2 Management Plan

The Contractor shall submit a Contract Management Plan that shall include:

• The technical approach to each task.

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• Organizational resources.

• Management controls to be employed to meet the cost, performance, tracking, and schedule requirements of the contract.

• A plan for travel.

• Standardized operating procedures (SOPs) and tools, templates, professional development, and training to be implemented for use under the Contract.

• Methodology for establishing an internal feedback system for support personnel, and for resolving problems identified by that feedback system.

• Demonstrate and validate that the services and deliverables to be provided under the contract are completed with a level of quality that meets the minimum performance threshold established in the Government’s QASP.

• Address the Contractor’s quality management approach, quality assurance, quality control and quality standards ensuring the Government receives the level of quality that is consistent with the requirements specified within the Contract.

The Contractor shall submit to the COR a draft Contract Management Plan within ten (10) business days of the Contract post-award kick-off meeting. Any required deviations from the approved plan, SOPs, tools, templates, and presentations shall be submitted in writing to GNMA at least fourteen

(14) business days prior to its implementation.

The Contract Management Plan shall be updated annually by the Contractor and approved by the COR and CO. The draft of the Contract Management Plan shall be submitted to the COR and CO for review and approval at least ninety (90) days prior to the start of the option year.

Performance Standards

a) Standard: The Contractor shall submit to the COR a draft Contract Management Plan (Transition In) thirty (30) business days after the Contract Post Award Kick-off Conference.

AQL: Zero deviation from standard.

Deliverables A004 Contract Management Plan

5.2 Modeling Research Reports

The Contractor shall assist with researching and modeling various scenarios of proposed regulatory changes on investor portfolios in the form of a Modeling Research Report (MRR) MRR shall be delivered in the agreed upon format by the agreed upon time.

Performance Standards

a) Standard: The Contractor shall submit the Modeling Research Report upon the request of the agency.

AQL: A five (5) business day deviation from standard.

Deliverables A005 Modeling Research Report

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5.2.1 Ad-hoc Research Reports

On an ad-hoc basis, the Contractor shall generate reports related to the developments within the MBS regulatory environment affecting insurers, which will include, but not limited to, market research and intelligence gathering related to developments within the MBS regulatory environment, providing an analysis and recommendations on the implications of proposed changes to the demand on Agency MBS. Research will also include assistance with background information on market-specific regulatory barriers for Ginnie Mae global investor engagements The report will include an analysis and recommendations on the implications of proposed changes to the demand on Agency MBS. This includes, but not limited to:

1. Summary of Proposal: Comprehensive summary of proposed changes to current state, including technical write ups accompanied with relevant visuals.

2. Executive Summary: 1-page Executive Summary of the proposed changes with accompanying talking points for executive leadership.

3. Impact Assessment: Comprehensive analysis of the impact of the proposed changes on the Ginnie Mae program, including:

a. Impact on insurance fund portfolios, including an analysis of implications on portfolio diversification, capital allocation, asset-liability matching, asset concentration risk, and stress testing against different economic scenarios.

b. Market liquidity.

c. Modeling of potential impact on Ginnie Mae’s G-fee.

d. Macro-market Implications: Modeling impact on trading volumes and bid-ask spreads, new sources of private capital, and overall impact on MBS demand.

e. Regulatory Landscape: Analysis of how proposed changes will fit into the overall regulatory environment of the insurance fund, outlining any potential overlapping mandates, conflicting rules, or possibility of regulatory arbitrage.

4. Recommendations: Develop recommended as asked for by GNMA.

Other research topics as asked for by the Government, including, but not limited to, background research on regulatory landscape for specific markets and client-specific preparation for Ginnie Mae global investor engagements.

Performance Standards

a) Standard: The Contractor shall submit the ad hoc research upon the request of GNMA.

AQL: A five (5) business day deviation from standard.

Deliverables A006 Ad hoc research reports

5.3 Roundtable/Conference Content and Solutions

The Contractor shall support GNMA conferences and GNMA’s participation in industry conferences relevant to mortgage securities. Contractor functions include but are not limited to supporting GNMA in conference planning; arranging of roundtables/conferences; providing logistic and programmatic support; participating in conference sessions, forums, and focus groups;

attending conventions (domestic and foreign). Such conferences may include the Annual Investor Symposium, MBS Annual or Secondary Market Conference, MBS Annual Meeting, Asset Backed Security (ABS) East Conference, Structured Finance Industry Group (SFIG) Conference, Securities

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Industry and Financial Markets Association (SIFMA) Annual Conference, and other conferences, as requested. Conferences may be held in person or in a virtual environment.

The Contractor shall assist GNMA in researching, developing, organizing, and coordinating creative and innovative conference content and solutions (e.g., agendas, workshops, attendance composition strategies, delegates, speakers, content material and solutions, etc.) for GNMA sponsored and/or GNMA participating conferences.

As described above in section 5.3, Contractor support and/or participation in GNMA sponsored or participating conferences will be at the written request of the COR and subject to the availability of funds.

Performance Standards

a) Standard: The Contractor shall provide agreed upon tasking and support for GNMA sponsored or participating conferences.

AQL: A five (5) business day deviation from standard from the mutually agreed upon date.

5.4 Transition Out

The transition out plan (Transition Out Plan) shall facilitate the accomplishment of a seamless transition from the incumbent to the incoming contractor at the expiration of the Contract. The Contractor shall submit its Transition Out Plan to the COR for review and approval NLT two hundred seventy (270) calendar days prior to expiration of the Contract. The Transition Out Plan must identify how the Contractor will coordinate with the incoming contractor and/or Government personnel to transfer program knowledge and information including, but not limited to the following:

1. Project management processes.

2. Points of contact.

3. Location of technical and project management documentation.

4. Status of ongoing technical initiatives.

5. Appropriate contractor to contractor coordination to ensure a seamless transition.

6. Transition of Key Personnel roles and responsibilities.

7. Identify schedules and milestones.

8. Identify actions required by the Government.

9. Work in progress.

10. Reports and ongoing data collection.

The Contractor shall establish and maintain effective communication with the incoming contractor/Government personnel for the period of the transition via status meetings. The Transition Out Plan must address the Contractor’s communication plan for the transition out period.

The Contractor shall implement its Transition Out Plan NLT three (3) months prior to expiration of the Contract.

Performance Standards

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a) Standard: The Contractor shall submit a transition out plan to the COR NLT two hundred seventy

(270) calendar days prior to expiration of the Contract.

AQL: A fifteen (15) business day deviation from standard.

b) Standard: The Contractor shall implement its Transition-Out Plan NLT three (3) months prior to expiration of the Contract.

AQL: Zero deviation from standard.

Deliverables A007 Transition Out Plan A008 Transition Out Plan Implementation

6 Deliverables

The Contractor shall complete all work and submit all deliverables as specified herein. The Government reserves the right to make changes to delivery dates.

Number Name Frequency Quantity

A001 Monthly Status Reporting (MSR) Monthly One (1)

A002 Recorded Meeting Minutes Monthly One (1)

A003 Quarterly Surveillance Report Quarterly One (1)

A004 Modeling Research Report Per request One (1)

A005 Ad Hoc Research Reports Per request One (1)

A006 Conference/Roundtable Solutions Twice (2) One (1)

A007 Transition Out Plan (TOP) Once (1) One (1)

A008 TOP Implementation Once (1) One (1)

6.1 Quality Control Plan

The Contractor shall establish and maintain a complete quality control program that shall ensure services are performed in accordance with the Contract. The Contractor shall develop and implement procedures to identify, prevent, and ensure non-reoccurrence of defective services. The Contractor's quality control program is how the Contractor assures themselves that their work complies with the requirements of the Contract. The Contractor shall provide its Quality Control Plan (QCP) for work performed under the Contractor to the COR as directed.

The Contractor shall develop, maintain, enforce, and document its Quality Control Plan (QCP). The QCP shall ensure the Government receives a level of quality that is consistent with the requirements specified in the Contract. The QCP shall be sufficiently detailed to provide the

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Contractor's methodology for identifying and recruiting qualified personnel. The QCP shall also provide the Contractor's methodology for resolving problems identified by the Government during reviews conducted in accordance with GNMA’s Quality Assurance Surveillance Plan (QASP).

The QCP shall provide the Contractor's methodology for establishing an internal feedback system for support personnel and for resolving problems identified by that feedback system.

The QCP shall provide the Contractor’s methodology to demonstrate and validate the services and deliverables provided under the Contract are completed with a level of quality that meets the minimum performance threshold established by the Contract and in the Government's QASP. The QCP shall provide the Contractor’s Quality Management Approach, Quality Assurance, Quality Control, and Quality Standards.

The Contractor's QCP shall be delivered to the COR within thirty (30) days of Contract award (or with the Contractor's proposal if it is an evaluation factor). If changes are made to the QCP, the updated QCP shall be submitted to the COR within fourteen (14) business days of the change.

6.2 Acceptance Criteria

Each Contract deliverable shall meet the following inspection and acceptance criteria in addition to any "Inspection and Acceptance” terms and conditions:

Inspection and acceptance of all work performed, reports, and other deliverables under the Contract will be performed by the COR in conjunction with the OCM program office. All deliverables will be inspected for content, completeness, accuracy, and conformance to Contract requirements. Inspection may include validation of information using automated tools, testing, or inspections of the deliverables, as specified in the Contract. The scope and nature of inspection will be sufficiently comprehensive to ensure the completeness, quality, and adequacy of all deliverables.

The Government requires a period NTE fifteen (15) workdays after receipt of Contract deliverables for inspection and acceptance or rejection. All Contract deliverables and documentation shall be provided to the COR via email with a courtesy copy to the CO. All Contract deliverables shall be submitted in electronic format (e.g. Word, Excel, PowerPoint, Adobe) unless otherwise specified.

The basis for acceptance of Contact deliverables shall follow the Contract requirements and relevant terms and conditions. Any deliverable rejected as non-conforming with the Contract shall be corrected in accordance with FAR 52.212-4(b), Alt I.

Acceptance of Contract deliverables will occur when all discrepancies, errors, or other deficiencies identified in writing by the COR have been resolved, through documentation updates, program correction, or other mutually agreeable methods.

Reports, documents, and narrative-type Contract deliverables will be accepted when all discrepancies, errors, or other deficiencies identified in writing by the Government have been corrected. If the deliverable is adequate, the COR may accept it or provide comments for incorporation. All the of the COR’s comments on deliverables shall either be incorporated in the

18 August 2026 succeeding version of the deliverable, or the Contractor shall explain to the COR’s satisfaction why such comments should not be incorporated.

If the COR finds that a deliverable contains spelling errors, grammatical errors, improper format, or otherwise does not conform to the quality assurance requirements stated within the Contract, the document may be rejected without further review and returned to the Contractor for correction and resubmission. If the Contractor requires additional GNMA guidance to produce an acceptable deliverable, the Contractor shall arrange a meeting with the COR and the OCM program office.

For each Contract deliverable submitted, the COR will provide written acceptance, comments, and/or required changes, if any, within fifteen (15) business days (unless specified otherwise) from the COR’s receipt of such deliverable. Upon the Contractor’s receipt of the COR’s comments and or required changes, the Contractor shall have ten (10) business days to incorporate the COR’s comments and/or required change and to resubmit the deliverable for acceptance and approval.

The COR will provide the Contractor with written notification of acceptance or rejection of all deliverables within fifteen (15) business days via email. The Contractor shall upload deliverables into the BOX upon acceptance, unless specified otherwise. All notifications of rejection will be accompanied by an explanation of the specific deficiencies causing the rejection.

Non-conforming products or services will be rejected. Deficiencies shall be corrected, by the Contractor, within five (5) business days of the rejection notice. If the deficiencies cannot be corrected within five (5) business days, the Contractor shall immediately notify the COR with a courtesy copy to the CO of the reason for the delay and provide a proposed corrective action plan within five (5) business days.

If the Contractor does not provide products or services that conform to the Contract requirements, the Government will withhold the fixed price for such products or services until the non-conforming products or services have been remediated to the satisfaction of the COR.

7 Related Documents

The Contractor shall abide by all applicable law, regulations, publications, manuals and policies and procedures in the performance of the Contract.

• The Contractor shall prepare PPM documentation in accordance with the format and content as specified in the PPM templates. Templates can be located at https://www.hud.gov/stat/cio/ppmv20. The HUD PPM guide will take precedence whenever inconsistencies manifest between the PPM Guide and its corresponding PPM templates and PPM Checklists.

• The Contractor shall comply with program and project management practices that reflect the Project Management Body of Knowledge (PMBOK©), the government edition: Guide to the Project Management Body of Knowledge (PMBOK Guide), 7th.

Ed | FAI.GOV, as it relates to the projection of collateral and bond cash flows for the analysis of MBS and other related securities for the amortization and projection of mortgage products.

• Projection of collateral and bond cash flows necessary to efficiently reverse-engineer complex securitization structures incorporating the Securities Industry https://www.hud.gov/stat/cio/ppmv20

19 August 2026 and Financial Market Association’s (SIFMA) Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities for the amortization and projection of mortgage products.

• Federal Travel Regulation (FTR) - prescribed by the GSA, for travel in the continental U.S.: https://www.gsa.gov/travel/plan-book/per-diem-rates.

• The following link provides the REMIC Monthly Issuance Reports, historical data of the transactions conducted per month: REMIC Monthly Issuance.

• Additional information regarding GNMA’s Transaction Process – Phase II: Offering Circular Supplement /Phase III: Closing, which can be found at: Multiclass Securities Guide.

8 Performance Requirements Summary

The Performance Requirements Summary (PSR) chart below summarizes the Contract's primary requirements, the associated performance standards, the expected target performance, and the methods of surveillance. While some Contract requirements may not be listed in the PRS chart, requirements not appearing on the PRS chart do not negate the Contractor's obligation to perform all requirements as specified in the Contract. Additionally, HUD reserves all rights and remedies available under the Contract and the law when performance of any Contract requirement, whether listed below, is unacceptable.

HUD will develop a Quality Assurance Surveillance Plan (QASP) Contract oversight. In conjunction with the Contractor's Quality Control Plan and various other methods of assessing performance, the COR and PM may perform on-site reviews and/or other types of verification to determine if specified target performance requirements have been met. Regular review of Contractor performance is critical to the overall success of the Contract. On a monthly basis, the COR will evaluate the quality of the products and services provided by the Contractor under the Contract.

https://www.gsa.gov/travel/plan-book/per-diem-rates https://www.ginniemae.gov/data_and_reports/reporting/Pages/remic_monthly_issuance.aspx https://www.ginniemae.gov/investors/multiclass_resources/Documents/MS_Guide_Part-I.pdf https://www.ginniemae.gov/investors/multiclass_resources/Documents/MS_Guide_Part-I.pdf

20 August 2026

Performance Requirement Summary (PRS) HUD intends to utilize a Performance Requirement Summary (PRS) to monitor the quality of the Contractor’s performance. The oversight provided for in the Contract and in the PRS will help to ensure that service levels reach and maintain the required levels throughout the Contract performance.

Statements Standards/AQLs Incentive/Remedy

5.1 Monthly Status Reporting (MSR)

Recorded Meeting Minutes

a) Standard: The Contractor shall submit the MSR the first business day of each month for the immediately preceding month

AQL: Three business-day deviation from standard after the final structure date.

b) Standard: The Contractor shall record meeting minutes and submit such minutes to the COR for review and approval within two (2) business days after the meeting.

AQL: One business day deviation from standard.

For standards a and b

a) 5% deduction from the associated invoice for each Property Visual Assessment Report which is not in accordance with HUD Handbook, "Standard Practice for Reporting Visual Assessment Results".

b) 2% deduction from the associated invoice for each occurrence of non-compliance.

5.1. 1 Quarterly Surveillance Report shall provide monthly updates monitoring and intelligence gathering on the global regulatory environment impacting Ginnie Mae MBS.

AQL: Zero deviation from standard.

a) 5% deduction from the associated invoice for each Property Visual Assessment Report which is not in accordance with HUD Handbook, "Standard Practice for Reporting Visual Assessment Results".

b) 2% deduction from the

5.1.3 Management Plan

a) Standard: The Contractor shall submit to the COR a draft Contract Management Plan ten

(10) business days after the Contract Post Award Kick-off Meeting.

AQL: Zero deviation from standard.

a) 5% deduction from the associated invoice for each Property Visual Assessment Report which is not in accordance with HUD Handbook, 21 August 2026

5.2 Modeling Research Report Standard: The Contractor shall

assist with research and modeling of various scenarios of proposed regulatory changes on investor portfolios. Modeling Research Report shall be delivered in the agreed upon format by the agreed upon date.

AQL: A five-business day deviation from standard from the mutually agreed upon date.

each Property Visual Assessment Report which is not in accordance with HUD Handbook, "Standard Practice for Reporting Visual Assessment Results".

b) 2% deduction from the associated invoice for

5.2.1 Ad-hoc Research Reports

Market Intelligence Reports/Presentations/talking points shall supply GNMA with an Ad-hoc Research Reports. The research report will be provided within the agreed upon format by the agreed upon date.

AQL: A five-business day deviation from standard from the mutually agreed upon date.

each Property Visual Assessment Report which is not in accordance with HUD Handbook,

5.3 Conference Content and Solutions a) Standard: The Contractor shall arrange, provide logistical, and programmatic support and participate in conference planning.

AQL: A five-business day deviation from standard from the mutually agreed upon date.

a) 5% deduction from the associated invoice for each Property Visual Assessment Report which is not in accordance with HUD Handbook, 22 August 2026

5.4 Transition-Out Plan

Transition-Out Plan - Implementation shall provide a transition out plan NLT two hundred seventy

(270) calendar days prior to expiration of the Contract.

AQL: Fifteen (15) business day deviation from standard.

b) Standard: The Contractor shall implement its Transition- Out Plan NLT six (6) months prior to expiration of the Contract.

AQL: Zero deviation from standard.

For standards a and b

a) 5% deduction from the associated invoice for each Property Visual Assessment Report which is not in accordance with HUD Handbook, "Standard Practice for Reporting Visual Assessment Results".

b) 2% deduction from the associated invoice for