PWS DRAFT STFA 02262026.pdf

1 February 2026

Performance Work Statement (PWS)

Securitized Transactions Financial Advisor

(STFA) Supportive Services

February 27, 2026

2 February 2026

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 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

4.1 Facilities………………………………………………………………………………………….13

4.2 Equipment

3 February 2026

4.3 Materials

4.4 Contractor Responsibilities

4.5 Contractor Personnel

4.6 Identification of Contractor Employees

5 Specific Tasks

5.1 Project Management

5.2 Real Estate Mortgage Investment Conduit (REMIC), Callable Trust, and Stripped Mortgage-

Backed Securities (SMBS) Transactions…………………………………………………………… 17

5.3 Financial Advisory Services……………………………………………………………………. 21

5.4 Transition Out…………………………………………………………………………………... 25

6 Deliverables

6.1 Quality Control Plan

6.2 Acceptance Criteria

7 Related Documents

8 Performance Requirements Summary………………………………………………………………………………………..30

4 February 2026

Performance Work Statement (PWS)

Securitized Transactions Financial Advisor (STFA) Supportive 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, GNMA) seeks a contractor to provide Securitized Transactions Financial Advisor (STFA) supportive services (STFA Services) as defined in this Performance Work Statement (PWS). The Contractor shall serve as a transaction advisor for GNMA’s multi-class financial products, Mortgage-Backed Securities (MBS), mortgage derivatives, and mortgage related securities as implemented by GNMA. The Contractor shall perform STFA Services including:

Project Management Real Estate Mortgage Investment Conduit (REMIC), Callable Trust, and Stripped

Mortgage- Backed Securities (SMBS) Transactions Financial Advisory Services

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 STFA 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.). Through its Multiclass Securities and Mortgage-Backed Securities (MBS) Programs, GNMA provides a structure for channeling funds from the nation’s capital markets into the housing market.

5 February 2026

MBS products include Real Estate Mortgage Investment Conduit (REMIC), Securities, and Platinum Securities. The U.S. Government’s full faith and credit guaranty backing these securities makes them widely accepted in those sectors of the capital markets, that otherwise would not be likely to supply funds to the mortgage market.

The funds received through the sale of the securities are used to make residential and other mortgage loans. Through this process, the program serves to increase the overall supply of credit available for housing and helps to ensure that credit is available at reasonable interest rates.

1.3 Constraints

The STFA Services identified in this PWS will adhere to all applicable rules, regulations, laws, standards, and the 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.

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.

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

6 February 2026

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 four (4) 12-month option periods, with a 180-day transitional period from the incumbent contractor. In addition, the CO may exercise an additional option (Federal Acquisition Regulation (FAR) Overhaul clause 52.217-8) for the extension of services for a period not to exceed six months.

Base Year: May 20, 2026 – May 19, 2027

Option Year One (1): May 20, 2027 – May 19, 2028

Option Year Two (2): May 20, 2028 – May 19, 2029

Option Year Three (3): May 20, 2029 – May 19, 2030

Option Year Four (4): May 20, 2030 – May 19, 2031

1.6 Place of Performance

The STFA Services performed under this Contract shall be performed at the Contractor’s facilities.

1.7 Hours of Operation

The Contractor is responsible for providing STFA Services based on a 40 – hour work week (should the Contractor foresee exceeding the 40-hour work week, the Contractor shall seek overtime approval in the writing from the CO. The Contractor shall provide justification for such overtime, to include the name of the staff, work to be completed, date, and proposed number of hours requested to exceed the 40-hour work week. The Contractor shall not initiate work prior to gaining CO approval. The Contractor shall effectively monitor personnel hours to prevent a pattern in overtime and to promote prudent stewardship of government funding under the contract), Monday thru Friday, except for Federal holidays or when the Government facility is closed due to local or national emergencies, administrative closing, or similar Government directed facility closings. The Government reserves the right to change the hours of operation or restrict contractor access. Government agencies will not be available during scheduled holidays, inclement weather, weekends, and after duty hours.

The Contractor shall maintain an adequate workforce for the uninterrupted performance of all tasks defined within the Contract. When hiring personnel, the Contractor shall keep in mind that the stability and continuity of the workforce is essential.

1.8 Special Qualifications

The STFA Services performed under this Contract do not require any specific certifications.

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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 and HUD 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.

1.12 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 six (6) month 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 over time, 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.

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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 direction 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.

Co-Sponsor - With respect to a Series, the person identified in the Sponsor Agreement, with whom the Sponsor has entered into an agreement pursuant to which the Co-Sponsor at its election may distribute certain of the securities.

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

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

Final Structure Date - The date by which the Sponsor must submit a final Securities Structure to GNMA.

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

MX Trust - A trust that is established to hold one or more REMIC Securities and issue one or more Modifiable Securities and/or MX Securities.

Novel Structure - A structure not described in the Multiclass Securities Guide requiring GNMA review and approval.

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.

9 February 2026

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.

Security Structure - The structure of a particular Series or Callable Series, including, as applicable, the designation, Original Class Principal Balance or Original Class Notional Balance, Interest Rate and Class Type of each Class, the priority of distributions among the Classes and any call rights related to a Class.

Sponsor - With respect to any Trust, Callable Trust, MX Trust or Stripped Mortgage-Backed Securities (SMBS) Trust, the Person, identified in the related Trust Agreement, Callable Trust Agreement, MX Trust Agreement or SMBS Trust Agreement, as applicable, who establishes the Trust by (a) executing such Trust Agreement, Callable Trust Agreement, MX Trust Agreement or SMBS Trust Agreement, as applicable, and (b) depositing the Trust Assets in the Trust, MX Trust, Callable Trust or SMBS Trust, as applicable, in exchange for the Securities.

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

ARAMS - Automated Renewal and Amendment System

AWS -Amazon Web Services

BAA - Business Area Analysis

C&A – Certification and Accreditation

CBT - Computer-Based Training

CCB - Change Control Board

CCMB - Configuration Change Management Board

CMMI - Capability Maturity Model Integration

CND – Computer Network Defense

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

CFR - Code of Federal Regulations

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

CISA – Cybersecurity and Infrastructure Security Agency

10 February 2026

CISO – Chief Information Security Officer

CO - Contracting Officer

CONOPS – Concept of Operations

COR - Contracting Officer Representative

COTS - Commercial Off-the-Shelf

CPO - Office of the Chief Procurement Officer of HUD

CSAM – Cyber Security Assessment and Management Tool

CSP – Cloud Service Provider

CTA – Chief Technology Architect

CTQ- Critical to Quality

DHS – Department of Homeland Security

DOS – Denial of Service

EDR - Endpoint Detection and Response

EST - Eastern Standard Time (U.S.)

ETC - Estimate to Completion

FAS - Financial Accounting Standards

FIPS – Federal Information Processing Standards

FISMA – Federal Information Security Management Act

GAO - U.S. General Accounting Office

GFAS - GNMA Financial Accounting System

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

HUDAR - HUD Acquisition Regulation

HUD/ISG - Internet Services Group within the Telecom Processing Division

HUD Web - HUDs Intranet Web Site and related WEB pages.

IA – Information Assurance

11 February 2026

IAM – Information Assurance Manager

IAVM – Information Assurance Vulnerability Management

IDS – Intrusion Detection System

IPS – Intrusion Prevention System

IG or OIG - Inspector General (Office of)

IT - Information Technology

IAVA – Information Assurance and Vulnerability Assessment

ISSO – Information System Security Officer

IV&V - Independent Validation and Verification

LOCCS - Line of Credit Control System

MBSOA – Mortgage-Backed Securities Operations and Analytics

MX – Multiclass Exchange

NLT – No Later Than

NTE – Not To Exceed

NIST – National Institute of Standards and Technology

OCPO - Office of the Chief Procurement Officer

OCS - Offering Circular Supplements

OIG - Office of Inspector General

OMB - Office of Management and Budget

OPORD – Operational Orders

POAM – Plan of Action and Milestones

PL - Public Law

PM - Project Manager

POC - Point of Contact

PPM - Project Planning and Management

12 February 2026

PPSM - Ports/Protocol/Services Management

QA - Quality Assurance

QASP - Quality Assurance Surveillance Plan

QCP - Quality Control Plan

RACI – Responsible, Accountable, Consulted, Informed

SA&A – Security Authorization and Accreditation

SF - Standard Form

SMBS - Stripped Mortgage-Backed Securities

SOC – Security Operations Center

SOP – Standard Operating Procedure

STIG - Federal Security Technical Implementation Guides

SRR – Security Readiness Review

TBD - To be determined

TMD – Technology Management Director

U.S.C - United States Code

VMS – Vulnerability Management System

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 STFA Services.

4.2 Equipment

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

4.3 Materials

The Contractor shall furnish all materials required to perform STFA 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 Contract 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

15 February 2026

Government program customer shall identify their workspace area with their name and company affiliation, or at a minimum, "Contractor" after name.

5 Specific Tasks

5.1 Project Management

The Contractor shall provide project management support under this Contract. This includes the management and oversight of all activities performed by contractor personnel to satisfy the requirements identified in this PWS.

5.1.1 Post Award Kick-off Meeting

The Contractor shall make themselves available to participate in a post award kick-off meeting via teleconference within ten (10) calendar days of Contract award. The post award kick-off meeting will be scheduled by the COR within three (3) calendar days of Contract award. The meeting shall provide an introduction between the Contractor personnel and Government personnel who will be involved with the Contract. The Contractor shall be prepared to discuss any issues and gather information related to technical requirements, management/administrative matters, security issues, travel authorization, and reporting procedures under the Contract. The post award kick-off meeting shall serve the purpose of achieving a clear and mutual understanding of all requirements and identifying and resolving potential problems. At a minimum, the attendees shall include Key Contractor Personnel, the GNMA Subject Matter Expert (SME), other relevant Government personnel (i.e., Contract Specialist), the CO, and the

COR.

Performance Standards

a) Standard: The Contractor shall participate in a post award kick-off meeting via teleconference within ten (10) calendar days of Contract award.

AQL: Zero deviation from standard.

Deliverables A001 Post Award Kick-off Meeting Participation

5.1.2 Contract Management Plan

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

The technical approach to each task.

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.

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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 ten (10) business days after the Contract post award kick-off meeting.

AQL: Zero deviation from standard.

Deliverables A002 Contract Management Plan

5.1.3 Monthly Status Reporting (MSR)

The Contractor shall submit a Monthly Status Report (MSR), documenting the occurrence of weekly status meetings with GNMA, progress and issues related to the tasks and requirements of the Contract. 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. The MSR shall, at minimum, include the following:

1. Activities during the reporting period, by task (including ongoing activities, new activities, activities completed, and progress to date on all above-mentioned activities).

Each section shall start with a brief description of the task.

2. Problems encountered and corrective actions taken. Also include issues and concerns and proposed resolutions to address such issues and concerns.

3. Personnel gains, losses, and status (security clearance, etc.).

4. Government actions required.

5. Project Schedule (show major tasks, milestones, and deliverables; planned and actual start and completion dates for each).

6. Burn rate or cost estimate reporting reflecting financial records for expenses incurred during the period of performance.

7. Contractor risks and issues related to managing the Contract.

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8. Asset Management reports annotating all assets to include software, licenses, warranty, support, and services.

9. Monthly monitoring and reporting from management platforms, services, service platforms and other tracking of GNMA's systems and its environment of operation with respect to costs, services, performance, and utilization of systems.

Performance Standards

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

AQL: A three (3) business day deviation from standard after the first business day of each month.

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 A003 Monthly Status Reporting (MSR)

A004 Recorded Meeting Minutes

5.2 Real Estate Mortgage Investment Conduit (REMIC), Callable Trust, and Stripped

Mortgage- Backed Securities (SMBS) Transactions

Historical data since the inception of the program shows the number of transactions has never exceeded 25 per month. The following link provides historical data on transactions conducted under a normal operating month:

REMIC Monthly Issuance

The Sponsor is expected to provide GNMA and the Contractor, as GNMA’s Structured Transactions Financial Advisor (STFA), with the following:

a. the proposed Securities Structure on the Final Structure Date;

b. a Trust Asset List that describes the type(s) of Trust Assets to be included in the related

Trust, and affirmation that any Underlying Certificates or Underlying SMBS Securities, as applicable, included in the Trust will evidence, indirectly or directly, GNMA Certificates;

c. in the case of Underlying Certificates evidencing interests in Freddie Mac or Fannie Mae Certificates, a reference sheet or terms sheet (as applicable) from the related Underlying Certificate Disclosure Document; and

d. any other information GNMA or the Contractor may request with respect to the proposed transaction.

All tasks and subtasks shall be performed in accordance with the Multiclass Securities Guide.

5.2.1 Novel Structures

The Sponsor assembles the Trust Assets for a particular transaction and develops the Structure for the transaction. The Sponsor establishes the Trust and sells the Trust Assets to the Trust in exchange for the Securities. The Sponsor and the Co-Sponsor markets the Securities.

https://www.ginniemae.gov/data_and_reports/reporting/Pages/remic_monthly_issuance.aspx https://www.ginniemae.gov/investors/multiclass_resources/Pages/Multiclass-Securities-Guide.aspx

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If a Sponsor intends to propose a Structure that is novel or may raise questions as to its compliance with the Multiclass Securities Guide, the Sponsor should inquire with GNMA at least one month prior to the Final Structure Date of the month when the Sponsor expects to close such transaction.

At the request of the COR, the Contractor shall review Sponsor’s proposed Novel Structure when submitted prior to the Final Structure Date. The Contractor shall determine, with potential input from other program participants, in determining whether the proposed Novel Structure conforms to GNMA considerations or if the Sponsor must make necessary updates to existing disclosures or processes. The Contractor will complete its analysis and document the analysis performed and observations via updates by/to Sponsors Novel Structure and/or legal disclosures in the Offering Circular Supplements (OCS) letters that all parties agree to.

The Documented Novel Analysis Performed and Observations will advise the Sponsor of any necessary updates to existing disclosures or processes.

Requests for Contractor support in Novel Structure analysis and Documented Novel Analysis Performed and Observations shall be at the written request of the COR, mutual agreement between the Government and Contractor, and the availability of Government funding.

Performance Standards

a) Standard: The Contractor shall determine if proposed Novel Structure conforms to GNMA considerations or if updates are needed to existing disclosures or processes via issuance of Documented Analysis Performed and Observations of determination.

AQL: Zero deviation from standard.

Deliverables

A005 Documented Novel Analysis Performed and Observations

5.2.2 Final Structure Date Real Estate Mortgage Investment Conduit (REMIC) Securities

Offerings

The Contractor shall provide Real Estate Mortgage Investment Conduit (REMIC) Securities Offering support. The Contractor shall serve as a transaction advisor for GNMA, reviewing and analyzing all documentation related to the REMIC Securities Offering, including the following:

- Text

- CUSIP Numbers

- Other Numbers Printed Within the Text of the Disclosure Documents

- Disclosure Documents and the Final Distribution Dates

- Decrement Tables

- Weighted Average Life Tables

- Scheduled Principal Balance Tables

- Effective Ranges

- Effective Rates

- Information regarding any Accretion Directed Classes

- Yield Tables

The Contractor shall advise GNMA of any apparent instances of non-compliance relating to GNMA policy and guidelines published in the Multiclass Securities Guide. The Contractor shall https://www.ginniemae.gov/investors/multiclass_resources/Pages/Multiclass-Securities-Guide.aspx

19 February 2026 provide an OCS letter documenting the review of the final Securities Structure and observations of compliance and noncompliance. To mitigate noncompliance, the Contractor shall specifically provide recommendations when noncompliance is determined, as it relates to offering documents and Sponsor Agreements.

To clear the offering documents for printing, the Contractor shall utilize the External Accountant’s Agreed-Upon Procedures Letter for the appropriate program and analyses its corresponding form as provided in Part II of the Multiclass Securities Guide, Additional Guidelines and Documents for REMIC Transactions. Additional information regarding GNMA’s Transaction Process – Phase II: Offering Circular Supplement, can be found at:

Multiclass Securities Guide.

The Contractor shall provide GNMA with a REMIC Relay File using data from the Sponsor, the OCS letter capturing the procedures used for transactions, and format provided by GNMA for each transaction print date one (1) business day after the offering documents have been cleared for printing (Print Date).

The following link provides historical data on transactions conducted under a normal operating month: REMIC Monthly Issuance.

The following link provides historical data on REMIC relay files: Multiclass REMIC and Platinum Downloads.

Each month, the Contractor shall provide GNMA the REMIC Relay Files and the REMIC Issuance Summary Report, advising of the activities of the previous month. The Contractor shall assure the REMIC Issuance Summary Report includes transaction specific activities that have occurred. The data for these reports is from the Print Date. The Print Date in any month shall be defined as when the OCS letter is finalized and dated.

Performance Standards

a) Standard: The Contractor shall provide GNMA with monthly REMIC Relay Files and REMIC Issuance Summary Report using data the first business day after Print Date.

AQL: Zero deviation from standard.

Deliverables A006 OCS Letters A007 REMIC Relay Files A008 REMIC Issuance Summary Report

5.2.3 Transaction Closure

To close the transaction, the Contractor shall review the External Accountant’s Agreed-Upon Procedures Letter for the appropriate program and analyses its corresponding form as provided in the Multiclass Securities Guide.

https://www.ginniemae.gov/investors/multiclass_resources/Pages/multiclass-securities-guide.aspx https://www.ginniemae.gov/Pages/profile.aspx?src=%2fdata_and_reports%2fadditional_data_and_reporting%2fPages%2fMulticlass_REMIC_Download.aspx%3fprefix%3dRLY%26category%3dREMIC https://www.ginniemae.gov/Pages/profile.aspx?src=%2fdata_and_reports%2fadditional_data_and_reporting%2fPages%2fMulticlass_REMIC_Download.aspx%3fprefix%3dRLY%26category%3dREMIC

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The Contractor shall review closing documents, against the terms of the Multiclass Securities Guide for compliance. The Contractor is not responsible for the review of legal opinions during transaction closure.

The Contractor shall assist GNMA to complete and deliver a draft monthly Fees Calculation Report. The Fees Calculation Report must be complete and delivered via email to the COR no later than (NLT) 6:00 PM EST on the business day before the Print Date of each traction.

The Contractor shall prepare and deliver to GNMA a transaction closing letter (Closing Letter) summarizing the Contractor’s work performed and observations made as the Securitized Transaction Financial Advisor in connection with the transaction. The Closing Letter shall be complete and delivered to the COR prior to the closing date.

Performance Standards

a) Standard: The Contractor shall review closing documents.

b) Standard: The Contractor shall assist and deliver a draft monthly Fees Calculation Report.

Deliverables A009 Closing Letters

A0010 Fees Calculation Report

5.2.4 Post Settlement Resolution

The Contractor shall assist GNMA with Post Settlement Resolution matters on previously issued GNMA multiclass transactions. As part of this support, the Contractor shall assist GNMA with the identification of noncompliance, issues, and/or problems on previously issued GNMA multiclass transactions. The Contractor shall collaborate with GNMA, the Legal Advisor, the REMIC Trustee, and Sponsors, to provide observations and recommendations. Contractor collaboration will mutually resolve such observations and recommendations related to transaction specific noncompliance, issues, and/or problems that have been brought to the attention of GNMA for Post Settlement Resolution.

The Contractor shall prepare Documented Post-Settlement Resolution Observations and Recommendations at the written request of the COR based on mutual agreement between the Government and Contractor and the availability of Government funding.

Performance Standards

a) Standard: The Contractor shall provide observations and recommendations to mutually resolve observations and recommendations related to transaction specific noncompliance, issues, and/or problems that have been brought to the attention of GNMA for post settlement resolution.

21 February 2026

AQL: Zero deviation from standard

b) Upon written request of the COR, the Contractor shall prepare Documented Post-Settlement Resolution Observations and Recommendations.

A0011 Documented Post-Settlement Resolution Observations and Recommendations

5.3 Financial Advisory Services

The Contractor shall provide financial advisory services (Financial Advisory Services) to GNMA. All work performed under Financial Advisor Services task and related subtasks are separate and independent from the Contractor’s tasking under section Task 5.1 Project Management. No work performed in under Financial Advisory Services and/or the subtasks below shall be considered a component of Task 5.1 Project Management.

The Contractor shall submit a monthly Burn Rate Report with each invoice submission, clearly demonstrating the number labor hours expended and related tasking performed over the invoice period. The Burn Rate Report will reflect appropriate financial records for expenses incurred during the period of performance. The Contractor shall create separate funding accounts and prepare separate financial reports for each Task/ service performed under the Contract PWS (e.g. Project Management, REMIC Transactions, etc.), and separate funding accounts and financial reports for Tasks performed by sub-contractors to ensure funding for services under the Contract are not comingled with other funding.

For all tasks initiated by the COR, the Contractor shall submit a draft project work plan for review and approval (independent from any project work plan provided under section 5.1). The draft project work plan and all supporting documentation shall be submitted to the COR for review and approval five (5) business days prior to commencement of effort on any of the subtask areas below (Subtasks 5.3.1 – 5.3.6). At minimum, the draft project work plan shall include the following:

The subtask area to be addressed:

The labor category(ies) to address the subtask area:

The anticipated number of hours/ timeframes needed to complete the proposed tasking:

Justification to support the use of the proposed labor category(ies) and number of labor hours; and Current burn rate of the proposed labor category(ies) and labor hours.

Upon GNMA approval of the final project work plan and supporting documentation, the Contractor shall commence work. Any deviations from the approved final project work plan, must receive prior written approval from the COR before commencing work. Within five (5) business days of conclusion of work, the Contractor shall submit to the COR the final project

22 February 2026 work plan for the subtask area, capturing the work performed and any deviations from the approved final project work plan.

Performance Standards

a) Standard: The Contractor shall submit a draft project work plan to the COR for review and approval five (5) business days prior to commencement of effort on any of the subtask areas.

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

b) Standard: The Contractor shall submit a final project work plan to the COR for review and approval NLT five (5) business days after the completion of work under the approved draft project work plan.

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

Deliverables A0012 Draft Project Work Plan

A0013 Final Project Work Plan

5.3.1 Market Intelligence Research

The Contractor shall conduct market intelligence research related to new and existing products.

The Contractor shall provide a Market Research Intelligence Report discussing market intelligence topics and providing observations and recommendations to GNMA on new and existing securities products, program structures, operations, procedures, and guarantee fees.

The Contractor shall participate in meetings and make recommendations to GNMA regarding additional or augmented systems, reports, research, and data dissemination that impacts the liquidity or operations of GNMA MBS, mortgage derivatives, and mortgage-related securities.

The Contractor shall monitor domestic and international capital markets and advise GNMA of programmatic impacts to OCM. The Contractor shall advise GNMA of developments, which may include topics related to the Securities Industry and Financial Markets Association (SIFMA) and other similar MBS/Asset Backed Security industry associations, and provide advice for interfacing with the industry.

Upon completion of Market Intelligence Research, the Contractor shall provide its findings, observations, and recommendations to GNMA in a Market Intelligence Research Report in the form of an ad-hoc report, written report, presentation, and/or GNMA Securities reports/presentations as determined by the parties.

As described above in section 5.3, Market Intelligence Research will be at the written request of the COR and subject to the availability of funds. In addition to the draft project work plan requirements listed above, the draft project work plan will include the agreed upon Market Intelligence Research Report format and date of delivery.

Performance Standards

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a) Standard: The Contractor shall conduct market intelligence research related to new and existing products and provide Market Intelligence Research Report in the agreed upon format by the agreed upon date.

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

Deliverables A0014 Ad-hoc Research Reports

A0015 Market Intelligence Reports/Presentations A0016 GNMA Securities Reports/Presentations

5.3.2 Multiclass Securities Standard Operating Procedures (SOP)

The Contractor shall assist GNMA with updating the GNMA Multiclass Securities Standard Operating Procedures (SOP). The Contractor shall observe, review and perform an analysis of the GNMA Multiclass Securities Standard Operating Procedures (SOP) to determine its effectiveness in operating the GNMA Multiclass Securities Program and other structured securities programs. The Contractor will provide GNMA with recommendations to assist GNMA with updates to the GNMA Multiclass Securities Standard Operating Procedures (SOP). The COR/GNMA will review the Contractor’s analysis and recommendations to determine what, if any, will be incorporated in the final GNMA Multiclass Securities Standard Operating Procedures (SOP).

Updates to the GNMA Multiclass Securities SOP shall occur every two (2) years after Contract award, or as needed. The first GNMA Multiclass Securities Standard Operating Procedures (SOP) update will occur in 2026. As described above in section 5.3, future. updates to the GNMA Multiclass Securities SOP will be at the written request of the COR and subject to the availability of funds.

Performance Standards

a) Standard: the Contractor shall provide observations and recommendations to assist GNMA with updates to the GNMA Multiclass Securities Standard Operating Procedures (SOP).

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

Deliverables A0017 Standard Operating Procedures Updates

5.3.3 Multiclass Securities Guide/ Base Offering Circulars

The Contractor shall assist GNMA and the HUD Office of General Counsel with updating the Multiclass Securities Guide, the Base Offering Circulars, and the Offering Circular Supplement Template. The Contractor shall observe, review and perform an analysis of the documents, current practices and desired practices. The Contractor shall record any edits to the existing documents/ current practices/ desired practices via track changes. Based on such review, the Contractor shall provide GNMA/HUD with observations and recommendations for potential updates. The last update occurred in 2020.

24 February 2026

Updates to the Multiclass Securities Guide/ Base Offering Circulars and the Offering Circular Supplement Template shall occur every two (2) years after Contract award, or as needed. The first Multiclass Securities Guide/ Base Offering Circulars and the Offering Circular Supplement Template update will occur in 2027. As described above in section 5.3, future updates to the Multiclass Securities Guide/ Base Offering Circulars and the Offering Circular Supplement Template hereafter shall be at the written request of the COR and subject to the availability of funds.

Performance Standards

a) Standard: The Contractor shall review the Multiclass Securities Guide, the Base Offering Circulars, and the Offering Circular Supplement Template.

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

Deliverables A0018 Multiclass Securities Guide/ Base Offering Circulars and the Offering Circular Supplement Template Update observations and recommendations.

5.3.4 Trustee Review

The Contractor shall advise and assist GNMA in conducting on-site or virtual review of Trustees that participates in the GNMA Multiclass Securities Program as part of the Trustee’s recertification process. The Contractor shall provide a Trustee Review Report capturing observations and recommendations of the Trustees reviewed. The Trustee Review Report, at minimum, shall include a review of the Trustee’s internal processes, operational platforms utilized, as well as managing interrelated activities promoting efficiency, quality, and clarity by assigning roles, streamlining workflows, and Standard Operating Procedures (SOPs) for consistent execution.