$599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base...

51
Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage Association GINNIE MAE ® Guaranteed REMIC Pass-Through Securities and MX Securities Ginnie Mae REMIC Trust 2017-165 The Securities The Trust will issue the Classes of Securities listed on the front cover of this offering circular supplement. The Ginnie Mae Guaranty Ginnie Mae will guarantee the timely payment of principal and interest on the securities. The Ginnie Mae Guar- anty is backed by the full faith and credit of the United States of America. The Trust and its Assets The Trust will own Ginnie Mae Certifi- cates. The securities may not be suit- able investments for you. You should consider carefully the risks of investing in them. See “Risk Factors” beginning on page S-8 which highlights some Class of REMIC Securities Original Principal Balance(2) Interest Rate Principal Type(3) Interest Type(3) CUSIP Number Final Distribution Date(4) Security Group 1 QB .................. $60,000,000 2.75% PAC/AD FIX 38380HP89 November 2047 QI ................... 12,857,142 3.50 NTL(PAC/AD) FIX/IO 38380HP97 November 2047 ZQ .................. 2,929,000 3.50 SUP FIX/Z 38380HQ21 November 2047 Security Group 2 IO ................... 36,500,000 4.00 NTL(PT) FIX/IO 38380HQ39 November 2047 PA(1) ................ 121,203,000 3.00 PAC/AD FIX 38380HQ47 May 2047 PW(1) ................ 5,324,000 3.00 PAC/AD FIX 38380HQ54 November 2047 ZP ................... 19,473,000 3.00 SUP FIX/Z 38380HQ62 November 2047 Security Group 3 GL(1) ................ 26,856,000 3.50 PAC/AD FIX 38380HQ70 November 2045 GM(1) ................ 3,344,000 3.50 PAC/AD FIX 38380HQ88 June 2047 GQ(1) ................ 1,145,000 3.50 PAC/AD FIX 38380HQ96 November 2047 HZ .................. 5,238,561 3.50 SUP FIX/Z 38380HR20 November 2047 Security Group 4 IM ................... 14,897,000 3.50 NTL(PT) FIX/IO 38380HR38 November 2047 MA(1) ................ 55,124,000 3.00 PAC/AD FIX 38380HR46 November 2042 ML .................. 30,000,000 3.00 PAC/AD FIX 38380HR53 November 2047 MZ .................. 19,155,000 3.00 SUP FIX/Z 38380HR61 November 2047 Security Group 5 EA .................. 117,453,000 2.50 SEQ FIX 38380HR79 June 2046 EI ................... 33,558,000 3.50 NTL(SEQ) FIX/IO 38380HR87 June 2046 VE(1) ................ 4,344,000 3.50 SEQ/AD FIX 38380HR95 November 2030 ZE(1) ................ 7,558,527 3.50 SEQ FIX/Z 38380HS29 November 2047 Security Group 6 DA(1) ................ 32,734,000 3.50 PAC/AD FIX 38380HS37 June 2047 DY .................. 1,259,000 3.50 PAC/AD FIX 38380HS45 November 2047 DZ .................. 5,680,351 3.50 SUP FIX/Z 38380HS52 November 2047 Security Group 7 IJ .................... 10,145,698 4.00 NTL(PT) FIX/IO 38380HS60 November 2047 JG(1) ................. 68,677,000 3.50 PAC/AD FIX 38380HS78 February 2047 JY ................... 4,284,000 3.50 PAC/AD FIX 38380HS86 November 2047 ZJ ................... 8,204,588 3.50 SUP FIX/Z 38380HS94 November 2047 Residual RR ................... 0 0.00 NPR NPR 38380HT28 November 2047 of these risks. The Sponsor and the Co-Sponsor will offer the securities from time to time in negotiated transactions at varying prices. We expect the clos- ing date to be November 30, 2017. You should read the Base Offering Circular as well as this Supplement. The securities are exempt from registration under the Securities Act of 1933 and are “exempted secu- rities” under the Securities Exchange Act of 1934. (1) These Securities may be exchanged for MX Securities described in Schedule I to this Supplement. (2) Subject to increase as described under “Increase in Size” in this Supplement. The amount shown for each Notional Class (indicated by “NTL” under Principal Type) is its original Class Notional Balance and does not represent princi- pal that will be paid. (3) As defined under “Class Types” in Appendix I to the Base Offering Circular. The Class Notional Balance of each Notional Class will be reduced as shown under “Terms Sheet Notional Classes” in this Supplement. (4) See “Yield, Maturity and Prepayment Considerations Final Distribution Date” in this Supplement. Wells Fargo Securities Tribal Capital Markets The date of this Offering Circular Supplement is November 22, 2017.

Transcript of $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base...

Page 1: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Offering Circular Supplement (To Base Offering Circular dated March 1 2017)

$599986027 Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities and MX Securities

Ginnie Mae REMIC Trust 2017-165

The Securities

The Trust will issue the Classes of Securities listed on the front cover of this offering circular supplement

The Ginnie Mae Guaranty

Ginnie Mae will guarantee the timely payment of principal and interest on the securities The Ginnie Mae Guarshyanty is backed by the full faith and credit of the United States of America

The Trust and its Assets

The Trust will own Ginnie Mae Certifishycates

The securities may not be suitshyable investments for you You should consider carefully the risks of investing in them

See ldquoRisk Factorsrdquo beginning on page S-8 which highlights some

Class of REMIC Securities

Original Principal

Balance(2) Interest

Rate Principal Type(3)

Interest Type(3)

CUSIP Number

Final Distribution

Date(4)

Security Group 1 QB $60000000 275 PACAD FIX 38380HP89 November 2047 QI 12857142 350 NTL(PACAD) FIXIO 38380HP97 November 2047 ZQ 2929000 350 SUP FIXZ 38380HQ21 November 2047

Security Group 2 IO 36500000 400 NTL(PT) FIXIO 38380HQ39 November 2047 PA(1) 121203000 300 PACAD FIX 38380HQ47 May 2047 PW(1) 5324000 300 PACAD FIX 38380HQ54 November 2047 ZP 19473000 300 SUP FIXZ 38380HQ62 November 2047

Security Group 3 GL(1) 26856000 350 PACAD FIX 38380HQ70 November 2045 GM(1) 3344000 350 PACAD FIX 38380HQ88 June 2047 GQ(1) 1145000 350 PACAD FIX 38380HQ96 November 2047 HZ 5238561 350 SUP FIXZ 38380HR20 November 2047

Security Group 4 IM 14897000 350 NTL(PT) FIXIO 38380HR38 November 2047 MA(1) 55124000 300 PACAD FIX 38380HR46 November 2042 ML 30000000 300 PACAD FIX 38380HR53 November 2047 MZ 19155000 300 SUP FIXZ 38380HR61 November 2047

Security Group 5 EA 117453000 250 SEQ FIX 38380HR79 June 2046 EI 33558000 350 NTL(SEQ) FIXIO 38380HR87 June 2046 VE(1) 4344000 350 SEQAD FIX 38380HR95 November 2030 ZE(1) 7558527 350 SEQ FIXZ 38380HS29 November 2047

Security Group 6 DA(1) 32734000 350 PACAD FIX 38380HS37 June 2047 DY 1259000 350 PACAD FIX 38380HS45 November 2047 DZ 5680351 350 SUP FIXZ 38380HS52 November 2047

Security Group 7 IJ 10145698 400 NTL(PT) FIXIO 38380HS60 November 2047 JG(1) 68677000 350 PACAD FIX 38380HS78 February 2047 JY 4284000 350 PACAD FIX 38380HS86 November 2047 ZJ 8204588 350 SUP FIXZ 38380HS94 November 2047

Residual RR 0 000 NPR NPR 38380HT28 November 2047

of these risks

The Sponsor and the Co-Sponsor will offer the securities from time to time in negotiated transactions at varying prices We expect the closshying date to be November 30 2017

You should read the Base Offering Circular as well as this Supplement

The securities are exempt from registration under the Securities Act of 1933 and are ldquoexempted secushyritiesrdquo under the Securities Exchange Act of 1934

(1) These Securities may be exchanged for MX Securities described in Schedule I to this Supplement (2) Subject to increase as described under ldquoIncrease in Sizerdquo in this Supplement The amount shown for each Notional

Class (indicated by ldquoNTLrdquo under Principal Type) is its original Class Notional Balance and does not represent princishypal that will be paid

(3) As defined under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular The Class Notional Balance of each Notional Class will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

(4) See ldquoYield Maturity and Prepayment Considerations mdash Final Distribution Daterdquo in this Supplement

Wells Fargo Securities Tribal Capital Markets The date of this Offering Circular Supplement is November 22 2017

AVAILABLE INFORMATION

You should purchase the securities only if you have read and understood the following documents

bull this Offering Circular Supplement (this ldquoSupplementrdquo) and

bull the Base Offering Circular

The Base Offering Circular is available on Ginnie Maersquos website located at httpwwwginniemaegov

If you do not have access to the internet call BNY Mellon which will act as information agent for the Trust at (800) 234-GNMA to order copies of the Base Offering Circular

Please consult the standard abbreviations of Class Types included in the Base Offering Circular as Appendix I and the glossary included in the Base Offering Circular as Appendix II for definitions of capitalized terms

TABLE OF CONTENTS

Page Page

Terms Sheet S-3 ERISA Matters S-29 Risk Factors S-8 Legal Investment Considerations S-31 The Trust Assets S-10 Plan of Distribution S-31 Ginnie Mae Guaranty S-11 Increase in Size S-31 Description of the Securities S-11 Legal Matters S-31 Yield Maturity and Prepayment Schedule I Available Combinations S-I-1

Considerations S-15 Schedule II Scheduled Principal Certain United States Federal Income Tax Balances S-II-1

Consequences S-28

S-2

TERMS SHEET

This terms sheet contains selected information for quick reference only You should read this Supshyplement particularly ldquoRisk Factorsrdquo and each of the other documents listed under ldquoAvailable Informationrdquo

Sponsor Wells Fargo Bank NA

Co-Sponsor Tribal Capital Markets LLC

Trustee US Bank National Association

Tax Administrator The Trustee

Closing Date November 30 2017

Distribution Date The 20th day of each month or if the 20th day is not a Business Day the first Business Day thereafter commencing in December 2017

Trust Assets

Trust Asset Group Trust Asset Type Certificate Rate

Original Term To Maturity (in years)

1 Ginnie Mae II 35 30 2 Ginnie Mae II 40 30 3 Ginnie Mae II 35 30 4 Ginnie Mae II 35 30 5 Ginnie Mae II 35 30 6 Ginnie Mae II 35 30 7 Ginnie Mae II 40 30

Security Groups This series of Securities consists of multiple Security Groups (each a ldquoGrouprdquo) as shown on the front cover of this Supplement and on Schedule I to this Supplement Payments on each Group will be based solely on payments on the Trust Asset Group with the same numerical designation

S-3

Assumed Characteristics of the Mortgage Loans Underlying the Trust Assets(1)

Weighted Average Remaining Term Weighted Average

Principal to Maturity Loan Age Weighted Average Balance (in months) (in months) Mortgage Rate(2)

Group 1 Trust Assets $62929000(3) 358 2 3917

Group 2 Trust Assets $146000000 352 3 4401

Group 3 Trust Assets $36583561(3) 358 1 3917

Group 4 Trust Assets $104279000(3) 358 1 3920

Group 5 Trust Assets $129355527(3) 357 2 3917

Group 6 Trust Assets $39673351(3) 358 1 3911

Group 7 Trust Assets $81165588 354 5 4330

(1) As of November 1 2017 (2) The Mortgage Loans underlying the Trust Assets may bear interest at rates rangshy

ing from 025 to 150 per annum above the related Certificate Rate (3) More than 10 of the Mortgage Loans underlying the Group 1 3 4 5 and 6

Trust Assets may be higher balance Mortgage Loans See ldquoRisk Factorsrdquo in this Supplement

The actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the weighted averages shown above perhaps significantly See ldquoThe Trust Assets mdash The Mortgage Loansrdquo in this Supplement

Issuance of Securities The Securities other than the Residual Securities will initially be issued in book-entry form through the book-entry system of the US Federal Reserve Banks (the ldquoFedwire Book-Entry Systemrdquo) The Residual Securities will be issued in fully registered certificated form See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Modification and Exchange If you own exchangeable Securities you will be able upon notice and payment of an exchange fee to exchange them for a proportionate interest in the related Securities shown on Schedule I to this Supplement See ldquoDescription of the Securities mdash Modification and Exchangerdquo in this Supplement

Increased Minimum Denomination Classes Each Class that constitutes an Interest Only Class See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Interest Rates The Interest Rates for the Fixed Rate Classes are shown on the front cover of this Supplement or on Schedule I to this Supplement

S-4

Allocation of Principal On each Distribution Date for a Security Group the following distributions will be made to the related Securities

SECURITY GROUP 1

The Group 1 Principal Distribution Amount and the ZQ Accrual Amount will be allocated in the following order of priority

1 To QB until reduced to its Scheduled Principal Balance for that Distribution Date

2 To ZQ until retired

3 To QB without regard to its Scheduled Principal Balance until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount and the ZP Accrual Amount will be allocated in the following order of priority

1 Sequentially to PA and PW in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZP until retired

3 Sequentially to PA and PW in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount and the HZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to GL GM and GQ in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To HZ until retired

3 Sequentially to GL GM and GQ in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 4

The Group 4 Principal Distribution Amount and the MZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to MA and ML in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To MZ until retired

3 Sequentially to MA and ML in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 5

The Group 5 Principal Distribution Amount and the ZE Accrual Amount will be allocated as folshylows

bull The ZE Accrual Amount sequentially to VE and ZE in that order until retired

S-5

bull The Group 5 Principal Distribution Amount sequentially to EA VE and ZE in that order until retired

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the DZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to DA and DY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To DZ until retired

3 Sequentially to DA and DY in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the ZJ Accrual Amount will be allocated in the following order of priority

1 Sequentially to JG and JY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZJ until retired

3 Sequentially to JG and JY in that order without regard to their Aggregate Scheduled Principal Balance until retired

Scheduled Principal Balances The Scheduled Principal Balances or Aggregate Scheduled Principal Balances for the Classes listed below are included in Schedule II to this Supplement They were calcushylated using among other things the following Structuring Ranges

Structuring Ranges

PAC Classes DA and DY (in the aggregate) GL GM and GQ (in the aggregate) JG and JY (in the aggregate) MA and ML (in the aggregate) PA and PW (in the aggregate) QB

150 PSA through 265 PSA 150 PSA through 265 PSA 170 PSA through 250 PSA 150 PSA through 300 PSA 150 PSA through 250 PSA 400 PSA through 460 PSA

Accrual Classes Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page However no interest will be distributed to the Accrual Classes as interest Interest so accrued on each Accrual Class on each Distribution Date will constitute an Accrual Amount which will be added to the Class Principal Balance of that Class on each Distribution Date and will be distributable as principal as set forth in this Terms Sheet under ldquoAllocation of Principalrdquo

S-6

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

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PN

808

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350

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PQ

606

015

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PACA

D

400

0 FI

X

3838

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M

ay 2

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Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

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400

0

FIXI

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3838

0HU

26

Nov

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5

324

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CA

D

300

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X

3838

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34

Nov

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r 20

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12

652

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0 PA

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D

275

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3838

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42

Nov

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r 20

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PH

126

527

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D

250

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X

3838

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59

Nov

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PJ

126

527

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PACA

D

225

0 FI

X

3838

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67

Nov

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r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

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r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

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r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

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47G

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Typ

e(3)

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4)

Com

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$ 26

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G

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$ 26

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268

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E 26

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268

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5(5)

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$ 26

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H

A

$ 30

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GM

3

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32

June

204

7 H

C

302

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June

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57

June

204

7 H

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65

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XI

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204

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302

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81

June

204

7 H

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3838

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99

June

204

7 Se

curi

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bina

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6(5)

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$

551

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$

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$ 4

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$ 11

902

527

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Typ

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N

um

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D

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4)

Secu

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$

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340

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$

327

340

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325

0

FIX

38

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Ju

ne 2

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32

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000

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CA

D

300

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X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

00

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D

262

5 FI

X

3838

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63

June

204

7 D

H

327

340

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250

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X

3838

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71

June

204

7 D

I 9

352

571

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PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

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Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

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D

300

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38

380H

Y97

Fe

brua

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686

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686

770

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brua

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686

770

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225

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686

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(1)

All

exch

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s m

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mply

with

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strict

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The

am

ount

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for

each

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Cla

ss r

epre

sent

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e m

axim

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nal Cla

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ipal

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ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

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ssum

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it w

ere

to b

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n th

e Clo

sing

Dat

e

(3)

As

defin

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nder

ldquoCla

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dix

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an

d P

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Fin

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istr

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Date

rdquo in

this

Su

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t

(5)

In th

e ca

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f Com

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1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

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the

Base

Off

erin

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ircu

lar

for

a d

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n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings 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Page 2: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

AVAILABLE INFORMATION

You should purchase the securities only if you have read and understood the following documents

bull this Offering Circular Supplement (this ldquoSupplementrdquo) and

bull the Base Offering Circular

The Base Offering Circular is available on Ginnie Maersquos website located at httpwwwginniemaegov

If you do not have access to the internet call BNY Mellon which will act as information agent for the Trust at (800) 234-GNMA to order copies of the Base Offering Circular

Please consult the standard abbreviations of Class Types included in the Base Offering Circular as Appendix I and the glossary included in the Base Offering Circular as Appendix II for definitions of capitalized terms

TABLE OF CONTENTS

Page Page

Terms Sheet S-3 ERISA Matters S-29 Risk Factors S-8 Legal Investment Considerations S-31 The Trust Assets S-10 Plan of Distribution S-31 Ginnie Mae Guaranty S-11 Increase in Size S-31 Description of the Securities S-11 Legal Matters S-31 Yield Maturity and Prepayment Schedule I Available Combinations S-I-1

Considerations S-15 Schedule II Scheduled Principal Certain United States Federal Income Tax Balances S-II-1

Consequences S-28

S-2

TERMS SHEET

This terms sheet contains selected information for quick reference only You should read this Supshyplement particularly ldquoRisk Factorsrdquo and each of the other documents listed under ldquoAvailable Informationrdquo

Sponsor Wells Fargo Bank NA

Co-Sponsor Tribal Capital Markets LLC

Trustee US Bank National Association

Tax Administrator The Trustee

Closing Date November 30 2017

Distribution Date The 20th day of each month or if the 20th day is not a Business Day the first Business Day thereafter commencing in December 2017

Trust Assets

Trust Asset Group Trust Asset Type Certificate Rate

Original Term To Maturity (in years)

1 Ginnie Mae II 35 30 2 Ginnie Mae II 40 30 3 Ginnie Mae II 35 30 4 Ginnie Mae II 35 30 5 Ginnie Mae II 35 30 6 Ginnie Mae II 35 30 7 Ginnie Mae II 40 30

Security Groups This series of Securities consists of multiple Security Groups (each a ldquoGrouprdquo) as shown on the front cover of this Supplement and on Schedule I to this Supplement Payments on each Group will be based solely on payments on the Trust Asset Group with the same numerical designation

S-3

Assumed Characteristics of the Mortgage Loans Underlying the Trust Assets(1)

Weighted Average Remaining Term Weighted Average

Principal to Maturity Loan Age Weighted Average Balance (in months) (in months) Mortgage Rate(2)

Group 1 Trust Assets $62929000(3) 358 2 3917

Group 2 Trust Assets $146000000 352 3 4401

Group 3 Trust Assets $36583561(3) 358 1 3917

Group 4 Trust Assets $104279000(3) 358 1 3920

Group 5 Trust Assets $129355527(3) 357 2 3917

Group 6 Trust Assets $39673351(3) 358 1 3911

Group 7 Trust Assets $81165588 354 5 4330

(1) As of November 1 2017 (2) The Mortgage Loans underlying the Trust Assets may bear interest at rates rangshy

ing from 025 to 150 per annum above the related Certificate Rate (3) More than 10 of the Mortgage Loans underlying the Group 1 3 4 5 and 6

Trust Assets may be higher balance Mortgage Loans See ldquoRisk Factorsrdquo in this Supplement

The actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the weighted averages shown above perhaps significantly See ldquoThe Trust Assets mdash The Mortgage Loansrdquo in this Supplement

Issuance of Securities The Securities other than the Residual Securities will initially be issued in book-entry form through the book-entry system of the US Federal Reserve Banks (the ldquoFedwire Book-Entry Systemrdquo) The Residual Securities will be issued in fully registered certificated form See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Modification and Exchange If you own exchangeable Securities you will be able upon notice and payment of an exchange fee to exchange them for a proportionate interest in the related Securities shown on Schedule I to this Supplement See ldquoDescription of the Securities mdash Modification and Exchangerdquo in this Supplement

Increased Minimum Denomination Classes Each Class that constitutes an Interest Only Class See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Interest Rates The Interest Rates for the Fixed Rate Classes are shown on the front cover of this Supplement or on Schedule I to this Supplement

S-4

Allocation of Principal On each Distribution Date for a Security Group the following distributions will be made to the related Securities

SECURITY GROUP 1

The Group 1 Principal Distribution Amount and the ZQ Accrual Amount will be allocated in the following order of priority

1 To QB until reduced to its Scheduled Principal Balance for that Distribution Date

2 To ZQ until retired

3 To QB without regard to its Scheduled Principal Balance until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount and the ZP Accrual Amount will be allocated in the following order of priority

1 Sequentially to PA and PW in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZP until retired

3 Sequentially to PA and PW in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount and the HZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to GL GM and GQ in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To HZ until retired

3 Sequentially to GL GM and GQ in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 4

The Group 4 Principal Distribution Amount and the MZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to MA and ML in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To MZ until retired

3 Sequentially to MA and ML in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 5

The Group 5 Principal Distribution Amount and the ZE Accrual Amount will be allocated as folshylows

bull The ZE Accrual Amount sequentially to VE and ZE in that order until retired

S-5

bull The Group 5 Principal Distribution Amount sequentially to EA VE and ZE in that order until retired

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the DZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to DA and DY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To DZ until retired

3 Sequentially to DA and DY in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the ZJ Accrual Amount will be allocated in the following order of priority

1 Sequentially to JG and JY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZJ until retired

3 Sequentially to JG and JY in that order without regard to their Aggregate Scheduled Principal Balance until retired

Scheduled Principal Balances The Scheduled Principal Balances or Aggregate Scheduled Principal Balances for the Classes listed below are included in Schedule II to this Supplement They were calcushylated using among other things the following Structuring Ranges

Structuring Ranges

PAC Classes DA and DY (in the aggregate) GL GM and GQ (in the aggregate) JG and JY (in the aggregate) MA and ML (in the aggregate) PA and PW (in the aggregate) QB

150 PSA through 265 PSA 150 PSA through 265 PSA 170 PSA through 250 PSA 150 PSA through 300 PSA 150 PSA through 250 PSA 400 PSA through 460 PSA

Accrual Classes Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page However no interest will be distributed to the Accrual Classes as interest Interest so accrued on each Accrual Class on each Distribution Date will constitute an Accrual Amount which will be added to the Class Principal Balance of that Class on each Distribution Date and will be distributable as principal as set forth in this Terms Sheet under ldquoAllocation of Principalrdquo

S-6

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT 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ltFEFF004200720075006700200069006e0064007300740069006c006c0069006e006700650072006e0065002000740069006c0020006100740020006f007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400650072002c0020006400650072002000620065006400730074002000650067006e006500720020007300690067002000740069006c002000700072006500700072006500730073002d007500640073006b007200690076006e0069006e00670020006100660020006800f8006a0020006b00760061006c0069007400650074002e0020004400650020006f007000720065007400740065006400650020005000440046002d0064006f006b0075006d0065006e0074006500720020006b0061006e002000e50062006e00650073002000690020004100630072006f00620061007400200065006c006c006500720020004100630072006f006200610074002000520065006100640065007200200035002e00300020006f00670020006e0079006500720065002egt DEU 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geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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Page 3: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

TERMS SHEET

This terms sheet contains selected information for quick reference only You should read this Supshyplement particularly ldquoRisk Factorsrdquo and each of the other documents listed under ldquoAvailable Informationrdquo

Sponsor Wells Fargo Bank NA

Co-Sponsor Tribal Capital Markets LLC

Trustee US Bank National Association

Tax Administrator The Trustee

Closing Date November 30 2017

Distribution Date The 20th day of each month or if the 20th day is not a Business Day the first Business Day thereafter commencing in December 2017

Trust Assets

Trust Asset Group Trust Asset Type Certificate Rate

Original Term To Maturity (in years)

1 Ginnie Mae II 35 30 2 Ginnie Mae II 40 30 3 Ginnie Mae II 35 30 4 Ginnie Mae II 35 30 5 Ginnie Mae II 35 30 6 Ginnie Mae II 35 30 7 Ginnie Mae II 40 30

Security Groups This series of Securities consists of multiple Security Groups (each a ldquoGrouprdquo) as shown on the front cover of this Supplement and on Schedule I to this Supplement Payments on each Group will be based solely on payments on the Trust Asset Group with the same numerical designation

S-3

Assumed Characteristics of the Mortgage Loans Underlying the Trust Assets(1)

Weighted Average Remaining Term Weighted Average

Principal to Maturity Loan Age Weighted Average Balance (in months) (in months) Mortgage Rate(2)

Group 1 Trust Assets $62929000(3) 358 2 3917

Group 2 Trust Assets $146000000 352 3 4401

Group 3 Trust Assets $36583561(3) 358 1 3917

Group 4 Trust Assets $104279000(3) 358 1 3920

Group 5 Trust Assets $129355527(3) 357 2 3917

Group 6 Trust Assets $39673351(3) 358 1 3911

Group 7 Trust Assets $81165588 354 5 4330

(1) As of November 1 2017 (2) The Mortgage Loans underlying the Trust Assets may bear interest at rates rangshy

ing from 025 to 150 per annum above the related Certificate Rate (3) More than 10 of the Mortgage Loans underlying the Group 1 3 4 5 and 6

Trust Assets may be higher balance Mortgage Loans See ldquoRisk Factorsrdquo in this Supplement

The actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the weighted averages shown above perhaps significantly See ldquoThe Trust Assets mdash The Mortgage Loansrdquo in this Supplement

Issuance of Securities The Securities other than the Residual Securities will initially be issued in book-entry form through the book-entry system of the US Federal Reserve Banks (the ldquoFedwire Book-Entry Systemrdquo) The Residual Securities will be issued in fully registered certificated form See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Modification and Exchange If you own exchangeable Securities you will be able upon notice and payment of an exchange fee to exchange them for a proportionate interest in the related Securities shown on Schedule I to this Supplement See ldquoDescription of the Securities mdash Modification and Exchangerdquo in this Supplement

Increased Minimum Denomination Classes Each Class that constitutes an Interest Only Class See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Interest Rates The Interest Rates for the Fixed Rate Classes are shown on the front cover of this Supplement or on Schedule I to this Supplement

S-4

Allocation of Principal On each Distribution Date for a Security Group the following distributions will be made to the related Securities

SECURITY GROUP 1

The Group 1 Principal Distribution Amount and the ZQ Accrual Amount will be allocated in the following order of priority

1 To QB until reduced to its Scheduled Principal Balance for that Distribution Date

2 To ZQ until retired

3 To QB without regard to its Scheduled Principal Balance until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount and the ZP Accrual Amount will be allocated in the following order of priority

1 Sequentially to PA and PW in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZP until retired

3 Sequentially to PA and PW in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount and the HZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to GL GM and GQ in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To HZ until retired

3 Sequentially to GL GM and GQ in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 4

The Group 4 Principal Distribution Amount and the MZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to MA and ML in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To MZ until retired

3 Sequentially to MA and ML in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 5

The Group 5 Principal Distribution Amount and the ZE Accrual Amount will be allocated as folshylows

bull The ZE Accrual Amount sequentially to VE and ZE in that order until retired

S-5

bull The Group 5 Principal Distribution Amount sequentially to EA VE and ZE in that order until retired

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the DZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to DA and DY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To DZ until retired

3 Sequentially to DA and DY in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the ZJ Accrual Amount will be allocated in the following order of priority

1 Sequentially to JG and JY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZJ until retired

3 Sequentially to JG and JY in that order without regard to their Aggregate Scheduled Principal Balance until retired

Scheduled Principal Balances The Scheduled Principal Balances or Aggregate Scheduled Principal Balances for the Classes listed below are included in Schedule II to this Supplement They were calcushylated using among other things the following Structuring Ranges

Structuring Ranges

PAC Classes DA and DY (in the aggregate) GL GM and GQ (in the aggregate) JG and JY (in the aggregate) MA and ML (in the aggregate) PA and PW (in the aggregate) QB

150 PSA through 265 PSA 150 PSA through 265 PSA 170 PSA through 250 PSA 150 PSA through 300 PSA 150 PSA through 250 PSA 400 PSA through 460 PSA

Accrual Classes Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page However no interest will be distributed to the Accrual Classes as interest Interest so accrued on each Accrual Class on each Distribution Date will constitute an Accrual Amount which will be added to the Class Principal Balance of that Class on each Distribution Date and will be distributable as principal as set forth in this Terms Sheet under ldquoAllocation of Principalrdquo

S-6

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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 ESP 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 FRA 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 ITA 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geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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Page 4: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Assumed Characteristics of the Mortgage Loans Underlying the Trust Assets(1)

Weighted Average Remaining Term Weighted Average

Principal to Maturity Loan Age Weighted Average Balance (in months) (in months) Mortgage Rate(2)

Group 1 Trust Assets $62929000(3) 358 2 3917

Group 2 Trust Assets $146000000 352 3 4401

Group 3 Trust Assets $36583561(3) 358 1 3917

Group 4 Trust Assets $104279000(3) 358 1 3920

Group 5 Trust Assets $129355527(3) 357 2 3917

Group 6 Trust Assets $39673351(3) 358 1 3911

Group 7 Trust Assets $81165588 354 5 4330

(1) As of November 1 2017 (2) The Mortgage Loans underlying the Trust Assets may bear interest at rates rangshy

ing from 025 to 150 per annum above the related Certificate Rate (3) More than 10 of the Mortgage Loans underlying the Group 1 3 4 5 and 6

Trust Assets may be higher balance Mortgage Loans See ldquoRisk Factorsrdquo in this Supplement

The actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the weighted averages shown above perhaps significantly See ldquoThe Trust Assets mdash The Mortgage Loansrdquo in this Supplement

Issuance of Securities The Securities other than the Residual Securities will initially be issued in book-entry form through the book-entry system of the US Federal Reserve Banks (the ldquoFedwire Book-Entry Systemrdquo) The Residual Securities will be issued in fully registered certificated form See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Modification and Exchange If you own exchangeable Securities you will be able upon notice and payment of an exchange fee to exchange them for a proportionate interest in the related Securities shown on Schedule I to this Supplement See ldquoDescription of the Securities mdash Modification and Exchangerdquo in this Supplement

Increased Minimum Denomination Classes Each Class that constitutes an Interest Only Class See ldquoDescription of the Securities mdash Form of Securitiesrdquo in this Supplement

Interest Rates The Interest Rates for the Fixed Rate Classes are shown on the front cover of this Supplement or on Schedule I to this Supplement

S-4

Allocation of Principal On each Distribution Date for a Security Group the following distributions will be made to the related Securities

SECURITY GROUP 1

The Group 1 Principal Distribution Amount and the ZQ Accrual Amount will be allocated in the following order of priority

1 To QB until reduced to its Scheduled Principal Balance for that Distribution Date

2 To ZQ until retired

3 To QB without regard to its Scheduled Principal Balance until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount and the ZP Accrual Amount will be allocated in the following order of priority

1 Sequentially to PA and PW in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZP until retired

3 Sequentially to PA and PW in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount and the HZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to GL GM and GQ in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To HZ until retired

3 Sequentially to GL GM and GQ in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 4

The Group 4 Principal Distribution Amount and the MZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to MA and ML in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To MZ until retired

3 Sequentially to MA and ML in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 5

The Group 5 Principal Distribution Amount and the ZE Accrual Amount will be allocated as folshylows

bull The ZE Accrual Amount sequentially to VE and ZE in that order until retired

S-5

bull The Group 5 Principal Distribution Amount sequentially to EA VE and ZE in that order until retired

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the DZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to DA and DY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To DZ until retired

3 Sequentially to DA and DY in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the ZJ Accrual Amount will be allocated in the following order of priority

1 Sequentially to JG and JY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZJ until retired

3 Sequentially to JG and JY in that order without regard to their Aggregate Scheduled Principal Balance until retired

Scheduled Principal Balances The Scheduled Principal Balances or Aggregate Scheduled Principal Balances for the Classes listed below are included in Schedule II to this Supplement They were calcushylated using among other things the following Structuring Ranges

Structuring Ranges

PAC Classes DA and DY (in the aggregate) GL GM and GQ (in the aggregate) JG and JY (in the aggregate) MA and ML (in the aggregate) PA and PW (in the aggregate) QB

150 PSA through 265 PSA 150 PSA through 265 PSA 170 PSA through 250 PSA 150 PSA through 300 PSA 150 PSA through 250 PSA 400 PSA through 460 PSA

Accrual Classes Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page However no interest will be distributed to the Accrual Classes as interest Interest so accrued on each Accrual Class on each Distribution Date will constitute an Accrual Amount which will be added to the Class Principal Balance of that Class on each Distribution Date and will be distributable as principal as set forth in this Terms Sheet under ldquoAllocation of Principalrdquo

S-6

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN 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Page 5: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Allocation of Principal On each Distribution Date for a Security Group the following distributions will be made to the related Securities

SECURITY GROUP 1

The Group 1 Principal Distribution Amount and the ZQ Accrual Amount will be allocated in the following order of priority

1 To QB until reduced to its Scheduled Principal Balance for that Distribution Date

2 To ZQ until retired

3 To QB without regard to its Scheduled Principal Balance until retired

SECURITY GROUP 2

The Group 2 Principal Distribution Amount and the ZP Accrual Amount will be allocated in the following order of priority

1 Sequentially to PA and PW in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZP until retired

3 Sequentially to PA and PW in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 3

The Group 3 Principal Distribution Amount and the HZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to GL GM and GQ in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To HZ until retired

3 Sequentially to GL GM and GQ in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 4

The Group 4 Principal Distribution Amount and the MZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to MA and ML in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To MZ until retired

3 Sequentially to MA and ML in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 5

The Group 5 Principal Distribution Amount and the ZE Accrual Amount will be allocated as folshylows

bull The ZE Accrual Amount sequentially to VE and ZE in that order until retired

S-5

bull The Group 5 Principal Distribution Amount sequentially to EA VE and ZE in that order until retired

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the DZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to DA and DY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To DZ until retired

3 Sequentially to DA and DY in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the ZJ Accrual Amount will be allocated in the following order of priority

1 Sequentially to JG and JY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZJ until retired

3 Sequentially to JG and JY in that order without regard to their Aggregate Scheduled Principal Balance until retired

Scheduled Principal Balances The Scheduled Principal Balances or Aggregate Scheduled Principal Balances for the Classes listed below are included in Schedule II to this Supplement They were calcushylated using among other things the following Structuring Ranges

Structuring Ranges

PAC Classes DA and DY (in the aggregate) GL GM and GQ (in the aggregate) JG and JY (in the aggregate) MA and ML (in the aggregate) PA and PW (in the aggregate) QB

150 PSA through 265 PSA 150 PSA through 265 PSA 170 PSA through 250 PSA 150 PSA through 300 PSA 150 PSA through 250 PSA 400 PSA through 460 PSA

Accrual Classes Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page However no interest will be distributed to the Accrual Classes as interest Interest so accrued on each Accrual Class on each Distribution Date will constitute an Accrual Amount which will be added to the Class Principal Balance of that Class on each Distribution Date and will be distributable as principal as set forth in this Terms Sheet under ldquoAllocation of Principalrdquo

S-6

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

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lass

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ated

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Typ

e(3)

R

ate

Typ

e(3)

N

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D

ate(

4)

Com

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4(5)

GL

$ 26

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$ 26

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E 26

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N

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I 11

509

714

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350

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268

560

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325

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N

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$ 26

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$ 30

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Ju

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GM

3

344

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32

June

204

7 H

C

302

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PACA

D

275

0 FI

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3838

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40

June

204

7 H

D

302

000

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D

300

0 FI

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3838

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57

June

204

7 H

E 30

200

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PA

CA

D

325

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3838

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65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

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XI

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3838

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73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

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3838

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81

June

204

7 H

P 30

200

000

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CA

D

250

0 FI

X

3838

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99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

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MB

$

551

240

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D

275

0

FIX

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N

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551

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124

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$ 4

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$ 11

902

527

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0

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Rel

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Cla

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Bal

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(2)

Typ

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R

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Typ

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N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

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DA

$

327

340

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DB

$

327

340

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D

325

0

FIX

38

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Y30

Ju

ne 2

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DC

32

734

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PA

CA

D

300

0 FI

X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

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PACA

D

262

5 FI

X

3838

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63

June

204

7 D

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327

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X

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71

June

204

7 D

I 9

352

571

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PACA

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350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

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Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

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Fe

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686

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686

770

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686

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686

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(1)

All

exch

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with

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strict

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The

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ount

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nal Cla

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otio

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nder

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In th

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f Com

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1 2

4 5

6 8

and

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odif

ication

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Base

Off

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bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true 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Page 6: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

bull The Group 5 Principal Distribution Amount sequentially to EA VE and ZE in that order until retired

SECURITY GROUP 6

The Group 6 Principal Distribution Amount and the DZ Accrual Amount will be allocated in the following order of priority

1 Sequentially to DA and DY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To DZ until retired

3 Sequentially to DA and DY in that order without regard to their Aggregate Scheduled Principal Balance until retired

SECURITY GROUP 7

The Group 7 Principal Distribution Amount and the ZJ Accrual Amount will be allocated in the following order of priority

1 Sequentially to JG and JY in that order until reduced to their Aggregate Scheduled Principal Balance for that Distribution Date

2 To ZJ until retired

3 Sequentially to JG and JY in that order without regard to their Aggregate Scheduled Principal Balance until retired

Scheduled Principal Balances The Scheduled Principal Balances or Aggregate Scheduled Principal Balances for the Classes listed below are included in Schedule II to this Supplement They were calcushylated using among other things the following Structuring Ranges

Structuring Ranges

PAC Classes DA and DY (in the aggregate) GL GM and GQ (in the aggregate) JG and JY (in the aggregate) MA and ML (in the aggregate) PA and PW (in the aggregate) QB

150 PSA through 265 PSA 150 PSA through 265 PSA 170 PSA through 250 PSA 150 PSA through 300 PSA 150 PSA through 250 PSA 400 PSA through 460 PSA

Accrual Classes Interest will accrue on each Accrual Class identified on the front cover of this Supplement at the per annum rate set forth on that page However no interest will be distributed to the Accrual Classes as interest Interest so accrued on each Accrual Class on each Distribution Date will constitute an Accrual Amount which will be added to the Class Principal Balance of that Class on each Distribution Date and will be distributable as principal as set forth in this Terms Sheet under ldquoAllocation of Principalrdquo

S-6

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

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PN

808

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350

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PQ

606

015

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PACA

D

400

0 FI

X

3838

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M

ay 2

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Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

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400

0

FIXI

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3838

0HU

26

Nov

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5

324

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CA

D

300

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X

3838

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34

Nov

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r 20

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12

652

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0 PA

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D

275

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3838

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42

Nov

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r 20

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PH

126

527

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D

250

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X

3838

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59

Nov

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PJ

126

527

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PACA

D

225

0 FI

X

3838

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67

Nov

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r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

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r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

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r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

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47G

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Typ

e(3)

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4)

Com

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$ 26

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G

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$ 26

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268

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E 26

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268

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5(5)

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$ 26

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H

A

$ 30

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GM

3

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32

June

204

7 H

C

302

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June

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57

June

204

7 H

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65

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XI

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204

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302

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81

June

204

7 H

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3838

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99

June

204

7 Se

curi

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bina

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6(5)

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$

551

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$

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$ 4

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$ 11

902

527

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Typ

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N

um

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D

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4)

Secu

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$

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340

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$

327

340

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325

0

FIX

38

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Ju

ne 2

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32

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000

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CA

D

300

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X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

00

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D

262

5 FI

X

3838

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63

June

204

7 D

H

327

340

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250

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X

3838

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71

June

204

7 D

I 9

352

571

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PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

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Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

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D

300

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38

380H

Y97

Fe

brua

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686

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686

770

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brua

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686

770

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225

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686

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(1)

All

exch

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s m

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mply

with

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strict

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The

am

ount

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for

each

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Cla

ss r

epre

sent

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e m

axim

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nal Cla

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ipal

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ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

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ssum

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it w

ere

to b

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n th

e Clo

sing

Dat

e

(3)

As

defin

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nder

ldquoCla

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dix

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an

d P

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Fin

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istr

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Date

rdquo in

this

Su

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t

(5)

In th

e ca

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f Com

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1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

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the

Base

Off

erin

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ircu

lar

for

a d

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n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings 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Page 7: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Notional Classes The Notional Classes will not receive distributions of principal but have Class Notional Balances for convenience in describing their entitlements to interest The Class Notional Balshyance of each Notional Class represents the percentage indicated below of and reduces to that extent with the Class Principal Balances or the outstanding principal balance of the related Trust Asset Group indicated

Original Class Class Notional Balance Represents Approximately

DI $ 9352571 285714285714 of DA (PACAD Class) EI 33558000 285714285714 of EA (SEQ Class) GI 11509714 428571428571 of GL (PACAD Class) HI 12942857 428571428571 of GL and GM (in the aggregate) (PACAD Classes) IJ 10145698 125 of the Group 7 Trust Assets IM 14897000 142857142857 of the Group 4 Trust Assets IO 36500000 25 of the Group 2 Trust Assets IP 31631750 25 of PA and PW (in the aggregate) (PACAD Classes) JI 34338500 50 of JG (PACAD Class) MI 19687142 357142857143 of MA (PACAD Class) PI 30300750 25 of PA (PACAD Class) QI 12857142 214285714286 of QB (PACAD Class)

Tax Status Double REMIC Series See ldquoCertain United States Federal Income Tax Consequencesrdquo in this Supplement and in the Base Offering Circular

Regular and Residual Classes Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC All other Classes of REMIC Securities are Regular Classes

S-7

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 8: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

RISK FACTORS

You should purchase securities only if you understand and are able to bear the associated risks The risks applicable to your investment depend on the principal and interest type of your securities This secshytion highlights certain of these risks

The rate of principal payments on the underlying mortgage loans will affect the rate of principal payments on your secushyrities The rate at which you will receive princishypal payments will depend largely on the rate of principal payments including prepayments on the mortgage loans underlying the related trust assets Any historical data regarding mortgage loan prepayment rates may not be indicative of the rate of future prepayments on the underlying mortgage loans and no assurances can be given about the rates at which the underlying mortgage loans will prepay We expect the rate of principal payments on the underlying mortgage loans to vary Borrowers generally may prepay their mortgage loans at any time without penalty

The terms of the mortgage loans may be modishyfied to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related mortgage loan Partial releases of security may reduce the value of the remaining security and also allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related mortgage loan in whole or in part

In addition to voluntary prepayments mortgage loans can be prepaid as a result of govshyernmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Although under certain circumstances Ginnie Mae issuers have the option to repurchase defaulted mortgage loans from the related pool underlying a Ginnie Mae MBS certificate they are not obligated to do so Defaulted mortgage loans that remain in pools backing Ginnie Mae MBS certificates may be subject to governmental mortgage insurance claim payments loss mitishygation arrangements or foreclosure which could have the same effect as voluntary prepayments on the cash flow available to pay the securities

A catastrophic weather event or other natural disaster may affect the rate of principal payshyments including prepayments on the underlying mortgage loans Any such event may damage the related mortgaged properties that secure the mortgage loans and may lead to a general ecoshynomic downturn in the affected regions includshying job losses and declines in real estate values A general economic downturn may increase the rate of defaults on the mortgage loans in such areas resulting in prepayments on the related securities due to governmental mortgage insurance claim payments loss mitigation arrangements repurchases or liquidations of defaulted mortgage loans Insurance payments on damaged or destroyed homes may also lead to prepayments on the underlying mortgage loans Further in connection with presidentially declared major disasters Ginnie Mae may authorize optional special assistance to issuers including expanded buyout authority which allows issuers upon receiving written approval from Ginnie Mae to repurchase eligible loans from the related pool underlying a Ginnie Mae MBS certificate even if such loans are not delinshyquent or do not otherwise meet the standard conditions for removal or repurchase

No assurances can be given as to the timing or frequency of any governmental mortgage insurance claim payments issuer repurchases loss mitigation arrangements or foreclosure proshyceedings with respect to defaulted mortgage loans and the resulting effect on the timing or rate of principal payments on your securities

Rates of principal payments can reduce your yield The yield on your securities probshyably will be lower than you expect if

bull you bought your securities at a premium (interest only securities for example) and principal payments are faster than you expected or

S-8

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 9: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

bull you bought your securities at a discount and principal payments are slower than you expected

In addition if your securities are interest only securities or securities purchased at a significant premium you could lose money on your investment if prepayments occur at a rapid rate

Under certain circumstances a Ginnie Mae issuer has the right to repurchase a defaulted mortgage loan from the related pool of mortgage loans underlying a particular Ginnie Mae MBS certificate the effect of which would be comparable to a prepayment of such mortgage loan At its option and without Ginnie Maersquos prior consent a Ginnie Mae issuer may repurchase any mortgage loan at an amount equal to par less any amounts previously advanced by such issuer in conshynection with its responsibilities as servicer of such mortgage loan to the extent that (i) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or before December 1 2002 such mortgage loan has been delinquent for four consecutive months and at least one delinquent payment remains uncured or (ii) in the case of a mortgage loan included in a pool of mortgage loans underlying a Ginnie Mae MBS certificate issued on or after January 1 2003 no payment has been made on such mortgage loan for three consecutive months Any such repurchase will result in prepayment of the principal balance or reduction in the notional balance of the securities ultimately backed by such mortgage loan No assurances can be given as to the timing or freshyquency of any such repurchases

An investment in the securities is subject to significant reinvestment risk The rate of principal payments on your securities is uncertain You may be unable to reinvest the payments on your securities at the same returns provided by the securities Lower prevailing interest rates may result in an unexpected return of principal In that interest rate climate higher yielding reinvestment opportunities may be limshyited Conversely higher prevailing interest rates may result in slower returns of principal and you

may not be able to take advantage of higher yielding investment opportunities The final payment on your security may occur much earshylier than the final distribution date

Support securities will be more sensitive to rates of principal payments than other securities If principal prepayments result in principal distributions on any distribution date equal to or less than the amount needed to produce scheduled payments on the PAC classes the related support class will not receive any principal distribution on that date If prepayshyments result in principal distributions on any distribution date greater than the amount needed to produce scheduled payments on the related PAC classes for that distribution date this excess will be distributed to the related support class

Up to 10 of the mortgage loans underlying the group 2 and 7 trust assets and up to 100 of the mortgage loans underlying the group 1 3 4 5 and 6 trust assets may be higher balance mortgage loans Subject to special pooling parameters set forth in the Ginnie Mae Mortgage-Backed Securities Guide qualifyshying federally-insured or guaranteed mortgage loans that exceed certain balance thresholds established by Ginnie Mae (ldquohigher balance mortgage loansrdquo) may be included in Ginnie Mae guaranteed pools There are no historical pershyformance data regarding the prepayment rates for higher balance mortgage loans If the higher balance mortgage loans prepay faster or slower than expected the weighted average lives and yields of the related securities are likely to be affected perhaps significantly Furthermore higher balance mortgage loans tend to be conshycentrated in certain geographic areas which may experience relatively higher rates of defaults in the event of adverse economic conditions No assurances can be given about the prepayment experience or performance of the higher balance mortgage loans

The securities may not be a suitable investshyment for you The securities in particular the support interest only accrual and residual classes are not suitable investments for all investors

S-9

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

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PN

808

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350

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PQ

606

015

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PACA

D

400

0 FI

X

3838

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M

ay 2

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Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

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400

0

FIXI

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3838

0HU

26

Nov

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5

324

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CA

D

300

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X

3838

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34

Nov

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r 20

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12

652

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0 PA

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D

275

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3838

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42

Nov

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r 20

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PH

126

527

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D

250

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X

3838

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59

Nov

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PJ

126

527

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PACA

D

225

0 FI

X

3838

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67

Nov

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r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

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r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

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r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

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47G

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Typ

e(3)

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4)

Com

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$ 26

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G

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$ 26

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268

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E 26

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268

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5(5)

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$ 26

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H

A

$ 30

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GM

3

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32

June

204

7 H

C

302

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June

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57

June

204

7 H

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65

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XI

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204

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302

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81

June

204

7 H

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3838

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99

June

204

7 Se

curi

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bina

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6(5)

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$

551

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$

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$ 4

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$ 11

902

527

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Typ

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N

um

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D

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4)

Secu

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$

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340

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$

327

340

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325

0

FIX

38

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Ju

ne 2

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32

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000

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CA

D

300

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X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

00

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D

262

5 FI

X

3838

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63

June

204

7 D

H

327

340

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250

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X

3838

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71

June

204

7 D

I 9

352

571

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PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

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Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

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D

300

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38

380H

Y97

Fe

brua

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686

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686

770

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brua

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686

770

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225

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686

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(1)

All

exch

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s m

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mply

with

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strict

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The

am

ount

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for

each

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Cla

ss r

epre

sent

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e m

axim

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nal Cla

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ipal

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ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

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ssum

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it w

ere

to b

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n th

e Clo

sing

Dat

e

(3)

As

defin

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nder

ldquoCla

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dix

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an

d P

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Fin

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istr

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Date

rdquo in

this

Su

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t

(5)

In th

e ca

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f Com

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1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

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the

Base

Off

erin

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ircu

lar

for

a d

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n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings 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Page 10: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

In addition although the sponsor intends to make a market for the purchase and sale of the securities after their initial issuance it has no obligation to do so There is no assurance that a secondary market will develop that any seconshydary market will continue or that the price at which you can sell an investment in any class will enable you to realize a desired yield on that investment

You will bear the market risks of your investshyment The market values of the classes are likely to fluctuate These fluctuations may be significant and could result in significant losses to you

The secondary markets for mortgage-related securities have experienced periods of illiquidity and can be expected to do so in the future Illishyquidity can have a severely adverse effect on the prices of classes that are especially sensitive to prepayment or interest rate risk or that have been structured to meet the investment requireshyments of limited categories of investors

The residual securities may experience significant adverse tax timing consequences Accordingly you are urged to consult tax advisors and to consider the after-tax effect of ownership of a residual security and the suitability of the residual

securities to your investment objectives See ldquoCertain United States Federal Income Tax Conshysequencesrdquo in this supplement and in the base offering circular

You are encouraged to consult advisors regardshying the financial legal tax and other aspects of an investment in the securities You should not purchase the securities of any class unless you understand and are able to bear the prepayment yield liquidity and market risks associated with that class

The actual characteristics of the underlying mortgage loans will affect the weighted average lives and yields of your securities The yield and decrement tables in this suppleshyment are based on assumed characteristics which are likely to be different from the actual characteristics As a result the yields on your securities could be lower than you expected even if the mortgage loans prepay at the constant prepayment rates set forth in the applicable table

It is highly unlikely that the underlying mortgage loans will prepay at any of the prepayment rates assumed in this supplement or at any constant prepayment rate

THE TRUST ASSETS

General

The Sponsor intends to acquire the Trust Assets in privately negotiated transactions prior to the Closing Date and to sell them to the Trust according to the terms of a Trust Agreement between the Sponsor and the Trustee The Sponsor will make certain representations and warranties with respect to the Trust Assets All Trust Assets will evidence directly or indirectly Ginnie Mae Certificates

The Trust MBS

The Trust Assets are either

1 Ginnie Mae II MBS Certificates guaranteed by Ginnie Mae or

2 Ginnie Mae Platinum Certificates backed by Ginnie Mae II MBS Certificates and guaranteed by Ginnie Mae

Each Mortgage Loan underlying a Ginnie Mae II MBS Certificate issued prior to July 1 2003 bears intershyest at a Mortgage Rate 050 to 150 per annum greater than the related Certificate Rate Each Mortshygage Loan underlying a Ginnie Mae II MBS Certificate issued on or after July 1 2003 bears interest at a Mortgage Rate 025 to 075 per annum greater than the related Certificate Rate Ginnie Mae receives a

S-10

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

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USI

PD

istr

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tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

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204

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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Page 11: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

fee (the ldquoGinnie Mae Certificate Guaranty Feerdquo) for its guaranty of each Ginnie Mae II MBS Certificate of 006 per annum of the outstanding principal balance of each related Mortgage Loan The difference between (a) the Mortgage Rate and (b) the sum of the Certificate Rate and the rate of the Ginnie Mae Certificate Guaranty Fee is used to pay the related servicers of the Mortgage Loans a monthly servicing fee

The Mortgage Loans

The Mortgage Loans underlying the Trust Assets are expected to have on a weighted average basis the characteristics set forth in the Terms Sheet under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo and the general characteristics described in the Base Offering Circushylar The Mortgage Loans will consist of first lien single-family fixed rate residential mortgage loans that are insured or guaranteed by the Federal Housing Administration the United States Department of Veterans Affairs Rural Development (formerly the Rural Housing Service) or the United States Departshyment of Housing and Urban Development (ldquoHUDrdquo) See ldquoThe Ginnie Mae Certificates mdash Generalrdquo in the Base Offering Circular

Specific information regarding the characteristics of the Mortgage Loans underlying the Trust MBS is not available For purposes of this Supplement certain assumptions have been made regarding the remaining terms to maturity loan ages and Mortgage Rates of the Mortgage Loans underlying the Trust Assets However the actual remaining terms to maturity loan ages and Mortgage Rates of many of the Mortgage Loans will differ from the characteristics assumed perhaps significantly This will be the case even if the weighted average characteristics of the Mortgage Loans are the same as the assumed characshyteristics Small differences in the characteristics of the Mortgage Loans can have a significant effect on the Weighted Average Lives and yields of the Securities See ldquoRisk Factorsrdquo and ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement

The Trustee Fee

The Sponsor will contribute certain Ginnie Mae Certificates in respect of the Trustee Fee On each Distribution Date the Trustee will retain all principal and interest distributions received on such Ginnie Mae Certificates in payment of the Trustee Fee

GINNIE MAE GUARANTY

The Government National Mortgage Association (ldquoGinnie Maerdquo) a wholly-owned corporate instrumentality of the United States of America within HUD guarantees the timely payment of principal and interest on the Securities The General Counsel of HUD has provided an opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and that Ginnie Mae guaranties will conshystitute general obligations of the United States for which the full faith and credit of the United States is pledged See ldquoGinnie Mae Guarantyrdquo in the Base Offering Circular

DESCRIPTION OF THE SECURITIES

General

The description of the Securities contained in this Supplement is not complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Trust Agreement See ldquoDescription of the Securitiesrdquo in the Base Offering Circular

Form of Securities

Each Class of Securities other than the Residual Securities initially will be issued and maintained and may be transferred only on the Fedwire Book-Entry System Beneficial Owners of Book-Entry Secushy

S-11

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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Page 12: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

rities will ordinarily hold these Securities through one or more financial intermediaries such as banks brokerage firms and securities clearing organizations that are eligible to maintain book-entry accounts on the Fedwire Book-Entry System By request accompanied by the payment of a transfer fee of $25000 per Certificated Security to be issued a Beneficial Owner may receive a Regular Security in certificated form

The Residual Securities will not be issued in book-entry form but will be issued in fully registered certificated form and may be transferred or exchanged subject to the transfer restrictions applicable to Residual Securities set forth in the Trust Agreement at the Corporate Trust Office of the Trustee See ldquoDescription of the Securities mdash Forms of Securities Book-Entry Proceduresrdquo in the Base Offering Circushylar

Each Regular and MX Class (other than the Increased Minimum Denomination Classes) will be issued in minimum dollar denominations of initial principal balance of $1000 and integral multiples of $1 in excess of $1000 The Increased Minimum Denomination Classes will be issued in minimum denominations that equal $100000 in initial notional balance

Distributions

Distributions on the Securities will be made on each Distribution Date as specified under ldquoTerms Sheet mdash Distribution Daterdquo in this Supplement On each Distribution Date for a Security or in the case of the Certificated Securities on the first Business Day after the related Distribution Date the Disshytribution Amount will be distributed to the Holders of record as of the related Record Date Beneficial Owners of Book-Entry Securities will receive distributions through credits to accounts maintained for their benefit on the books and records of the appropriate financial intermediaries Holders of Certifishycated Securities will receive distributions by check or subject to the restrictions set forth in the Base Offering Circular by wire transfer See ldquoDescription of the Securities mdash Distributionsrdquo and ldquomdash Method of Distributionsrdquo in the Base Offering Circular

Interest Distributions

The Interest Distribution Amount will be distributed on each Distribution Date to the Holders of all Classes of Securities entitled to distributions of interest

bull Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months

bull Interest distributable (or accrued in the case of an Accrual Class) on any Class for any Disshytribution Date will consist of 30 daysrsquo interest on its Class Principal Balance (or Class Notional Balance) as of the related Record Date

bull Investors can calculate the amount of interest to be distributed (or accrued in the case of an Accrual Class) on each Class of Securities for any Distribution Date by using the Class Factors published in the preceding month See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of interest distributions the Classes will be categorized as shown under ldquoInterest Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the interest entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Accrual Period

The Accrual Period for each Regular and MX Class is the calendar month preceding the related Distribution Date

S-12

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT 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FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 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Page 13: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Fixed Rate Classes

Each Fixed Rate Class will bear interest at the per annum Interest Rate shown on the front cover of this Supplement or on Schedule I to this Supplement

Accrual Classes

Each of Classes DZ HZ MZ ZE ZJ ZP and ZQ is an Accrual Class Interest will accrue on the Accrual Classes and be distributed as described under ldquoTerms Sheet mdash Accrual Classesrdquo in this Suppleshyment

Principal Distributions

The Principal Distribution Amount for each Group and each Accrual Amount will be distributed to the Holders entitled thereto as described under ldquoTerms Sheet mdash Allocation of Principalrdquo in this Suppleshyment Investors can calculate the amount of principal to be distributed with respect to any Distribution Date by using the Class Factors published in the preceding and current months See ldquomdash Class Factorsrdquo below

Categories of Classes

For purposes of principal distributions the Classes will be categorized as shown under ldquoPrincipal Typerdquo on the front cover of this Supplement and on Schedule I to this Supplement The abbreviations used in this Supplement to describe the principal entitlements of the Classes are explained under ldquoClass Typesrdquo in Appendix I to the Base Offering Circular

Notional Classes

The Notional Classes will not receive principal distributions For convenience in describing interest distributions the Notional Classes will have the original Class Notional Balances shown on the front cover of this Supplement and on Schedule I to this Supplement The Class Notional Balances will be reduced as shown under ldquoTerms Sheet mdash Notional Classesrdquo in this Supplement

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Issushying REMIC and the beneficial ownership of the Residual Interest in the Pooling REMIC as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular The Class RR Securities have no Class Principal Balance and do not accrue interest The Class RR Securities will be entitled to receive the proceeds of the disposition of any assets remaining in the Trust REMICs after the Class Principal Balance or Class Notional Balance of each Class of Regular Securities has been reduced to zero However any remaining proceeds are not likely to be significant The Residual Securities may not be transferred to a Plan Investor a Non-US Person or a Disqualified Organization

Class Factors

The Trustee will calculate and make available for each Class of Securities no later than the day preceding the Distribution Date the factor (carried out to eight decimal places) that when multiplied by the Original Class Principal Balance (or original Class Notional Balance) of that Class determines the Class Principal Balance (or Class Notional Balance) after giving effect to the distribution of principal to be made on the Securities (and any addition to the Class Principal Balance of an Accrual Class) or any reduction of Class Notional Balance on that Distribution Date (each a ldquoClass Factorrdquo)

bull The Class Factor for any Class of Securities for each month following the issuance of the Secushyrities will reflect its remaining Class Principal Balance (or Class Notional Balance) after giving

S-13

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

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USI

PD

istr

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tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

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204

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue 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Page 14: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

effect to any principal distribution (or addition to principal) to be made or any reduction of Class Notional Balance on the Distribution Date occurring in that month

bull The Class Factor for each Class for the month of issuance is 100000000

bull The Class Factors for the MX Classes and the Classes of REMIC Securities that are exchangeable for the MX Classes will be calculated assuming that the maximum possible amount of each Class is outstanding at all times regardless of any exchanges that may occur

bull Based on the Class Factors published in the preceding and current months (and Interest Rates) investors in any Class (other than an Accrual Class) can calculate the amount of principal and interest to be distributed to that Class and investors in an Accrual Class can calculate the total amount of principal to be distributed to (or interest to be added to the Class Principal Balance of) that Class on the Distribution Date in the current month

bull Investors may obtain current Class Factors on Ginnie Maersquos Multiclass Securities e-Access located on Ginnie Maersquos website (ldquoe-Accessrdquo)

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Termination

The Trustee at its option may purchase or cause the sale of the Trust Assets and thereby terminate the Trust on any Distribution Date on which the aggregate of the Class Principal Balances of the Secushyrities is less than 1 of the aggregate Original Class Principal Balances of the Securities On any Disshytribution Date upon the Trusteersquos determination that the REMIC status of any Trust REMIC has been lost or that a substantial risk exists that this status will be lost for the then current taxable year the Trustee will terminate the Trust and retire the Securities

Upon any termination of the Trust the Holder of any outstanding Security (other than a Residual or Notional Class Security) will be entitled to receive that Holderrsquos allocable share of the Class Principal Balance of that Class plus any accrued and unpaid interest thereon at the applicable Interest Rate and any Holder of any outstanding Notional Class Security will be entitled to receive that Holderrsquos allocable share of any accrued and unpaid interest thereon at the applicable Interest Rate The Residual Holders will be entitled to their pro rata share of any assets remaining in the Trust REMICs after payment in full of the amounts described in the foregoing sentence However any remaining assets are not likely to be significant

Modification and Exchange

All or a portion of the Classes of REMIC Securities specified on the front cover may be exchanged for a proportionate interest in the related MX Class or Classes shown on Schedule I to this Supplement Similarly all or a portion of the related MX Class or Classes may be exchanged for proportionate intershyests in the related Class or Classes of REMIC Securities and in the case of Combinations 1 2 4 5 6 8 and 9 other related MX Classes This process may occur repeatedly

Each exchange may be effected only in proportions that result in the principal and interest entitleshyments of the Securities received being equal to the entitlements of the Securities surrendered

In the case of Combinations 1 2 4 5 6 8 and 9 the related REMIC Securities may be exchanged for proportionate interests in various subcombinations of MX Classes Similarly all or a portion of these MX Classes may be exchanged for proportionate interests in the related REMIC Securities or in other subcombinations of the related MX Classes Each subcombination may be effected only in proportions

S-14

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 15: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

that result in the principal and interest entitlements of the Securities received being equal to the entitleshyments of the Securities surrendered See the example under ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

A Beneficial Owner proposing to effect an exchange must notify the Trustee through the Beneficial Ownerrsquos Book-Entry Depository participant This notice must be received by the Trustee not later than two Business Days before the proposed exchange date The exchange date can be any Business Day other than the last Business Day of the month The notice must contain the outstanding principal or notional balances of the Securities to be included in the exchange and the proposed exchange date The notice is required to be delivered to the Trustee by email to USBGNMATeamusbankcom or in writing at its Corporate Trust Office at US Bank National Association One Federal Street 3rd Floor Boston Massachusetts 02110 Attention Ginnie Mae REMIC Trust 2017-165 The Trustee may be contacted by telephone at (617) 603-6451 and by fax at (617) 603-6644

A fee will be payable to the Trustee in connection with each exchange equal to 132 of 1 of the outstanding principal balance of the Securities surrendered for exchange (but not less than $2000 or more than $25000) The fee must be paid concurrently with the exchange

The first distribution on a REMIC Security or an MX Security received in an exchange will be made on the Distribution Date in the month following the month of the exchange The distribution will be made to the Holder of record as of the Record Date in the month of exchange

See ldquoDescription of the Securities mdash Modification and Exchangerdquo in the Base Offering Circular

YIELD MATURITY AND PREPAYMENT CONSIDERATIONS

General

The prepayment experience of the Mortgage Loans will affect the Weighted Average Lives of and the yields realized by investors in the related Securities

bull The Mortgage Loans do not contain ldquodue-on-salerdquo provisions and any Mortgage Loan may be prepaid in full or in part at any time without penalty

bull The rate of payments (including prepayments and payments in respect of liquidations) on the Mortgage Loans is dependent on a variety of economic geographic social and other factors including prevailing market interest rates and general economic factors

The rate of prepayments with respect to single-family mortgage loans has fluctuated significantly in recent years Although there is no assurance that prepayment patterns for the Mortgage Loans will conshyform to patterns for more traditional types of conventional fixed rate mortgage loans generally

bull if mortgage interest rates fall materially below the Mortgage Rates on any of the Mortgage Loans (giving consideration to the cost of refinancing) the rate of prepayment of those Mortgage Loans would be expected to increase and

bull if mortgage interest rates rise materially above the Mortgage Rates on any of the Mortgage Loans the rate of prepayment of those Mortgage Loans would be expected to decrease

In addition following any Mortgage Loan default and the subsequent liquidation of the underlying Mortgaged Property the principal balance of the Mortgage Loan will be distributed through a combinashytion of liquidation proceeds advances from the related Ginnie Mae Issuer and to the extent necessary proceeds of Ginnie Maersquos guaranty of the Ginnie Mae Certificates As a result defaults experienced on the Mortgage Loans will accelerate the distribution of principal of the Securities

S-15

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

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38

380H

Y97

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brua

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JB

686

770

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PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

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JC

686

770

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PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

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JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

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JE

686

770

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PACA

D

200

0 FI

X

3838

0HZ54

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JI

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385

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NTL(

PACA

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400

0 FI

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3838

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JK

686

770

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PACA

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175

0 FI

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3838

0HZ70

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JM

686

770

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PACA

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150

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0HZ88

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(1)

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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Page 16: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

The terms of the Mortgage Loans may be modified to permit among other things a partial release of security which releases a portion of the mortgaged property from the lien securing the related Mortshygage Loan Partial releases of security may allow the related borrower to sell the released property and generate proceeds that may be used to prepay the related Mortgage Loan in whole or in part

Under certain circumstances the Trustee has the option to purchase the Trust Assets thereby effectshying early retirement of the Securities See ldquoDescription of the Securities mdash Terminationrdquo in this Suppleshyment

Accretion Directed Classes

Classes DA DY GL GM GQ JG JY MA ML PA PW QB and VE are Accretion Directed Classes The related Accrual Amount will be applied to making principal distributions on those Classes as described in this Supplement Class QI is a Notional Class whose Class Notional Balance is determined by reference to the Class Principal Balance of Class QB

Each of the Accretion Directed Classes has the AD designation in the suffix position rather than the prefix position in its class principal type because it does not have principal payment stability through the applicable pricing prepayment assumption Class VE will have principal payment stability only through the prepayment rate shown in the table below The remaining Accretion Directed Classes are not listed in the table below because although they are entitled to receive payments from the related Accrual Amount they do not have principal payment stability through any constant prepayment rate significantly higher than 0 PSA except within any applicable Effective Ranges

The Accretion Directed Classes are entitled to principal payments in an amount equal to interest accrued on the related Accrual Class With respect to the Class listed in the table below the Weighted Average Life of Class VE cannot exceed its Weighted Average Life as shown in the following table under any prepayment scenario even a scenario where there are no prepayments

bull Moreover based on the Modeling Assumptions if the related Mortgage Loans prepay at any constant rate at or below the rate for Class VE shown in the table below the Class Principal Balance of such Class would be reduced to zero on but not before its Final Distribution Date and the Weighted Average Life of such Class would equal its maximum Weighted Average Life shown in the table below

bull However the Weighted Average Life of Class VE will be reduced at prepayment speeds higher than the constant rates shown in the table below See ldquoYield Maturity and Prepayment Considshyerations mdash Decrement Tablesrdquo in this Supplement

Accretion Directed Class

Maximum Weighted Average Life Prepayment Rate

Class (in years)(1) Final Distribution Date at or below

VE 70 November 2030 262 PSA

(1) The maximum Weighted Average Life for Class VE is based on the Modeling Assumptions and the assumption that the related Mortgage Loans prepay at any constant rate at or below the rate shown in the table for such Class

The Mortgage Loans will have characteristics that differ from those of the Modeling Assumptions Therefore even if the related Mortgage Loans prepay at a rate at or somewhat below the ldquoat or belowrdquo rate shown for Class VE the Class Principal Balance of such Class could be reduced to zero before its Final Distribution Date and its Weighted Average Life could be shortened

S-16

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

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lass

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ated

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Typ

e(3)

R

ate

Typ

e(3)

N

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D

ate(

4)

Com

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4(5)

GL

$ 26

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$ 26

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E 26

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N

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I 11

509

714

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350

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268

560

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325

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N

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$ 26

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$ 30

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Ju

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GM

3

344

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32

June

204

7 H

C

302

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PACA

D

275

0 FI

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3838

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40

June

204

7 H

D

302

000

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D

300

0 FI

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3838

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57

June

204

7 H

E 30

200

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PA

CA

D

325

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3838

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65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

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XI

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3838

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73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

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3838

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81

June

204

7 H

P 30

200

000

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CA

D

250

0 FI

X

3838

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99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

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MB

$

551

240

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D

275

0

FIX

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N

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551

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124

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$ 4

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$ 11

902

527

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0

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Rel

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Cla

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Bal

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(2)

Typ

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R

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Typ

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N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

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DA

$

327

340

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DB

$

327

340

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D

325

0

FIX

38

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Y30

Ju

ne 2

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DC

32

734

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PA

CA

D

300

0 FI

X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

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PACA

D

262

5 FI

X

3838

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63

June

204

7 D

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327

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X

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71

June

204

7 D

I 9

352

571

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PACA

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350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

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Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

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Fe

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686

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686

770

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686

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686

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(1)

All

exch

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with

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strict

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The

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ount

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nal Cla

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otio

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nder

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In th

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f Com

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1 2

4 5

6 8

and

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odif

ication

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Base

Off

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bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true 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 DEU 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 ESP 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ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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Page 17: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Securities that Receive Principal on the Basis of Schedules

As described in this Supplement each PAC Class will receive principal payments in accordance with a schedule calculated on the basis of among other things a Structuring Range See ldquoTerms Sheet mdash Scheduled Principal Balancesrdquo However whether any such Class will adhere to its schedule and receive ldquoScheduled Paymentsrdquo on a Distribution Date will largely depend on the level of prepayments experienced by the related Mortgage Loans

Each PAC Class exhibits an Effective Range of constant prepayment rates at which such Class will receive Scheduled Payments That range may differ from the Structuring Range used to create the related principal balance schedule Based on the Modeling Assumptions the initial Effective Ranges for the PAC Classes are as follows

Initial Effective Ranges

PAC Classes DA and DY (in the aggregate) 150 PSA through 265 PSA GL GM and GQ (in the aggregate) 150 PSA through 265 PSA JG and JY (in the aggregate) 170 PSA through 250 PSA MA and ML (in the aggregate) 150 PSA through 300 PSA PA and PW (in the aggregate) 150 PSA through 250 PSA QB 400 PSA through 460 PSA

bull The principal payment stability of the PAC Classes will be supported by the related Support Class

If the Class supporting a given Class is retired before the Class being supported is retired the outstanding Class will no longer have an Effective Range and will become more sensitive to prepayments on the related Mortgage Loans

There is no assurance that the related Mortgage Loans will have the characteristics assumed in the Modeling Assumptions which were used to determine the initial Effective Ranges If the initial Effective Ranges were calculated using the actual characteristics of the related Mortgage Loans the initial Effective Ranges could differ from those shown in the above table Therefore even if the Mortgage Loans were to prepay at a constant rate within the initial Effective Range shown for any Class in the above table that Class could fail to receive Scheduled Payments

Moreover the related Mortgage Loans will not prepay at any constant rate Non-constant prepayshyment rates can cause any PAC Class not to receive Scheduled Payments even if prepayment rates remain within the initial Effective Range for that Class Further the Effective Range for any PAC Class can narrow shift over time or cease to exist depending on the actual characteristics of the related Mortshygage Loans

If the related Mortgage Loans prepay at rates that are generally below the Effective Range for any PAC Class the amount available to pay principal on the Securities may be insufficient to produce Scheduled Payments on such related PAC Class and its Weighted Average Life may be extended pershyhaps significantly

If the related Mortgage Loans prepay at rates that are generally above the Effective Range for any PAC Class its supporting Class may be retired earlier than that PAC Class and its Weighted Average Life may be shortened perhaps significantly

S-17

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 18: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Assumability

Each Mortgage Loan may be assumed subject to HUD review and approval upon the sale of the related Mortgaged Property See ldquoYield Maturity and Prepayment Considerations mdash Assumability of Government Loansrdquo in the Base Offering Circular

Final Distribution Date

The Final Distribution Date for each Class which is set forth on the front cover of this Supplement or on Schedule I to this Supplement is the latest date on which the related Class Principal Balance or Class Notional Balance will be reduced to zero

bull The actual retirement of any Class may occur earlier than its Final Distribution Date

bull According to the terms of the Ginnie Mae Guaranty Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date

Modeling Assumptions

The tables that follow have been prepared on the basis of the following assumptions (the ldquoModeling Assumptionsrdquo) among others

1 The Mortgage Loans underlying the Trust Assets have the assumed characteristics shown under ldquoAssumed Characteristics of the Mortgage Loans Underlying the Trust Assetsrdquo in the Terms Sheet except in the case of information set forth under the 0 PSA Prepayment Assumption Rate for which each Mortgage Loan is assumed to have an original and a remaining term to maturity of 360 months and a Mortgage Rate of 150 per annum higher than the related Certificate Rate

2 The Mortgage Loans prepay at the constant percentages of PSA (described below) shown in the related table

3 Distributions on the Securities are always received on the 20th day of the month whether or not a Business Day commencing in December 2017

4 A termination of the Trust does not occur

5 The Closing Date for the Securities is November 30 2017

6 No expenses or fees are paid by the Trust other than the Trustee Fee which is paid as described under ldquoThe Trust Assets mdash The Trustee Feerdquo in this Supplement

7 Each Class is held from the Closing Date and is not exchanged in whole or in part

When reading the tables and the related text investors should bear in mind that the Modeling Assumptions like any other stated assumptions are unlikely to be entirely consistent with actual experience

bull For example most of the Mortgage Loans will not have the characteristics assumed many Disshytribution Dates will occur on a Business Day after the 20th day of the month and the Trustee may cause a termination of the Trust as described under ldquoDescription of the Securities mdash Termishynationrdquo in this Supplement

bull In addition distributions on the Securities are based on Certificate Factors and Calculated Certifishycate Factors as applicable which may not reflect actual receipts on the Trust Assets

See ldquoDescription of the Securities mdash Distributionsrdquo in the Base Offering Circular

Decrement Tables

Prepayments of mortgage loans are commonly measured by a prepayment standard or model The model used in this Supplement Prepayment Speed Assumption (ldquoPSArdquo) is the standard prepayment

S-18

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

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3838

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ay 2

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121

203

000

PACA

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225

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3838

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ay 2

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PE

121

203

000

PACA

D

200

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X

3838

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M

ay 2

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303

007

50

NTL(

PACA

D)

400

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O

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ay 2

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PN

808

020

00

PACA

D

350

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3838

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ay 2

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PQ

606

015

00

PACA

D

400

0 FI

X

3838

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ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

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3838

0HU

26

Nov

embe

r 20

47PW

5

324

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652

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300

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34

Nov

embe

r 20

47PG

12

652

700

0 PA

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D

275

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X

3838

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42

Nov

embe

r 20

47

PH

126

527

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PACA

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250

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3838

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59

Nov

embe

r 20

47

PJ

126

527

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225

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3838

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67

Nov

embe

r 20

47

PK

126

527

000

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200

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3838

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75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

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3838

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83

Nov

embe

r 20

47

PM

632

635

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400

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X

3838

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91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

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tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

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114

500

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RE

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Sec

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M

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S-I-2

Max

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Rel

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Cla

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rin

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MX

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Bal

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Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

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225

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268

560

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250

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268

560

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275

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3838

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45G

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856

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PA

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300

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509

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350

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3838

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45G

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268

560

00

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325

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3838

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ovem

ber 20

45Com

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tion

5(5)

GL

$ 26

856

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H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

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PA

CA

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225

0 FI

X

3838

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32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

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3838

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57

June

204

7 H

E 30

200

000

PA

CA

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325

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3838

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65

June

204

7 H

I 12

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N

TL(

PACA

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350

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O

3838

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73

June

204

7 H

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302

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350

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3838

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81

June

204

7 H

P 30

200

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PA

CA

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250

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3838

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99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

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PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

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551

240

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3838

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551

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124

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200

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3838

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42M

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551

240

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175

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3838

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42M

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687

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TL(

PACA

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350

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3838

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ovem

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42M

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393

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PACA

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350

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3838

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ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 19: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

assumption model of The Securities Industry and Financial Markets Association PSA represents an assumed rate of prepayment each month relative to the then outstanding principal balance of the Mortshygage Loans to which the model is applied See ldquoYield Maturity and Prepayment Considerations mdash Standard Prepayment Assumption Modelsrdquo in the Base Offering Circular

The decrement tables set forth below are based on the assumption that the Mortgage Loans prepay at the indicated percentages of PSA (the ldquoPSA Prepayment Assumption Ratesrdquo) As used in the tables each of the PSA Prepayment Assumption Rates reflects a percentage of the 100 PSA assumed prepayshyment rate The Mortgage Loans will not prepay at any of the PSA Prepayment Assumption Rates and the timing of changes in the rate of prepayments actually experienced on the Mortgage Loans will not follow the pattern described for the PSA assumption

The decrement tables set forth below illustrate the percentage of the Original Class Principal Balshyance (or in the case of a Notional Class the original Class Notional Balance) that would remain outshystanding following the distribution made each specified month for each Regular or MX Class based on the assumption that the related Mortgage Loans prepay at the PSA Prepayment Assumption Rates The percentages set forth in the following decrement tables have been rounded to the nearest whole percentage (including rounding down to zero)

The decrement tables also indicate the Weighted Average Life of each Class under each PSA Prepayment Assumption Rate The Weighted Average Life of each Class is calculated by

(a) multiplying the net reduction if any of the Class Principal Balance (or the net reduction of the Class Notional Balance in the case of a Notional Class) from one Distribution Date to the next Distribution Date by the number of years from the date of issuance thereof to the related Disshytribution Date

(b) summing the results and

(c) dividing the sum by the aggregate amount of the assumed net reductions in principal balance or notional balance as applicable referred to in clause (a)

The information shown for each Notional Class is for illustrative purposes only as a Notional Class is not entitled to distributions of principal and has no Weighted Average Life The Weighted Average Life shown for each Notional Class has been calculated on the assumption that a reduction in the Class Notional Balance thereof is a distribution of principal

The Weighted Average Lives are likely to vary perhaps significantly from those set forth in the tables below due to the differences between the actual characteristics of the Mortgage Loans underlying the related Trust Assets and the Modeling Assumptions

S-19

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

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M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

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M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

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CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

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S-I-2

Max

imu

mO

rigi

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Rel

ated

or

Cla

ss N

oti

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alP

rin

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tere

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USI

PD

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ibu

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P

rin

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al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

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D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

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D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 20: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Percentages of Original Class Principal (or Class Notional) Balances and Weighted Average Lives

Security Group 1 PSA Prepayment Assumption Rates

Classes QB and QI Class ZQ

Distribution Date 0 400 430 460 900 0 400 430 460 900

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 98 91 91 91 87 104 104 93 82 0 November 2019 96 73 73 73 54 107 107 75 42 0 November 2020 95 53 53 53 25 111 111 59 9 0 November 2021 93 38 38 38 11 115 115 56 0 0 November 2022 90 27 27 27 5 119 113 54 0 0 November 2023 88 19 19 19 2 123 103 49 0 0 November 2024 86 13 13 13 1 128 90 42 0 0 November 2025 84 9 9 9 0 132 76 35 0 0 November 2026 81 7 7 7 0 137 63 29 0 0 November 2027 78 5 5 5 0 142 51 23 0 0 November 2028 76 3 3 3 0 147 41 18 0 0 November 2029 73 2 2 2 0 152 32 14 0 0 November 2030 70 2 2 2 0 158 25 11 0 0 November 2031 66 1 1 1 0 163 19 8 0 0 November 2032 63 1 1 1 0 169 15 6 0 0 November 2033 59 1 1 1 0 175 11 5 0 0 November 2034 56 0 0 0 0 181 8 3 0 0 November 2035 52 0 0 0 0 188 6 3 0 0 November 2036 48 0 0 0 0 194 5 2 0 0 November 2037 43 0 0 0 0 201 3 1 0 0 November 2038 39 0 0 0 0 208 2 1 0 0 November 2039 34 0 0 0 0 216 2 1 0 0 November 2040 29 0 0 0 0 223 1 0 0 0 November 2041 24 0 0 0 0 231 1 0 0 0 November 2042 18 0 0 0 0 240 1 0 0 0 November 2043 12 0 0 0 0 248 0 0 0 0 November 2044 6 0 0 0 0 257 0 0 0 0 November 2045 0 0 0 0 0 263 0 0 0 0 November 2046 0 0 0 0 0 135 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 171 40 40 40 24 290 103 64 18 04

Security Group 2 PSA Prepayment Assumption Rates

Classes IP P PG PH PJ Classes PA PB PC PD PE Class IO PK PL and PM PI PN and PQ

Distribution Date 0 150 200 250 400 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 95 95 94 91 98 94 94 94 94 98 94 94 94 94 November 2019 97 88 85 82 74 96 85 85 85 85 96 84 84 84 84 November 2020 96 78 73 68 55 94 74 74 74 64 93 72 72 72 62 November 2021 94 70 63 57 41 91 63 63 63 47 91 62 62 62 45 November 2022 92 62 54 47 30 89 54 54 54 35 88 52 52 52 32 November 2023 91 55 47 39 23 86 45 45 45 26 86 43 43 43 23 November 2024 89 49 40 33 17 84 38 38 38 19 83 35 35 35 16 November 2025 87 43 34 27 12 81 31 31 31 14 80 28 28 28 11 November 2026 85 38 29 22 9 78 26 26 26 11 77 22 22 22 7 November 2027 83 34 25 18 7 74 21 21 21 8 73 18 18 18 4 November 2028 80 30 21 15 5 71 17 17 17 6 70 14 14 14 2 November 2029 78 26 18 12 4 68 14 14 14 4 66 10 10 10 0 November 2030 75 23 15 10 3 64 12 12 12 3 62 8 8 8 0 November 2031 72 20 13 8 2 60 9 9 9 2 58 5 5 5 0 November 2032 69 17 11 7 1 56 8 8 8 2 54 4 4 4 0 November 2033 66 15 9 5 1 52 6 6 6 1 50 2 2 2 0 November 2034 63 13 7 4 1 47 5 5 5 1 45 1 1 1 0 November 2035 60 11 6 3 1 43 4 4 4 1 40 0 0 0 0 November 2036 56 9 5 3 0 38 3 3 3 0 35 0 0 0 0 November 2037 52 8 4 2 0 32 2 2 2 0 29 0 0 0 0 November 2038 48 6 3 2 0 27 2 2 2 0 24 0 0 0 0 November 2039 44 5 3 1 0 21 1 1 1 0 18 0 0 0 0 November 2040 40 4 2 1 0 15 1 1 1 0 11 0 0 0 0 November 2041 35 3 2 1 0 9 1 1 1 0 4 0 0 0 0 November 2042 30 2 1 0 0 2 1 1 1 0 0 0 0 0 0 November 2043 24 2 1 0 0 0 0 0 0 0 0 0 0 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2045 13 1 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 86 72 61 43 153 67 67 67 47 148 60 60 60 43

S-20

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

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M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

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M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

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CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

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S-I-2

Max

imu

mO

rigi

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Rel

ated

or

Cla

ss N

oti

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alP

rin

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tere

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USI

PD

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ibu

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P

rin

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al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

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D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

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D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP ltFEFF005500740069006c0069006300650020006500730074006100200063006f006e0066006900670075007200610063006900f3006e0020007000610072006100200063007200650061007200200064006f00630075006d0065006e0074006f00730020005000440046002000640065002000410064006f0062006500200061006400650063007500610064006f00730020007000610072006100200069006d0070007200650073006900f3006e0020007000720065002d0065006400690074006f007200690061006c00200064006500200061006c00740061002000630061006c0069006400610064002e002000530065002000700075006500640065006e00200061006200720069007200200064006f00630075006d0065006e0074006f00730020005000440046002000630072006500610064006f007300200063006f006e0020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e003000200079002000760065007200730069006f006e0065007300200070006f00730074006500720069006f007200650073002egt FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 21: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Security Group 2 PSA Prepayment Assumption Rates

Class PW Class ZP

Distribution Date 0 150 200 250 400 0 150 200 250 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 103 103 96 89 68 November 2019 100 100 100 100 100 106 106 85 64 2 November 2020 100 100 100 100 100 109 109 72 35 0 November 2021 100 100 100 100 100 113 113 63 17 0 November 2022 100 100 100 100 100 116 116 58 6 0 November 2023 100 100 100 100 100 120 120 56 1 0 November 2024 100 100 100 100 100 123 123 56 0 0 November 2025 100 100 100 100 100 127 123 55 0 0 November 2026 100 100 100 100 100 131 121 53 0 0 November 2027 100 100 100 100 100 135 116 50 0 0 November 2028 100 100 100 100 100 139 110 47 0 0 November 2029 100 100 100 100 99 143 103 43 0 0 November 2030 100 100 100 100 73 148 95 39 0 0 November 2031 100 100 100 100 53 152 87 35 0 0 November 2032 100 100 100 100 38 157 79 31 0 0 November 2033 100 100 100 100 28 162 71 27 0 0 November 2034 100 100 100 100 20 166 64 24 0 0 November 2035 100 94 94 94 14 171 56 21 0 0 November 2036 100 74 74 74 10 177 49 18 0 0 November 2037 100 58 58 58 7 182 42 15 0 0 November 2038 100 45 45 45 5 188 36 12 0 0 November 2039 100 34 34 34 3 193 30 10 0 0 November 2040 100 26 26 26 2 199 25 8 0 0 November 2041 100 19 19 19 1 205 20 6 0 0 November 2042 42 13 13 13 1 212 15 5 0 0 November 2043 9 9 9 9 1 181 11 3 0 0 November 2044 5 5 5 5 0 140 7 2 0 0 November 2045 3 3 3 3 0 96 4 1 0 0 November 2046 1 1 1 1 0 49 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 252 213 213 213 150 277 178 104 26 13

Security Group 3 PSA Prepayment Assumption Rates

Classes GA GB GC GD GE GI GK and GL Class GM Class GQ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 97 94 94 94 94 100 100 100 100 100 100 100 100 100 100 November 2019 94 83 83 83 83 100 100 100 100 100 100 100 100 100 100 November 2020 92 70 70 70 61 100 100 100 100 100 100 100 100 100 100 November 2021 88 57 57 57 41 100 100 100 100 100 100 100 100 100 100 November 2022 85 46 46 46 26 100 100 100 100 100 100 100 100 100 100 November 2023 82 35 35 35 15 100 100 100 100 100 100 100 100 100 100 November 2024 78 26 26 26 7 100 100 100 100 100 100 100 100 100 100 November 2025 74 18 18 18 1 100 100 100 100 100 100 100 100 100 100 November 2026 71 12 12 12 0 100 100 100 100 69 100 100 100 100 100 November 2027 66 6 6 6 0 100 100 100 100 42 100 100 100 100 100 November 2028 62 2 2 2 0 100 100 100 100 22 100 100 100 100 100 November 2029 58 0 0 0 0 100 88 88 88 7 100 100 100 100 100 November 2030 53 0 0 0 0 100 64 64 64 0 100 100 100 100 87 November 2031 48 0 0 0 0 100 45 45 45 0 100 100 100 100 64 November 2032 43 0 0 0 0 100 29 29 29 0 100 100 100 100 46 November 2033 37 0 0 0 0 100 17 17 17 0 100 100 100 100 33 November 2034 32 0 0 0 0 100 6 6 6 0 100 100 100 100 24 November 2035 26 0 0 0 0 100 0 0 0 0 100 93 93 93 17 November 2036 20 0 0 0 0 100 0 0 0 0 100 73 73 73 12 November 2037 13 0 0 0 0 100 0 0 0 0 100 57 57 57 8 November 2038 6 0 0 0 0 100 0 0 0 0 100 44 44 44 6 November 2039 0 0 0 0 0 92 0 0 0 0 100 33 33 33 4 November 2040 0 0 0 0 0 31 0 0 0 0 100 25 25 25 3 November 2041 0 0 0 0 0 0 0 0 0 0 18 18 18 18 2 November 2042 0 0 0 0 0 0 0 0 0 0 13 13 13 13 1 November 2043 0 0 0 0 0 0 0 0 0 0 9 9 9 9 1 November 2044 0 0 0 0 0 0 0 0 0 0 6 6 6 6 0 November 2045 0 0 0 0 0 0 0 0 0 0 3 3 3 3 0 November 2046 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 128 50 50 50 38 227 140 140 140 99 242 213 213 213 156

S-21

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 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Page 22: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Security Group 3 PSA Prepayment Assumption Rates

Classes HA HB HC HD HE Class GW HI HK and HP Class HZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 100 100 100 100 100 98 95 95 95 95 104 104 98 92 78 November 2019 100 100 100 100 100 95 85 85 85 85 107 107 90 67 21 November 2020 100 100 100 100 100 92 73 73 73 66 111 111 78 37 0 November 2021 100 100 100 100 100 90 62 62 62 48 115 115 70 17 0 November 2022 100 100 100 100 100 87 52 52 52 35 119 119 66 5 0 November 2023 100 100 100 100 100 84 42 42 42 25 123 123 65 0 0 November 2024 100 100 100 100 100 81 34 34 34 17 128 127 66 0 0 November 2025 100 100 100 100 100 77 27 27 27 12 132 127 64 0 0 November 2026 100 100 100 100 77 74 21 21 21 8 137 124 62 0 0 November 2027 100 100 100 100 57 70 17 17 17 5 142 119 58 0 0 November 2028 100 100 100 100 42 66 13 13 13 2 147 112 54 0 0 November 2029 100 91 91 91 31 62 10 10 10 1 152 105 49 0 0 November 2030 100 73 73 73 22 58 7 7 7 0 158 97 45 0 0 November 2031 100 59 59 59 16 54 5 5 5 0 163 89 40 0 0 November 2032 100 47 47 47 12 49 3 3 3 0 169 80 35 0 0 November 2033 100 38 38 38 8 44 2 2 2 0 175 72 31 0 0 November 2034 100 30 30 30 6 39 1 1 1 0 181 64 27 0 0 November 2035 100 24 24 24 4 34 0 0 0 0 188 56 23 0 0 November 2036 100 19 19 19 3 28 0 0 0 0 194 49 20 0 0 November 2037 100 14 14 14 2 23 0 0 0 0 201 42 17 0 0 November 2038 100 11 11 11 2 17 0 0 0 0 208 36 14 0 0 November 2039 94 8 8 8 1 10 0 0 0 0 216 30 11 0 0 November 2040 49 6 6 6 1 3 0 0 0 0 223 25 9 0 0 November 2041 5 5 5 5 0 0 0 0 0 0 229 20 7 0 0 November 2042 3 3 3 3 0 0 0 0 0 0 196 16 5 0 0 November 2043 2 2 2 2 0 0 0 0 0 0 161 12 4 0 0 November 2044 1 1 1 1 0 0 0 0 0 0 124 8 3 0 0 November 2045 1 1 1 1 0 0 0 0 0 0 85 5 2 0 0 November 2046 0 0 0 0 0 0 0 0 0 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 231 159 159 159 114 139 60 60 60 45 272 176 116 27 15

Security Group 4 PSA Prepayment Assumption Rates

Classes MA MB MC MD ME MG Class IM MI MK and MT Class ML Class MZ

Distribution Date 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400 0 150 200 300 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 96 95 94 92 96 91 91 91 91 100 100 100 100 100 103 103 99 91 83 November 2019 97 89 86 81 76 92 76 76 76 76 100 100 100 100 100 106 106 93 66 39 November 2020 95 79 75 66 57 88 57 57 57 54 100 100 100 100 100 109 109 84 35 0 November 2021 94 71 64 53 43 84 40 40 40 26 100 100 100 100 100 113 113 78 15 0 November 2022 92 63 55 42 32 79 24 24 24 5 100 100 100 100 100 116 116 75 4 0 November 2023 90 56 47 34 23 74 9 9 9 0 100 100 100 100 82 120 120 74 0 0 November 2024 88 49 41 27 17 69 0 0 0 0 100 94 94 94 60 123 122 74 0 0 November 2025 86 44 35 21 13 64 0 0 0 0 100 75 75 75 45 127 121 72 0 0 November 2026 84 39 30 17 9 58 0 0 0 0 100 59 59 59 33 131 117 68 0 0 November 2027 81 34 25 14 7 53 0 0 0 0 100 47 47 47 24 135 111 64 0 0 November 2028 79 30 22 11 5 47 0 0 0 0 100 37 37 37 18 139 104 58 0 0 November 2029 76 26 18 8 4 40 0 0 0 0 100 30 30 30 13 143 96 53 0 0 November 2030 74 23 15 7 3 34 0 0 0 0 100 23 23 23 10 148 88 47 0 0 November 2031 71 20 13 5 2 27 0 0 0 0 100 18 18 18 7 152 80 42 0 0 November 2032 68 17 11 4 1 20 0 0 0 0 100 14 14 14 5 157 72 37 0 0 November 2033 65 15 9 3 1 12 0 0 0 0 100 11 11 11 4 162 64 32 0 0 November 2034 61 13 8 2 1 4 0 0 0 0 100 9 9 9 3 166 56 28 0 0 November 2035 58 11 6 2 1 0 0 0 0 0 92 7 7 7 2 171 49 24 0 0 November 2036 54 9 5 1 0 0 0 0 0 0 76 5 5 5 1 177 43 20 0 0 November 2037 51 8 4 1 0 0 0 0 0 0 60 4 4 4 1 182 37 17 0 0 November 2038 47 7 3 1 0 0 0 0 0 0 42 3 3 3 1 188 31 14 0 0 November 2039 42 5 3 1 0 0 0 0 0 0 24 2 2 2 0 193 26 11 0 0 November 2040 38 4 2 0 0 0 0 0 0 0 5 2 2 2 0 199 21 9 0 0 November 2041 33 3 2 0 0 0 0 0 0 0 1 1 1 1 0 180 17 7 0 0 November 2042 28 3 1 0 0 0 0 0 0 0 1 1 1 1 0 154 13 5 0 0 November 2043 23 2 1 0 0 0 0 0 0 0 1 1 1 1 0 126 10 4 0 0 November 2044 18 1 1 0 0 0 0 0 0 0 0 0 0 0 0 97 7 3 0 0 November 2045 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 66 4 2 0 0 November 2046 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 186 87 73 55 44 99 35 35 35 30 205 109 109 109 86 268 171 124 26 17

S-22

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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Page 23: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Security Group 5 PSA Prepayment Assumption Rates

Classes EA and EI Class EM Class VE Class ZE

Distribution Date 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300 0 300 605 950 1300

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 92 87 80 74 100 100 100 100 100 94 94 94 94 94 104 104 104 104 104 November 2019 97 78 61 44 27 100 100 100 100 100 87 87 87 87 87 107 107 107 107 107 November 2020 95 61 35 13 0 100 100 100 100 84 81 81 81 81 38 111 111 111 111 111 November 2021 93 47 18 0 0 100 100 100 96 18 74 74 74 63 0 115 115 115 115 29 November 2022 91 36 7 0 0 100 100 100 40 4 67 67 67 0 0 119 119 119 64 6 November 2023 89 26 1 0 0 100 100 100 17 1 59 59 59 0 0 123 123 123 27 1 November 2024 87 19 0 0 0 100 100 66 7 0 52 52 0 0 0 128 128 104 11 0 November 2025 84 13 0 0 0 100 100 41 3 0 44 44 0 0 0 132 132 65 5 0 November 2026 82 8 0 0 0 100 100 25 1 0 36 36 0 0 0 137 137 40 2 0 November 2027 79 5 0 0 0 100 100 16 1 0 27 27 0 0 0 142 142 25 1 0 November 2028 77 2 0 0 0 100 100 10 0 0 18 18 0 0 0 147 147 15 0 0 November 2029 74 0 0 0 0 100 91 6 0 0 9 0 0 0 0 152 143 9 0 0 November 2030 71 0 0 0 0 100 71 4 0 0 0 0 0 0 0 157 113 6 0 0 November 2031 68 0 0 0 0 100 56 2 0 0 0 0 0 0 0 157 88 3 0 0 November 2032 65 0 0 0 0 100 44 1 0 0 0 0 0 0 0 157 69 2 0 0 November 2033 61 0 0 0 0 100 34 1 0 0 0 0 0 0 0 157 54 1 0 0 November 2034 58 0 0 0 0 100 26 0 0 0 0 0 0 0 0 157 42 1 0 0 November 2035 54 0 0 0 0 100 20 0 0 0 0 0 0 0 0 157 32 0 0 0 November 2036 50 0 0 0 0 100 16 0 0 0 0 0 0 0 0 157 24 0 0 0 November 2037 46 0 0 0 0 100 12 0 0 0 0 0 0 0 0 157 19 0 0 0 November 2038 41 0 0 0 0 100 9 0 0 0 0 0 0 0 0 157 14 0 0 0 November 2039 37 0 0 0 0 100 7 0 0 0 0 0 0 0 0 157 10 0 0 0 November 2040 32 0 0 0 0 100 5 0 0 0 0 0 0 0 0 157 7 0 0 0 November 2041 27 0 0 0 0 100 3 0 0 0 0 0 0 0 0 157 5 0 0 0 November 2042 21 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 4 0 0 0 November 2043 16 0 0 0 0 100 2 0 0 0 0 0 0 0 0 157 2 0 0 0 November 2044 10 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2045 3 0 0 0 0 100 1 0 0 0 0 0 0 0 0 157 1 0 0 0 November 2046 0 0 0 0 0 68 0 0 0 0 0 0 0 0 0 107 0 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 175 44 26 19 15 293 155 82 51 36 70 69 51 36 27 293 157 87 55 38

Security Group 6 PSA Prepayment Assumption Rates

Classes DA DB DC DE DG DH and DI Class DY Class DZ

Distribution Date 0 150 200 265 400 0 150 200 265 400 0 150 200 265 400

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 98 95 95 95 95 100 100 100 100 100 104 104 98 92 78 November 2019 95 85 85 85 85 100 100 100 100 100 107 107 90 67 21 November 2020 92 73 73 73 66 100 100 100 100 100 111 111 78 37 0 November 2021 90 62 62 62 48 100 100 100 100 100 115 115 70 17 0 November 2022 87 52 52 52 35 100 100 100 100 100 119 119 66 5 0 November 2023 84 42 42 42 25 100 100 100 100 100 123 123 65 0 0 November 2024 81 34 34 34 17 100 100 100 100 100 128 127 66 0 0 November 2025 77 27 27 27 12 100 100 100 100 100 132 127 64 0 0 November 2026 74 21 21 21 8 100 100 100 100 100 137 124 62 0 0 November 2027 70 17 17 17 5 100 100 100 100 100 142 119 58 0 0 November 2028 66 13 13 13 2 100 100 100 100 100 147 112 54 0 0 November 2029 62 10 10 10 1 100 100 100 100 100 152 105 49 0 0 November 2030 58 7 7 7 0 100 100 100 100 86 158 97 45 0 0 November 2031 54 5 5 5 0 100 100 100 100 63 163 89 40 0 0 November 2032 49 3 3 3 0 100 100 100 100 45 169 80 35 0 0 November 2033 44 2 2 2 0 100 100 100 100 33 175 72 31 0 0 November 2034 39 1 1 1 0 100 100 100 100 24 181 64 27 0 0 November 2035 34 0 0 0 0 100 92 92 92 17 188 56 23 0 0 November 2036 28 0 0 0 0 100 72 72 72 12 194 49 20 0 0 November 2037 23 0 0 0 0 100 56 56 56 8 201 42 17 0 0 November 2038 16 0 0 0 0 100 43 43 43 6 208 36 14 0 0 November 2039 10 0 0 0 0 100 33 33 33 4 216 30 11 0 0 November 2040 3 0 0 0 0 100 24 24 24 3 223 25 9 0 0 November 2041 0 0 0 0 0 18 18 18 18 2 229 20 7 0 0 November 2042 0 0 0 0 0 13 13 13 13 1 196 16 5 0 0 November 2043 0 0 0 0 0 9 9 9 9 1 161 12 4 0 0 November 2044 0 0 0 0 0 5 5 5 5 0 124 8 3 0 0 November 2045 0 0 0 0 0 3 3 3 3 0 85 5 2 0 0 November 2046 0 0 0 0 0 1 1 1 1 0 44 2 1 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 139 60 60 60 45 242 212 212 212 156 272 176 116 27 15

S-23

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

200

0 FI

X

3838

0HZ54

Fe

brua

ry 2

047

JI

343

385

00

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HZ62

Fe

brua

ry 2

047

JK

686

770

00

PACA

D

175

0 FI

X

3838

0HZ70

Fe

brua

ry 2

047

JM

686

770

00

PACA

D

150

0 FI

X

3838

0HZ88

Fe

brua

ry 2

047

(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

atio

n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

ing

Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 24: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Security Group 7 PSA Prepayment Assumption Rates

Classes JA JB JC JD JE JG Class IJ JI JK and JM Class JY Class ZJ

Distribution Date 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500 0 170 205 250 500

Initial Percent 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 November 2018 99 94 94 93 87 98 93 93 93 93 100 100 100 100 100 104 104 96 86 29 November 2019 97 85 83 80 65 96 82 82 82 71 100 100 100 100 100 107 107 85 57 0 November 2020 96 75 71 67 45 94 69 69 69 47 100 100 100 100 100 111 111 75 30 0 November 2021 94 66 61 56 31 91 58 58 58 30 100 100 100 100 100 115 115 68 12 0 November 2022 92 58 53 46 21 89 48 48 48 19 100 100 100 100 100 119 119 66 3 0 November 2023 91 51 45 38 14 86 39 39 39 11 100 100 100 100 100 123 123 66 0 0 November 2024 89 45 39 32 10 83 31 31 31 5 100 100 100 100 100 128 126 66 0 0 November 2025 87 39 33 26 7 81 25 25 25 2 100 100 100 100 100 132 125 65 0 0 November 2026 85 34 28 22 5 78 19 19 19 0 100 100 100 100 86 137 121 62 0 0 November 2027 83 30 24 18 3 74 15 15 15 0 100 100 100 100 58 142 115 58 0 0 November 2028 80 26 20 15 2 71 11 11 11 0 100 100 100 100 39 147 108 54 0 0 November 2029 78 22 17 12 1 67 8 8 8 0 100 100 100 100 27 152 100 50 0 0 November 2030 75 19 14 10 1 64 5 5 5 0 100 100 100 100 18 158 92 45 0 0 November 2031 72 16 12 8 1 60 3 3 3 0 100 100 100 100 12 163 84 40 0 0 November 2032 69 14 10 6 0 56 1 1 1 0 100 100 100 100 8 169 75 36 0 0 November 2033 66 12 8 5 0 51 0 0 0 0 100 99 99 99 5 175 67 31 0 0 November 2034 63 10 7 4 0 47 0 0 0 0 100 80 80 80 4 181 59 27 0 0 November 2035 60 9 6 3 0 42 0 0 0 0 100 64 64 64 2 188 52 23 0 0 November 2036 56 7 5 3 0 37 0 0 0 0 100 50 50 50 2 194 45 20 0 0 November 2037 52 6 4 2 0 32 0 0 0 0 100 39 39 39 1 201 38 17 0 0 November 2038 48 5 3 2 0 26 0 0 0 0 100 31 31 31 1 208 32 14 0 0 November 2039 44 4 2 1 0 20 0 0 0 0 100 23 23 23 0 216 27 11 0 0 November 2040 40 3 2 1 0 14 0 0 0 0 100 18 18 18 0 223 22 9 0 0 November 2041 35 2 1 1 0 7 0 0 0 0 100 13 13 13 0 231 17 7 0 0 November 2042 30 2 1 0 0 0 0 0 0 0 100 9 9 9 0 240 13 5 0 0 November 2043 24 1 1 0 0 0 0 0 0 0 6 6 6 6 0 238 10 4 0 0 November 2044 19 1 0 0 0 0 0 0 0 0 4 4 4 4 0 184 6 3 0 0 November 2045 13 0 0 0 0 0 0 0 0 0 2 2 2 2 0 126 4 1 0 0 November 2046 7 0 0 0 0 0 0 0 0 0 1 1 1 1 0 65 1 0 0 0 November 2047 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Weighted Average

Life (years) 190 79 70 60 34 152 56 56 56 33 256 199 199 199 112 280 172 115 24 08

Yield Considerations

An investor seeking to maximize yield should make a decision whether to invest in any Regular or MX Class based on the anticipated yield of that Class resulting from its purchase price and the investorrsquos own projection of Mortgage Loan prepayment rates under a variety of scenarios No representation is made regarding Mortgage Loan prepayment rates or the yield of any Class

Prepayments Effect on Yields

The yields to investors will be sensitive in varying degrees to the rate of prepayments on the related Mortgage Loans

bull In the case of Regular Securities or MX Securities purchased at a premium (especially the Interest Only Classes) faster than anticipated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

bull Investors in the Interest Only Classes should also consider the risk that rapid rates of principal payments could result in the failure of investors to recover fully their investments

bull In the case of Regular Securities or MX Securities purchased at a discount slower than anticishypated rates of principal payments could result in actual yields to investors that are lower than the anticipated yields

See ldquoRisk Factors mdash Rates of principal payments can reduce your yieldrdquo in this Supplement

Rapid rates of prepayments on the Mortgage Loans are likely to coincide with periods of low preshyvailing interest rates

S-24

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

ay 2

047

PD

121

203

000

PACA

D

225

0 FI

X

3838

0HT51

M

ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

0 FI

X

3838

0HX31

N

ovem

ber 20

42M

D

551

240

00

PACA

D

225

0 FI

X

3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

200

0 FI

X

3838

0HX56

N

ovem

ber 20

42M

G

551

240

00

PACA

D

175

0 FI

X

3838

0HX64

N

ovem

ber 20

42M

I 19

687

142

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HX72

N

ovem

ber 20

42M

K

393

742

85

PACA

D

350

0 FI

X

3838

0HX80

N

ovem

ber 20

42M

T

306

244

44

PACA

D

400

0 FI

X

3838

0HX98

N

ovem

ber 20

42Se

curi

ty G

rou

p 5

Com

bina

tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

852

7

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-3

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

047

JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

047

JE

686

770

00

PACA

D

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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Page 25: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

During periods of low prevailing interest rates the yields at which an investor may be able to reinvest amounts received as principal payments on the investorrsquos Class of Securities may be lower than the yield on that Class

Slow rates of prepayments on the Mortgage Loans are likely to coincide with periods of high preshyvailing interest rates

During periods of high prevailing interest rates the amount of principal payments available to an investor for reinvestment at those high rates may be relatively low

The Mortgage Loans will not prepay at any constant rate until maturity nor will all of the Mortgage Loans underlying any Trust Asset Group prepay at the same rate at any one time The timing of changes in the rate of prepayments may affect the actual yield to an investor even if the average rate of principal prepayments is consistent with the investorrsquos expectation In general the earlier a prepayment of principal on the Mortgage Loans the greater the effect on an investorrsquos yield As a result the effect on an investorrsquos yield of principal prepayments occurring at a rate higher (or lower) than the rate anticishypated by the investor during the period immediately following the Closing Date is not likely to be offset by a later equivalent reduction (or increase) in the rate of principal prepayments

Payment Delay Effect on Yields of the Fixed Rate Classes

The effective yield on any Fixed Rate Class will be less than the yield otherwise produced by its Interest Rate and purchase price because on each Distribution Date 30 daysrsquo interest will be payable on (or added to the principal amount of) that Class even though interest began to accrue approximately 50 days earlier

Yield Tables

The following tables show the pre-tax yields to maturity on a corporate bond equivalent basis of specified Classes at various constant percentages of PSA

The Mortgage Loans will not prepay at any constant rate until maturity Moreover it is likely that the Mortgage Loans will experience actual prepayment rates that differ from those of the Modeling Assumpshytions Therefore the actual pre-tax yield of any Class may differ from those shown in the applishycable table below for that Class even if the Class is purchased at the assumed price shown

The yields were calculated by

1 determining the monthly discount rates that when applied to the applicable assumed streams of cash flows to be paid on the applicable Class would cause the discounted present value of the assumed streams of cash flows to equal the assumed purchase price of that Class plus accrued interest and

2 converting the monthly rates to corporate bond equivalent rates

These calculations do not take into account variations that may occur in the interest rates at which investors may be able to reinvest funds received by them as distributions on their Securities and conshysequently do not purport to reflect the return on any investment in any Class when those reinvestment rates are considered

The information set forth in the following tables was prepared on the basis of the Modeling Assumptions and the assumption that the purchase price of each Class (expressed as a percentage of its original Class Notional Balance) plus accrued interest is as indicated in the related table The assumed purchase price is not necessarily that at which actual sales will occur

S-25

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

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bin

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1)

RE

MIC

Sec

uri

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M

X S

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Max

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Cla

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Bal

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(2)

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Typ

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N

um

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4)

Secu

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up

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1(5)

PA

$121

203

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PB

$1

212

030

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D

275

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38

380H

T36

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047

PC

121

203

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PACA

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250

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PD

121

203

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PACA

D

225

0 FI

X

3838

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ay 2

047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

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PI

303

007

50

NTL(

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D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

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bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

S-I-2

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

alP

rin

cip

alIn

tere

stIn

tere

stC

USI

PD

istr

ibu

tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

380H

V33

N

ovem

ber 20

45G

B

268

560

00

PACA

D

225

0 FI

X

3838

0HV41

N

ovem

ber 20

45G

C

268

560

00

PACA

D

250

0 FI

X

3838

0HV58

N

ovem

ber 20

45G

D

268

560

00

PACA

D

275

0 FI

X

3838

0HV66

N

ovem

ber 20

45G

E 26

856

000

PA

CA

D

300

0 FI

X

3838

0HV74

N

ovem

ber 20

45G

I 11

509

714

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HV82

N

ovem

ber 20

45G

K

268

560

00

PACA

D

325

0 FI

X

3838

0HV90

N

ovem

ber 20

45Com

bina

tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

047

GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

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204

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302

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57

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204

7 H

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204

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$

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn 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 SVE 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Page 26: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

SECURITY GROUP 1

Sensitivity of Class QI to Prepayments Assumed Price 140

PSA Prepayment Assumption Rates

380

00

400

(06)

430

(06)

460

(06)

900

(258)

SECURITY GROUP 2

Sensitivity of Class IO to Prepayments Assumed Price 21125

150

86

PSA Prepayment Assumption Rates

200 250 302

58 30 00

400

(57)

Sensitivity of Class IP to Prepayments Assumed Price 2025

150

57

PSA Prepayment Assumption Rates

200 250 363

57 57 00

400

(20)

Sensitivity of Class PI to Prepayments Assumed Price 190

150

57

PSA Prepayment Assumption Rates

200 250 345

57 57 00

400

(37)

SECURITY GROUP 3

Sensitivity of Class GI to Prepayments Assumed Price 145

150

55

PSA Prepayment Assumption Rates

200 265 347

55 55 01

400

(39)

Sensitivity of Class HI to Prepayments Assumed Price 165

150

57

PSA Prepayment Assumption Rates

200 265 368

57 57 00

400

(20)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-26

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

ilab

le C

om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

es

Max

imu

mO

rigi

nal

Cla

ssP

rin

cip

al B

alan

ceFi

nal

Ori

gin

al C

lass

Rel

ated

or

Cla

ss N

oti

on

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rin

cip

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tere

stIn

tere

stC

USI

PD

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tio

nC

lass

P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

2Com

bina

tion

1(5)

PA

$121

203

000

PB

$1

212

030

00

PACA

D

275

0

FIX

38

380H

T36

M

ay 2

047

PC

121

203

000

PACA

D

250

0 FI

X

3838

0HT44

M

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PD

121

203

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PACA

D

225

0 FI

X

3838

0HT51

M

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047

PE

121

203

000

PACA

D

200

0 FI

X

3838

0HT69

M

ay 2

047

PI

303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

0HT93

M

ay 2

047

Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

PACA

D)

400

0

FIXI

O

3838

0HU

26

Nov

embe

r 20

47PW

5

324

000

P 12

652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

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114

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0

RE

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Sec

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M

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Typ

e(3)

R

ate

Typ

e(3)

N

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D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

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000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

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V33

N

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268

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E 26

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N

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I 11

509

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350

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268

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N

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$ 26

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H

A

$ 30

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GM

3

344

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30

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X

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32

June

204

7 H

C

302

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00

PACA

D

275

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3838

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40

June

204

7 H

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302

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300

0 FI

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3838

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57

June

204

7 H

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200

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PA

CA

D

325

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3838

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65

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204

7 H

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942

857

N

TL(

PACA

D)

350

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XI

O

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73

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204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

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81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

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MB

$

551

240

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FIX

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7VE

$ 4

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$ 11

902

527

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Q

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0

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38

380H

Y22

N

ovem

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47ZE

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rin

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MX

Cla

ss

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Typ

e(3)

R

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Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

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DA

$

327

340

00

DB

$

327

340

00

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D

325

0

FIX

38

380H

Y30

Ju

ne 2

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DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

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250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

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D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

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JB

686

770

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Fe

brua

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686

770

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0 FI

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brua

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686

770

00

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686

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686

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(1)

All

exch

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s m

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mply

with

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omin

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n re

strict

ions

(2)

The

am

ount

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wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

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nal Cla

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rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

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it w

ere

to b

e issu

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n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

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atu

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an

d P

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t Con

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ation

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Fin

al D

istr

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Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

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n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SVE ltFEFF0041006e007600e4006e00640020006400650020006800e4007200200069006e0073007400e4006c006c006e0069006e006700610072006e00610020006f006d002000640075002000760069006c006c00200073006b006100700061002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400200073006f006d002000e400720020006c00e4006d0070006c0069006700610020006600f60072002000700072006500700072006500730073002d007500740073006b00720069006600740020006d006500640020006800f600670020006b00760061006c0069007400650074002e002000200053006b006100700061006400650020005000440046002d0064006f006b0075006d0065006e00740020006b0061006e002000f600700070006e00610073002000690020004100630072006f0062006100740020006f00630068002000410064006f00620065002000520065006100640065007200200035002e00300020006f00630068002000730065006e006100720065002egt ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 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Page 27: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

SECURITY GROUP 4

Sensitivity of Class IM to Prepayments Assumed Price 148125

PSA Prepayment Assumption Rates

150 200 300 400 413

141 115 62 08 01

Sensitivity of Class MI to Prepayments Assumed Price 925

PSA Prepayment Assumption Rates

150 200 300 400 492

128 128 128 68 00

SECURITY GROUP 5

Sensitivity of Class EI to Prepayments Assumed Price 122813

PSA Prepayment Assumption Rates

300 395 605 950 1300

72 00 (162) (413) (630)

SECURITY GROUP 6

Sensitivity of Class DI to Prepayments Assumed Price 1475

PSA Prepayment Assumption Rates

150 200 265 400 426

89 89 89 16 00

SECURITY GROUP 7

Sensitivity of Class IJ to Prepayments Assumed Price 196875

PSA Prepayment Assumption Rates

170 205 250 320 500

88 68 41 00 (109)

Sensitivity of Class JI to Prepayments Assumed Price 185625

PSA Prepayment Assumption Rates

170 205 250 319 500

46 46 46 00 (141)

The price does not include accrued interest Accrued interest has been added to the price in calculatshying the yields set forth in the table

S-27

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

S-I-1

Sch

edu

le I

Ava

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om

bin

atio

ns(

1)

RE

MIC

Sec

uri

ties

M

X S

ecu

riti

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Max

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mO

rigi

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Cla

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rin

cip

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alan

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nal

Ori

gin

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Rel

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MX

Cla

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Bal

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Typ

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Typ

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N

um

ber

D

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4)

Secu

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Gro

up

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PA

$121

203

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PB

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212

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275

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FIX

38

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PC

121

203

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PACA

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121

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225

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121

203

000

PACA

D

200

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3838

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M

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047

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303

007

50

NTL(

PACA

D)

400

0 FI

XI

O

3838

0HT77

M

ay 2

047

PN

808

020

00

PACA

D

350

0 FI

X

3838

0HT85

M

ay 2

047

PQ

606

015

00

PACA

D

400

0 FI

X

3838

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Com

bina

tion

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$121

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$

316

317

50

NTL(

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400

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FIXI

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3838

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26

Nov

embe

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000

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652

700

0 PA

CA

D

300

0 FI

X

3838

0HU

34

Nov

embe

r 20

47PG

12

652

700

0 PA

CA

D

275

0 FI

X

3838

0HU

42

Nov

embe

r 20

47

PH

126

527

000

PACA

D

250

0 FI

X

3838

0HU

59

Nov

embe

r 20

47

PJ

126

527

000

PACA

D

225

0 FI

X

3838

0HU

67

Nov

embe

r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

ber 20

47G

Q

114

500

0

RE

MIC

Sec

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M

X S

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Max

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MX

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Bal

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(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Com

bina

tion

4(5)

GL

$ 26

856

000

G

A

$ 26

856

000

PA

CA

D

200

0

FIX

38

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V33

N

ovem

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268

560

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X

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N

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D

268

560

00

PACA

D

275

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X

3838

0HV66

N

ovem

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45G

E 26

856

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PA

CA

D

300

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X

3838

0HV74

N

ovem

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I 11

509

714

N

TL(

PACA

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350

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O

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0HV82

N

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K

268

560

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325

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X

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0HV90

N

ovem

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45Com

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tion

5(5)

GL

$ 26

856

000

H

A

$ 30

200

000

PA

CA

D

200

0

FIX

38

380H

W24

Ju

ne 2

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GM

3

344

000

HB

30

200

000

PA

CA

D

225

0 FI

X

3838

0HW

32

June

204

7 H

C

302

000

00

PACA

D

275

0 FI

X

3838

0HW

40

June

204

7 H

D

302

000

00

PACA

D

300

0 FI

X

3838

0HW

57

June

204

7 H

E 30

200

000

PA

CA

D

325

0 FI

X

3838

0HW

65

June

204

7 H

I 12

942

857

N

TL(

PACA

D)

350

0 FI

XI

O

3838

0HW

73

June

204

7 H

K

302

000

00

PACA

D

350

0 FI

X

3838

0HW

81

June

204

7 H

P 30

200

000

PA

CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

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N

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551

240

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551

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124

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D

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551

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306

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3838

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N

ovem

ber 20

42Se

curi

ty G

rou

p 5

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tion

7VE

$ 4

344

000

EM

$ 11

902

527

SE

Q

350

0

FIX

38

380H

Y22

N

ovem

ber 20

47ZE

755

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7

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Rel

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PD

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ibu

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P

rin

cip

al B

alan

ce

MX

Cla

ss

Bal

ance

(2)

Typ

e(3)

R

ate

Typ

e(3)

N

um

ber

D

ate(

4)

Secu

rity

Gro

up

6Com

bina

tion

8(5)

DA

$

327

340

00

DB

$

327

340

00

PACA

D

325

0

FIX

38

380H

Y30

Ju

ne 2

047

DC

32

734

000

PA

CA

D

300

0 FI

X

3838

0HY

48

June

204

7 D

E 32

734

000

PA

CA

D

275

0 FI

X

3838

0HY

55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

340

00

PACA

D

250

0 FI

X

3838

0HY

71

June

204

7 D

I 9

352

571

NTL(

PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

PACA

D

300

0

FIX

38

380H

Y97

Fe

brua

ry 2

047

JB

686

770

00

PACA

D

275

0 FI

X

3838

0HZ21

Fe

brua

ry 2

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JC

686

770

00

PACA

D

250

0 FI

X

3838

0HZ39

Fe

brua

ry 2

047

JD

686

770

00

PACA

D

225

0 FI

X

3838

0HZ47

Fe

brua

ry 2

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JE

686

770

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D

200

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3838

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brua

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343

385

00

NTL(

PACA

D)

400

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brua

ry 2

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686

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Fe

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(1)

All

exch

ange

s m

ust co

mply

with

min

imum

den

omin

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n re

strict

ions

(2)

The

am

ount

sho

wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

rigi

nal Cla

ss P

rinc

ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

Cla

ss a

ssum

ing

it w

ere

to b

e issu

ed o

n th

e Clo

sing

Dat

e

(3)

As

defin

ed u

nder

ldquoCla

ss T

ypes

rdquo in

Appen

dix

I to

the

Bas

e O

ffer

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Circu

lar

(4)

See

ldquoYie

ld M

atu

rity

an

d P

repa

ymen

t Con

sider

ation

s mdash

Fin

al D

istr

ibu

tion

Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

rdquo in

the

Base

Off

erin

g C

ircu

lar

for

a d

iscu

ssio

n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 28: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following tax discussion when read in conjunction with the discussion of ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular describes the material United States federal income tax considerations for investors in the Securities However these two tax disshycussions do not purport to deal with all United States federal tax consequences applicable to all categoshyries of investors some of which may be subject to special rules

REMIC Elections

In the opinion of KampL Gates LLP the Trust will constitute a Double REMIC Series for United States federal income tax purposes Separate REMIC elections will be made for the Pooling REMIC and the Issuing REMIC

Regular Securities

The Regular Securities will be treated as debt instruments issued by the Issuing REMIC for United States federal income tax purposes Income on the Regular Securities must be reported under an accrual method of accounting

The Notional and Accrual Classes of Regular Securities will be issued with original issue discount (ldquoOIDrdquo) and certain other Classes of Regular Securities may be issued with OID See ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of Regular Securities mdash Original Issue Discountrdquo ldquomdash Variable Rate Securitiesrdquo and ldquomdash Interest Weighted Securities and Non-VRDI Securitiesrdquo in the Base Offering Circular

The prepayment assumption that should be used in determining the rates of accrual of OID if any on the Regular Securities is 430 PSA in the case of the Group 1 Securities 200 PSA in the case of the Group 2 3 4 and 6 Securities 605 PSA in the case of the Group 5 Securities and 205 PSA in the case of the Group 7 Securities (as described in ldquoYield Maturity and Prepayment Considerationsrdquo in this Supplement) No representation is made however about the rate at which prepayments on the Mortshygage Loans underlying any Group of Trust Assets actually will occur See ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

The Regular Securities generally will be treated as ldquoregular interestsrdquo in a REMIC for domestic buildshying and loan associations and ldquoreal estate assetsrdquo for real estate investment trusts (ldquoREITsrdquo) as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular Similarly interest on the Regular Securities will be considered ldquointerest on obligations secured by mortgages on real propertyrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular

Residual Securities

The Class RR Securities will represent the beneficial ownership of the Residual Interest in the Poolshying REMIC and the beneficial ownership of the Residual Interest in the Issuing REMIC The Residual Securities ie the Class RR Securities generally will be treated as ldquoresidual interestsrdquo in a REMIC for domestic building and loan associations and as ldquoreal estate assetsrdquo for REITs as described in ldquoCertain United States Federal Income Tax Consequencesrdquo in the Base Offering Circular but will not be treated as debt for United States federal income tax purposes Instead the Holders of the Residual Securities will be required to report and will be taxed on their pro rata shares of the taxable income or loss of the Trust REMICs and these requirements will continue until there are no outstanding regular interests in the respective Trust REMICs Thus Residual Holders will have taxable income attributable to the

S-28

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

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Typ

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Secu

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Gro

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203

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275

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38

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PC

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225

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200

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3838

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303

007

50

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D)

400

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XI

O

3838

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808

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350

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PQ

606

015

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PACA

D

400

0 FI

X

3838

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M

ay 2

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Com

bina

tion

2(5)

PA

$121

203

000

IP

$

316

317

50

NTL(

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400

0

FIXI

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3838

0HU

26

Nov

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5

324

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0 PA

CA

D

300

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X

3838

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34

Nov

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r 20

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12

652

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D

275

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3838

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42

Nov

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r 20

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PH

126

527

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D

250

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X

3838

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59

Nov

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PJ

126

527

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PACA

D

225

0 FI

X

3838

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67

Nov

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r 20

47

PK

126

527

000

PACA

D

200

0 FI

X

3838

0HU

75

Nov

embe

r 20

47

PL

843

513

33

PACA

D

350

0 FI

X

3838

0HU

83

Nov

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r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

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47G

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Typ

e(3)

R

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Typ

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4)

Com

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4(5)

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$ 26

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G

A

$ 26

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D

200

0

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268

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E 26

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N

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268

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N

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5(5)

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$ 26

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H

A

$ 30

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Ju

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GM

3

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32

June

204

7 H

C

302

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June

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57

June

204

7 H

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65

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7 H

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204

7 H

K

302

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81

June

204

7 H

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CA

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3838

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99

June

204

7 Se

curi

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bina

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6(5)

MA

$

551

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$

551

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$ 4

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$ 11

902

527

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ss

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Typ

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N

um

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D

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4)

Secu

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$

327

340

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$

327

340

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D

325

0

FIX

38

380H

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Ju

ne 2

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32

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000

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CA

D

300

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X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

00

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D

262

5 FI

X

3838

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63

June

204

7 D

H

327

340

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250

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X

3838

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71

June

204

7 D

I 9

352

571

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PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

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Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

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D

300

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38

380H

Y97

Fe

brua

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686

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686

770

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0 FI

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brua

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686

770

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225

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686

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(1)

All

exch

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s m

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mply

with

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omin

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strict

ions

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The

am

ount

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wn

for

each

MX

Cla

ss r

epre

sent

s th

e m

axim

um O

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nal Cla

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ipal

Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

ance

) of

that

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ssum

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it w

ere

to b

e issu

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n th

e Clo

sing

Dat

e

(3)

As

defin

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nder

ldquoCla

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ypes

rdquo in

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dix

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an

d P

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t Con

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ation

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Fin

al D

istr

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Date

rdquo in

this

Su

pple

men

t

(5)

In th

e ca

se o

f Com

bina

tions

1 2

4 5

6 8

and

9 v

ario

us s

ubco

mbi

natio

ns a

re p

erm

itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

xcha

nge

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the

Base

Off

erin

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ircu

lar

for

a d

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n o

f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings 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Page 29: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Residual Securities even though they will not receive principal or interest distributions with respect to the Residual Securities which could result in a negative after-tax return for the Residual Holders Even though the Holders of the Residual Securities are not entitled to any stated principal or interest payshyments on the Residual Securities the Trust REMICs may have substantial taxable income in certain perishyods and offsetting tax losses may not occur until much later periods Accordingly the Holders of the Residual Securities may experience substantial adverse tax timing consequences Prospective investors are urged to consult their own tax advisors and consider the after-tax effect of ownership of the Residual Securities and the suitability of the Residual Securities to their investment objectives

Prospective Holders of Residual Securities should be aware that at issuance based on the expected prices of the Regular and Residual Securities and the prepayment assumption described above the residual interests represented by the Residual Securities will be treated as ldquononeconomic residual intershyestsrdquo as that term is defined in Treasury regulations

MX Securities

For a discussion of certain United States federal income tax consequences applicable to the MX Classes see ldquoCertain United States Federal Income Tax Consequences mdash Tax Treatment of MX Securitiesrdquo ldquomdash Exchanges of MX Classes and Regular Classesrdquo and ldquomdash Taxation of Foreign Holders of REMIC Secushyrities and MX Securitiesrdquo in the Base Offering Circular

Investors should consult their own tax advisors in determining the United States federal state local foreign and any other tax consequences to them of the purchase ownership and disposition of the Securities

ERISA MATTERS

Ginnie Mae guarantees distributions of principal and interest with respect to the Securities The Ginnie Mae Guaranty is supported by the full faith and credit of the United States of America The Regushylar and MX Securities will qualify as ldquoguaranteed governmental mortgage pool certificatesrdquo within the meaning of a Department of Labor regulation the effect of which is to provide that mortgage loans and participations therein underlying a ldquoguaranteed governmental mortgage pool certificaterdquo will not be considered assets of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 as amended (ldquoERISArdquo) or subject to section 4975 of the Code (each a ldquoPlanrdquo) solely by reason of the Planrsquos purchase and holding of that certificate

Governmental plans and certain church plans while not subject to the fiduciary responsibility provishysions of ERISA or the prohibited transaction provisions of ERISA and the Code may nevertheless be subject to local state or other federal laws that are substantially similar to the foregoing provisions of ERISA and the Code Fiduciaries of any such plans should consult with their counsel before purchasing any of the Securities

In addition any purchaser transferee or holder of the Regular or MX Securities or any interest therein that is a benefit plan investor as defined in 29 CFR Section 25103-101 as modified by Secshytion 3(42) of ERISA (a ldquoBenefit Plan Investorrdquo) or a fiduciary purchasing the Regular or MX Securities on behalf of a Benefit Plan Investor (a ldquoPlan Fiduciaryrdquo) should consider the impact of the new regulations promulgated by the Department of Labor at 29 CFR Section 25103-21 on April 8 2016 (81 Fed Reg 20997) (the ldquoFiduciary Rulerdquo) In connection with the Fiduciary Rule each Benefit Plan Investor will be deemed to have represented by its acquisition of the Regular or MX Securities that

S-29

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

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808

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350

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606

015

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400

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324

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652

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3838

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Nov

embe

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652

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275

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126

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PK

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PL

843

513

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350

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3838

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83

Nov

embe

r 20

47

PM

632

635

00

PACA

D

400

0 FI

X

3838

0HU

91

Nov

embe

r 20

47

Secu

rity

Gro

up

3Com

bina

tion

3G

M

$ 3

344

000

GW

$

448

900

0 PA

CA

D

350

0

FIX

38

380H

V25

N

ovem

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47G

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RE

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Sec

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Typ

e(3)

R

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e(3)

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4)

Com

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$ 26

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$ 26

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200

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N

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June

204

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302

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June

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302

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57

June

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7 H

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302

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350

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81

June

204

7 H

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CA

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X

3838

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99

June

204

7 Se

curi

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Com

bina

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6(5)

MA

$

551

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$

551

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$ 4

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$ 11

902

527

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Typ

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N

um

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D

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4)

Secu

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$

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$

327

340

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325

0

FIX

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Ju

ne 2

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32

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CA

D

300

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X

3838

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48

June

204

7 D

E 32

734

000

PA

CA

D

275

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X

3838

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55

June

204

7 D

G

327

340

00

PACA

D

262

5 FI

X

3838

0HY

63

June

204

7 D

H

327

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X

3838

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71

June

204

7 D

I 9

352

571

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PACA

D)

350

0 FI

XI

O

3838

0HY

89

June

204

7 Se

curi

ty G

rou

p 7

Com

bina

tion

9(5)

JG

$ 68

677

000

JA

$

686

770

00

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D

300

0

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38

380H

Y97

Fe

brua

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686

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686

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686

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(1)

All

exch

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s m

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with

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strict

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The

am

ount

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for

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epre

sent

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e m

axim

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nal Cla

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Bal

ance

(or

origi

nal Cla

ss N

otio

nal Bal

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) of

that

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n th

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sing

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e

(3)

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nder

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this

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(5)

In th

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f Com

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1 2

4 5

6 8

and

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mbi

natio

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re p

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itted

See

ldquoD

escr

iption

of

the

Secu

rities

mdash M

odif

ication

an

d E

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the

Base

Off

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ircu

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f su

bcom

bin

ation

s

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true 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ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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Page 30: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

(1) none of Ginnie Mae the Sponsor or the Co-Sponsor or any of their respective affiliates (the ldquoTransaction Partiesrdquo) has provided or will provide advice with respect to the acquisition of the Regular or MX Securities by the Benefit Plan Investor other than to the Plan Fiduciary which is ldquoindependentrdquo (within the meaning of the Fiduciary Rule) of the Transaction Parties

(2) the Plan Fiduciary either

(a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the ldquoAdvisers Actrdquo) or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal agency or

(b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing acquiring or disposing of assets of a Benefit Plan Investor or

(c) is an investment adviser registered under the Advisers Act or if not registered as an investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act is registered as an investment adviser under the laws of the state in which it maintains its principal office and place of business or

(d) is a broker-dealer registered under the Securities Exchange Act of 1934 as amended or

(e) has and at all times that the Benefit Plan Investor is invested in the Regular or MX Secushyrities will have total assets of at least US $50000000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the Benefit Plan Investor investing in or holding the Regular or MX Securities in such capacity)

(3) the Plan Fiduciary is capable of evaluating investment risks independently both in general and with respect to particular transactions and investment strategies including the acquisition by the Benefit Plan Investor of the Regular or MX Securities

(4) the Plan Fiduciary is a ldquofiduciaryrdquo within the meaning of Section 3(21) of ERISA and Secshytion 4975 of the Code with respect to the Benefit Plan Investor and is responsible for exercising independent judgment in evaluating the Benefit Plan Investorrsquos acquisition of the Regular or MX Secushyrities

(5) none of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Regular or MX Securities or to negotiate the terms of the Benefit Plan Investorrsquos investment in the Regular or MX Securities and

(6) the Plan Fiduciary acknowledges and agrees that it has been informed by the Transaction Parshyties

(a) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities and

(b) of the existence and nature of the Transaction Partiesrsquo financial interests in the Benefit Plan Investorrsquos acquisition of the Regular or MX Securities

None of the Transaction Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the acquisition of any Regular or MX Securities by any Benefit Plan Investor

Ginnie Mae is neither selling any Security nor providing any advice with respect to any Security to a Benefit Plan Investor a Plan Fiduciary or any other Person

S-30

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

S-31

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200

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ne 2

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344

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225

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32

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204

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302

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275

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3838

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June

204

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302

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June

204

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200

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325

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June

204

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3838

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81

June

204

7 H

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200

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CA

D

250

0 FI

X

3838

0HW

99

June

204

7 Se

curi

ty G

rou

p 4

Com

bina

tion

6(5)

MA

$

551

240

00

MB

$

551

240

00

PACA

D

275

0

FIX

38

380H

X23

N

ovem

ber 20

42M

C

551

240

00

PACA

D

250

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3838

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N

ovem

ber 20

42M

D

551

240

00

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D

225

0 FI

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3838

0HX49

N

ovem

ber 20

42M

E 55

124

000

PA

CA

D

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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Page 31: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

These representations and statements are intended to comply with the Department of Labor regushylations at 29 CFR Sections 25103-21(a) and (c)(1) as promulgated on April 8 2016 (81 Fed Reg 20997) If these sections of the Fiduciary Rule are revoked repealed or no longer effective these represhysentations and statements shall be deemed to be no longer in effect

Prospective Plan Investors should consult with their advisors however to determine whether the purchase holding or resale of a Security could give rise to a transaction that is prohibited or is not otherwise permissible under either ERISA or the Code

See ldquoERISA Considerationsrdquo in the Base Offering Circular

The Residual Securities are not offered to and may not be transferred to a Plan Investor

LEGAL INVESTMENT CONSIDERATIONS

Institutions whose investment activities are subject to legal investment laws and regulations or to review by certain regulatory authorities may be subject to restrictions on investment in the Securities No representation is made about the proper characterization of any Class for legal investment or other purposes or about the permissibility of the purchase by particular investors of any Class under applicable legal investment restrictions

Investors should consult their own legal advisors regarding applicable investment restrictions and the effect of any restrictions on the liquidity of the Securities prior to investing in the Securities

See ldquoLegal Investment Considerationsrdquo in the Base Offering Circular

PLAN OF DISTRIBUTION

Subject to the terms and conditions of the Sponsor Agreement the Sponsor has agreed to purchase all of the Securities if any are sold and purchased The Sponsor proposes to offer the Regular and MX Classes to the public from time to time for sale in negotiated transactions at varying prices to be determined at the time of sale plus accrued interest from November 1 2017 The Sponsor may effect these transactions by sales to or through certain securities dealers These dealers may receive compensation in the form of discounts concessions or commissions from the Sponsor andor commisshysions from any purchasers for which they act as agents Some of the Securities may be sold through dealers in relatively small sales In the usual case the commission charged on a relatively small sale of securities will be a higher percentage of the sales price than that charged on a large sale of securities

INCREASE IN SIZE

Before the Closing Date Ginnie Mae the Trustee and the Sponsor may agree to increase the size of this offering In that event the Securities will have the same characteristics as described in this Suppleshyment except that (1) the Original Class Principal Balance (or original Class Notional Balance) and (2) the Scheduled Principal Balances or Aggregate Scheduled Principal Balances of each Class receiving principal distributions or interest distributions based upon a notional balance from the same Trust Asset Group will increase by the same proportion The Trust Agreement the Final Data Statement the Final Schedules and the Supplemental Statement if any will reflect any increase in the size of the transaction

LEGAL MATTERS

Certain legal matters will be passed upon for Ginnie Mae by Hunton amp Williams LLP for the Trust by KampL Gates LLP Charlotte North Carolina and Marcell Solomon amp Associates PC Bowie Maryland and for the Trustee by Nixon Peabody LLP

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7 Se

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$

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB ltFEFF005500740069006c0069007a006500200065007300730061007300200063006f006e00660069006700750072006100e700f50065007300200064006500200066006f0072006d00610020006100200063007200690061007200200064006f00630075006d0065006e0074006f0073002000410064006f0062006500200050004400460020006d00610069007300200061006400650071007500610064006f00730020007000610072006100200070007200e9002d0069006d0070007200650073007300f50065007300200064006500200061006c007400610020007100750061006c00690064006100640065002e0020004f007300200064006f00630075006d0065006e0074006f00730020005000440046002000630072006900610064006f007300200070006f00640065006d0020007300650072002000610062006500720074006f007300200063006f006d0020006f0020004100630072006f006200610074002000650020006f002000410064006f00620065002000520065006100640065007200200035002e0030002000650020007600650072007300f50065007300200070006f00730074006500720069006f007200650073002egt SUO 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Page 32: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 33: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 34: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

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Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Off CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 01000 ColorConversionStrategy LeaveColorUnchanged DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams true MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments false PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE ltFEFF0041006e007600e4006e00640020006400650020006800e4007200200069006e0073007400e4006c006c006e0069006e006700610072006e00610020006f006d002000640075002000760069006c006c00200073006b006100700061002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400200073006f006d002000e400720020006c00e4006d0070006c0069006700610020006600f60072002000700072006500700072006500730073002d007500740073006b00720069006600740020006d006500640020006800f600670020006b00760061006c0069007400650074002e002000200053006b006100700061006400650020005000440046002d0064006f006b0075006d0065006e00740020006b0061006e002000f600700070006e00610073002000690020004100630072006f0062006100740020006f00630068002000410064006f00620065002000520065006100640065007200200035002e00300020006f00630068002000730065006e006100720065002egt ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 35: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Schedule II

SCHEDULED PRINCIPAL BALANCES

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

Initial Balance $6000000000 $12652700000 $3134500000 December 2017 5977149007 12612794073 3125740434 January 2018 5950044036 12569175371 3116047395 February 2018 5918703517 12521861999 3105424232 March 2018 5883154542 12470874916 3093875011 April 2018 5843432887 12416237929 3081404508 May 2018 5799583015 12357977673 3068018214 June 2018 5751658036 12296123596 3053722324 July 2018 5699719655 12230707930 3038523738 August 2018 5643838076 12161765670 3022430056 September 2018 5584091881 12089334540 3005449566 October 2018 5520567882 12013454960 2987591245 November 2018 5453360942 11934170010 2968864746 December 2018 5382573761 11851525389 2949280389 January 2019 5308316642 11765569366 2928849156 February 2019 5230707223 11676352738 2907582673 March 2019 5149870183 11583928777 2885493208 April 2019 5065936920 11488353171 2862593648 May 2019 4979045202 11389683973 2838897495 June 2019 4889338802 11287981535 2814418849 July 2019 4796967096 11183308446 2789172391 August 2019 4702084647 11075729466 2763173369 September 2019 4604850774 10965311452 2736437585 October 2019 4505429086 10852123289 2708981372 November 2019 4403987015 10736235816 2680821581 December 2019 4300695326 10617721742 2651975561 January 2020 4195727615 10496655573 2622461141 February 2020 4089259797 10373113523 2592296609 March 2020 3981469583 10250568369 2561500690 April 2020 3876233598 10129011822 2530092530 May 2020 3773491289 10008435660 2498936527 June 2020 3673183529 9888831728 2468030542 July 2020 3575252574 9770191934 2437372458 August 2020 3479642040 9652508252 2406960171 September 2020 3386296866 9535772719 2376791596 October 2020 3295163287 9419977435 2346864664 November 2020 3206188799 9305114563 2317177322 December 2020 3119322134 9191176330 2287727534 January 2021 3034513227 9078155024 2258513281 February 2021 2951713192 8966042993 2229532559 March 2021 2870874293 8854832649 2200783380 April 2021 2791949915 8744516461 2172263773 May 2021 2714894540 8635086961 2143971782 June 2021 2639663721 8526536739 2115905466

S-II-1

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT 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 ESP 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ltFEFF005500740069006c006900730065007a00200063006500730020006f007000740069006f006e00730020006100660069006e00200064006500200063007200e900650072002000640065007300200064006f00630075006d0065006e00740073002000410064006f00620065002000500044004600200070006f0075007200200075006e00650020007100750061006c0069007400e90020006400270069006d007000720065007300730069006f006e00200070007200e9007000720065007300730065002e0020004c0065007300200064006f00630075006d0065006e00740073002000500044004600200063007200e900e90073002000700065007500760065006e0074002000ea0074007200650020006f007500760065007200740073002000640061006e00730020004100630072006f006200610074002c002000610069006e00730069002000710075002700410064006f00620065002000520065006100640065007200200035002e0030002000650074002000760065007200730069006f006e007300200075006c007400e90072006900650075007200650073002egt ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 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Page 36: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

July 2021 $2566214058 $ 8418858444 $2088062900 August 2021 2494503170 8312044783 2060442176 September 2021 2424489677 8206088524 2033041399 October 2021 2356133169 8100982488 2005858690 November 2021 2289394191 7996719558 1978892185 December 2021 2224432735 7893292671 1952140035 January 2022 2161293698 7790694820 1925600406 February 2022 2099926410 7688919056 1899271478 March 2022 2040281597 7587958482 1873151446 April 2022 1982311350 7487806260 1847238520 May 2022 1925969081 7388455603 1821530923 June 2022 1871209486 7289899781 1796026892 July 2022 1817988517 7192132114 1770724681 August 2022 1766263340 7095145980 1745622555 September 2022 1715992306 6998934805 1720718793 October 2022 1667134916 6903492072 1696011690 November 2022 1619651792 6808811311 1671499552 December 2022 1573504642 6714886108 1647180700 January 2023 1528656236 6621710098 1623053468 February 2023 1485070371 6529276966 1599116205 March 2023 1442711848 6437580450 1575367269 April 2023 1401546440 6346614334 1551805036 May 2023 1361540868 6256372457 1528427892 June 2023 1322662773 6166848701 1505234236 July 2023 1284880692 6078037001 1482222482 August 2023 1248164034 5989931339 1459391054 September 2023 1212483055 5902525745 1436738389 October 2023 1177808833 5815814296 1414262939 November 2023 1144113250 5729791118 1391963166 December 2023 1111368965 5644450383 1369837544 January 2024 1079549395 5559786308 1347884560 February 2024 1048628695 5475793157 1326102715 March 2024 1018581734 5392465241 1304490519 April 2024 989384080 5309796915 1283046494 May 2024 961011978 5227782580 1261909343 June 2024 933442332 5146503144 1241105620 July 2024 906652686 5066424804 1220630209 August 2024 880621208 4987530345 1200478068 September 2024 855326672 4909802792 1180644235 October 2024 830748439 4833225408 1161123820 November 2024 806866447 4757781694 1141912008 December 2024 783661188 4683455381 1123004056 January 2025 761113696 4610230429 1104395293 February 2025 739205534 4538091025 1086081118 March 2025 717918775 4467021578 1068057000 April 2025 697235992 4397006715 1050318475 May 2025 677140241 4328031281 1032861149

S-II-2

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 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Page 37: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

June 2025 $ 657615049 $ 4260080334 $1015680692 July 2025 638644404 4193139142 998772839 August 2025 620212735 4127193182 982133392 September 2025 602304907 4062228133 965758214 October 2025 584906207 3998229879 949643232 November 2025 568002328 3935184500 933784433 December 2025 551579364 3873078274 918177867 January 2026 535623796 3811897672 902819640 February 2026 520122480 3751629355 887705922 March 2026 505062640 3692260175 872832936 April 2026 490431854 3633777165 858196965 May 2026 476218049 3576167545 843794347 June 2026 462409486 3519418714 829621477 July 2026 448994753 3463518247 815674802 August 2026 435962759 3408453898 801950825 September 2026 423302720 3354213591 788446102 October 2026 411004153 3300785423 775157239 November 2026 399056868 3248157656 762080895 December 2026 387450961 3196318721 749213780 January 2027 376176801 3145257211 736552653 February 2027 365225029 3094961880 724094322 March 2027 354586545 3045421642 711835645 April 2027 344252506 2996625568 699773526 May 2027 334214315 2948562882 687904915 June 2027 324463613 2901222961 676226812 July 2027 314992277 2854595334 664736258 August 2027 305792412 2808669677 653430343 September 2027 296856342 2763435812 642306199 October 2027 288176605 2718883704 631361001 November 2027 279745951 2675003463 620591969 December 2027 271557329 2631785337 609996363 January 2028 263603889 2589219713 599571486 February 2028 255878971 2547297114 589314683 March 2028 248376100 2506008198 579223336 April 2028 241088987 2465343754 569294871 May 2028 234011514 2425294703 559526749 June 2028 227137739 2385852094 549916473 July 2028 220461882 2347007103 540461583 August 2028 213978330 2308751033 531159656 September 2028 207681624 2271075308 522008305 October 2028 201566459 2233971476 513005182 November 2028 195627680 2197431202 504147972 December 2028 189860275 2161446274 495434396 January 2029 184259374 2126008591 486862212 February 2029 178820243 2091110173 478429210 March 2029 173538282 2056743149 470133213 April 2029 168409019 2022899762 461972079

S-II-3

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 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Page 38: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes GL Classes PA and PW GM and GQ

Distribution Date Class QB (in the aggregate) (in the aggregate)

May 2029 $ 163428109 $ 1989572365 $ 453943698 June 2029 158591329 1956753420 446045992 July 2029 153894573 1924435495 438276916 August 2029 149333853 1892611266 430634454 September 2029 144905291 1861273511 423116622 October 2029 140605121 1830415113 415721467 November 2029 136429680 1800029055 408447064 December 2029 132375409 1770108419 401291520 January 2030 128438851 1740646389 394252968 February 2030 124616645 1711636242 387329572 March 2030 120905524 1683071354 380519523 April 2030 117302315 1654945194 373821040 May 2030 113803933 1627251325 367232369 June 2030 110407381 1599983402 360751783 July 2030 107109745 1573135168 354377581 August 2030 103908196 1546700459 348108089 September 2030 100799982 1520673197 341941657 October 2030 97782431 1495047391 335876663 November 2030 94852945 1469817135 329911507 December 2030 92009000 1444976610 324044616 January 2031 89248143 1420520077 318274439 February 2031 86567992 1396441881 312599450 March 2031 83966229 1372736447 307018146 April 2031 81440606 1349398280 301529047 May 2031 78988934 1326421965 296130697 June 2031 76609091 1303802161 290821661 July 2031 74299010 1281533608 285600526 August 2031 72056686 1259611118 280465902 September 2031 69880169 1238029579 275416418 October 2031 67767566 1216783951 270450727 November 2031 65717037 1195869267 265567500 December 2031 63726794 1175280632 260765431 January 2032 61795098 1155013219 256043233 February 2032 59920263 1135062273 251399638 March 2032 58100649 1115423105 246833398 April 2032 56334661 1096091095 242343285 May 2032 54620752 1077061688 237928089 June 2032 52957418 1058330395 233586619 July 2032 51343197 1039892791 229317704 August 2032 49776670 1021744517 225120187 September 2032 48256457 1003881272 220992933 October 2032 46781218 986298821 216934822 November 2032 45349652 968992989 212944753 December 2032 43960493 951959660 209021641 January 2033 42612512 935194778 205164418 February 2033 41304516 918694345 201372031 March 2033 40035345 902454421 197643447

S-II-4

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE ltFEFF0041006e007600e4006e00640020006400650020006800e4007200200069006e0073007400e4006c006c006e0069006e006700610072006e00610020006f006d002000640075002000760069006c006c00200073006b006100700061002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400200073006f006d002000e400720020006c00e4006d0070006c0069006700610020006600f60072002000700072006500700072006500730073002d007500740073006b00720069006600740020006d006500640020006800f600670020006b00760061006c0069007400650074002e002000200053006b006100700061006400650020005000440046002d0064006f006b0075006d0065006e00740020006b0061006e002000f600700070006e00610073002000690020004100630072006f0062006100740020006f00630068002000410064006f00620065002000520065006100640065007200200035002e00300020006f00630068002000730065006e006100720065002egt ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 39: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

April 2033 May 2033 June 2033 July 2033 August 2033 September 2033 October 2033 November 2033 December 2033 January 2034 February 2034 March 2034 April 2034 May 2034 June 2034 July 2034 August 2034 September 2034 October 2034 November 2034 December 2034 January 2035 February 2035 March 2035 April 2035 May 2035 June 2035 July 2035 August 2035 September 2035 October 2035 November 2035 December 2035 January 2036 February 2036 March 2036 April 2036 May 2036 June 2036 July 2036 August 2036 September 2036 October 2036 November 2036 December 2036 January 2037 February 2037

$ 38803873 37609004 36449676 35324856 34233541 33174755 32147552 31151013 30184243 29246375 28336567 27453998 26597874 25767423 24961893 24180557 23422705 22687651 21974726 21283282 20612689 19962335 19331626 18719984 18126849 17551676 16993938 16453120 15928723 15420265 14927273 14449292 13985878 13536601 13101042 12678795 12269466 11872672 11488041 11115213 10753836 10403570 10064085 9735060 9416184 9107153 8807675

$ 886471123 870740622 855259148 840022982 825028459 810271969 795749952 781458900 767395357 753555914 739937215 726535949 713348855 700372719 687604372 675040693 662678605 650515076 638547117 626771783 615186173 603787426 592572723 581539287 570684380 560005305 549499403 539164054 528996677 518994727 509155697 499477118 489956553 480591605 471379908 462319133 453406984 444641200 436019550 427539837 419199898 410997600 402930840 394997547 387195681 379523231 371978215

$ 193977645 190373622 186830391 183346978 179922426 176555792 173246147 169992580 166794188 163650088 160559407 157521286 154534882 151599361 148713905 145877707 143089975 140349926 137656791 135009814 132408248 129851360 127338428 124868741 122441598 120056310 117712199 115408598 113144849 110920305 108734328 106586293 104475582 102401588 100363712

98361365 96393970 94460954 92561757 90695827 88862619 87061597 85292236 83554017 81846428 80168968 78521142

S-II-5

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP ltFEFF005500740069006c0069006300650020006500730074006100200063006f006e0066006900670075007200610063006900f3006e0020007000610072006100200063007200650061007200200064006f00630075006d0065006e0074006f00730020005000440046002000640065002000410064006f0062006500200061006400650063007500610064006f00730020007000610072006100200069006d0070007200650073006900f3006e0020007000720065002d0065006400690074006f007200690061006c00200064006500200061006c00740061002000630061006c0069006400610064002e002000530065002000700075006500640065006e00200061006200720069007200200064006f00630075006d0065006e0074006f00730020005000440046002000630072006500610064006f007300200063006f006e0020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e003000200079002000760065007200730069006f006e0065007300200070006f00730074006500720069006f007200650073002egt FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 40: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

March 2037 April 2037 May 2037 June 2037 July 2037 August 2037 September 2037 October 2037 November 2037 December 2037 January 2038 February 2038 March 2038 April 2038 May 2038 June 2038 July 2038 August 2038 September 2038 October 2038 November 2038 December 2038 January 2039 February 2039 March 2039 April 2039 May 2039 June 2039 July 2039 August 2039 September 2039 October 2039 November 2039 December 2039 January 2040 February 2040 March 2040 April 2040 May 2040 June 2040 July 2040 August 2040 September 2040 October 2040 November 2040 December 2040 January 2041

$ 8517464 8236243 7963744 7699705 7443874 7196004 6955857 6723201 6497811 6279468 6067962 5863085 5664638 5472428 5286265 5105968 4931359 4762266 4598522 4439965 4286438 4137787 3993865 3854527 3719635 3589052 3462648 3340295 3221868 3107248 2996319 2888966 2785081 2684557 2587290 2493181 2402131 2314048 2228838 2146414 2066688 1989579 1915003 1842884 1773143 1705708 1640507

$ 364558680 357262704 350088390 343033870 336097304 329276878 322570807 315977328 309494708 303121237 296855231 290695031 284639002 278685533 272833036 267079950 261424732 255865865 250401853 245031223 239752523 234564324 229465215 224453809 219528738 214688654 209932231 205258160 200665152 196151939 191717271 187359914 183078655 178872300 174739669 170679603 166690959 162772610 158923448 155142379 151428328 147780233 144197051 140677752 137221323 133826765 130493095

$ 76902463 75312451 73750637 72216554 70709747 69229766 67776168 66348518 64946387 63569353 62217002 60888924 59584717 58303985 57046339 55811396 54598778 53408114 52239039 51091192 49964220 48857775 47771514 46705099 45658199 44630487 43621642 42631347 41659291 40705168 39768676 38849519 37947404 37062045 36193159 35340468 34503698 33682580 32876849 32086245 31310510 30549393 29802644 29070021 28351282 27646190 26954514

S-II-6

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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 DEU 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Page 41: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

February 2041 March 2041 April 2041 May 2041 June 2041 July 2041 August 2041 September 2041 October 2041 November 2041 December 2041 January 2042 February 2042 March 2042 April 2042 May 2042 June 2042 July 2042 August 2042 September 2042 October 2042 November 2042 December 2042 January 2043 February 2043 March 2043 April 2043 May 2043 June 2043 July 2043 August 2043 September 2043 October 2043 November 2043 December 2043 January 2044 February 2044 March 2044 April 2044 May 2044 June 2044 July 2044 August 2044 September 2044 October 2044 November 2044 December 2044

$ 1577469 1516528 1457618 1400674 1345636 1292444 1241040 1191367 1143371 1096999 1052200 1008924 967123 926749 887759 850107 813751 778650 744763 712052 680479 650008 620603 592229 564855 538446 512973 488404 464711 441865 419838 398604 378136 358411 339402 321087 303443 286448 270080 254319 239144 224536 210476 196946 183928 171405 159360

$ 127219344 124004558 120847797 117748135 114704660 111716473 108782690 105902440 103074863 100299114

97574361 94899783 92274573 89697934 87169082 84687247 82251666 79861593 77516289 75215028 72957095 70741784 68568404 66436269 64344707 62293055 60280661 58306883 56371086 54472647 52610954 50785401 48995393 47240343 45519675 43832821 42179219 40558320 38969580 37412465 35886449 34391014 32925649 31489852 30083128 28704990 27354959

$ 26276023 25610494 24957703 24317433 23689469 23073601 22469620 21877323 21296507 20726976 20168534 19620991 19084157 18557849 18041883 17536080 17040263 16554260 16077900 15611014 15153437 14705007 14265565 13834952 13413015 12999601 12594560 12197746 11809013 11428219 11055224 10689890 10332082 9981667 9638513 9302492 8973476 8651341 8335964 8027225 7725005 7429187 7139657 6856302 6579011 6307674 6042184

S-II-7

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true 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ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO ltFEFF004b00e40079007400e40020006e00e40069007400e4002000610073006500740075006b007300690061002c0020006b0075006e0020006c0075006f00740020006c00e400680069006e006e00e4002000760061006100740069007600610061006e0020007000610069006e006100740075006b00730065006e002000760061006c006d0069007300740065006c00750074007900f6006800f6006e00200073006f00700069007600690061002000410064006f0062006500200050004400460020002d0064006f006b0075006d0065006e007400740065006a0061002e0020004c0075006f0064007500740020005000440046002d0064006f006b0075006d0065006e00740069007400200076006f0069006400610061006e0020006100760061007400610020004100630072006f0062006100740069006c006c00610020006a0061002000410064006f00620065002000520065006100640065007200200035002e0030003a006c006c00610020006a006100200075007500640065006d006d0069006c006c0061002egt SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 42: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Distribution Date Class QB Classes PA and PW (in the aggregate)

Classes GL GM and GQ

(in the aggregate)

January 2045 February 2045 March 2045 April 2045 May 2045 June 2045 July 2045 August 2045 September 2045 October 2045 November 2045 December 2045 January 2046 February 2046 March 2046 April 2046 May 2046 June 2046 July 2046 August 2046 September 2046 October 2046 November 2046 December 2046 January 2047 February 2047 March 2047 April 2047 May 2047 June 2047 July 2047 August 2047 September 2047 and thereafter

$ 147777 136640 125935 115647 105762

96265 87144 78386 69978 61908 54165 46737 39613 32784 26238 19965 13956 8203 2694 000 000 000 000 000 000 000 000 000 000 000 000 000 000

$ 26032563 24737336 23468821 22226567 21010131 19819075 18652970 17511392 16393924 15300156 14229683 13182109 12157041 11154094 10172889 9213051 8274213 7356013 6458095 5580108 4721706 3882550 3062305 2260641 1477235 711768

000 000 000 000 000 000 000

$ 5782436 5528326 5279752 5036613 4798812 4566250 4338832 4116465 3899056 3686515 3478752 3275679 3077211 2883263 2693750 2508592 2327708 2151017 1978444 1809910 1645341 1484662 1327802 1174687 1025249 879417 737124 598304 462890 330817 202023

76445 000

S-II-8

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 43: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

Initial Balance $8512400000 $3399300000 $7296100000 December 2017 8487005835 3389794623 7268441225 January 2018 8458951575 3379276953 7238460755 February 2018 8428246766 3367750626 7206174315 March 2018 8394902996 3355220056 7171599654 April 2018 8358933884 3341690428 7134756534 May 2018 8320355079 3327167699 7095666710 June 2018 8279184242 3311658595 7054353910 July 2018 8235441045 3295170603 7010843819 August 2018 8189147146 3277711966 6965164042 September 2018 8140326178 3259291681 6917344087 October 2018 8089003726 3239919486 6867415326 November 2018 8035207307 3219605853 6815410964 December 2018 7978966343 3198361979 6761366000 January 2019 7920312133 3176199776 6705317189 February 2019 7859277826 3153131859 6647303000 March 2019 7795898384 3129171533 6587363569 April 2019 7730210551 3104332780 6525540655 May 2019 7662252815 3078630247 6461877584 June 2019 7592065364 3052079225 6396419204 July 2019 7519690052 3024695642 6329211824 August 2019 7445170347 2996496036 6260303161 September 2019 7368551291 2967497548 6189742281 October 2019 7289879445 2937717893 6117579535 November 2019 7209202847 2907175349 6043866499 December 2019 7126570952 2875888733 5968655908 January 2020 7042034582 2843877383 5894144240 February 2020 6955645869 2811161134 5820324856 March 2020 6867458197 2777760296 5747191180 April 2020 6777526144 2743695635 5674736696 May 2020 6688313677 2709904511 5602954947 June 2020 6599814714 2676384607 5531839534 July 2020 6512023225 2643133622 5461384119 August 2020 6424933226 2610149276 5391582420 September 2020 6338538781 2577429306 5322428213 October 2020 6252834002 2544971467 5253915331 November 2020 6167813048 2512773533 5186037662 December 2020 6083470126 2480833294 5118789153 January 2021 5999799488 2449148559 5052163803 February 2021 5916795433 2417717154 4986155667 March 2021 5834452303 2386536924 4920758855 April 2021 5752764490 2355605728 4855967531 May 2021 5671726427 2324921445 4791775912 June 2021 5591332594 2294481970 4728178267 July 2021 5511577514 2264285214 4665168917 August 2021 5432455754 2234329107 4602742238 September 2021 5353961924 2204611592 4540892655 October 2021 5276090679 2175130631 4479614644

S-II-9

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR ltFEFF004200720075006b00200064006900730073006500200069006e006e007300740069006c006c0069006e00670065006e0065002000740069006c002000e50020006f0070007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740065007200200073006f006d00200065007200200062006500730074002000650067006e0065007400200066006f00720020006600f80072007400720079006b006b0073007500740073006b00720069006600740020006100760020006800f800790020006b00760061006c0069007400650074002e0020005000440046002d0064006f006b0075006d0065006e00740065006e00650020006b0061006e002000e50070006e00650073002000690020004100630072006f00620061007400200065006c006c00650072002000410064006f00620065002000520065006100640065007200200035002e003000200065006c006c00650072002000730065006e006500720065002egt PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 44: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2021 $5198836715 $2145884202 $4418902731 December 2021 5122194773 2116870300 4358751495 January 2022 5046159632 2088086933 4299155562 February 2022 4970726117 2059532129 4240109607 March 2022 4895889091 2031203927 4181608354 April 2022 4821643462 2003100387 4123646578 May 2022 4747984176 1975219580 4066219097 June 2022 4674906220 1947559595 4009320781 July 2022 4602404621 1920118535 3952946544 August 2022 4530474447 1892894520 3897091347 September 2022 4459110805 1865885682 3841750198 October 2022 4388308841 1839090171 3786918150 November 2022 4318063740 1812506149 3732590301 December 2022 4248370724 1786131796 3678761796 January 2023 4179225057 1759965304 3625427821 February 2023 4110622038 1734004879 3572583609 March 2023 4042557005 1708248744 3520224435 April 2023 3975025332 1682695134 3468345617 May 2023 3908022432 1657342299 3416942518 June 2023 3841543753 1632188503 3366010540 July 2023 3775584781 1607232023 3315545131 August 2023 3710141037 1582471150 3265541778 September 2023 3645208079 1557904191 3215996010 October 2023 3580781499 1533529463 3166903397 November 2023 3516856925 1509345299 3118259549 December 2023 3453430023 1485350044 3070060118 January 2024 3390496488 1461542056 3022520967 February 2024 3328052055 1437919708 2975683038 March 2024 3266415261 1414481384 2929536288 April 2024 3205882392 1391225482 2884070814 May 2024 3146434116 1368303647 2839276853 June 2024 3088051433 1345743431 2795144779 July 2024 3030715672 1323539283 2751665103 August 2024 2974408484 1301685737 2708828466 September 2024 2919111835 1280177409 2666625643 October 2024 2864808002 1259008995 2625047539 November 2024 2811479571 1238175273 2584085187 December 2024 2759109425 1217671099 2543729744 January 2025 2707680744 1197491406 2503972494 February 2025 2657176999 1177631204 2464804842 March 2025 2607581945 1158085578 2426218316 April 2025 2558879618 1138849687 2388204562 May 2025 2511054331 1119918763 2350755342 June 2025 2464090667 1101288111 2313862538 July 2025 2417973475 1082953106 2277518144 August 2025 2372687868 1064909193 2241714266 September 2025 2328219214 1047151885 2206443123 October 2025 2284553136 1029676765 2171697044

S-II-10

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 45: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2025 $2241675503 $1012479481 $2137468464 December 2025 2199572433 995555747 2103749927 January 2026 2158230279 978901342 2070534081 February 2026 2117635634 962512108 2037813677 March 2026 2077775323 946383952 2005581571 April 2026 2038636396 930512840 1973830718 May 2026 2000206131 914894803 1942554171 June 2026 1962472025 899525928 1911745085 July 2026 1925421790 884402363 1881396708 August 2026 1889043354 869520314 1851502385 September 2026 1853324853 854876046 1822055556 October 2026 1818254627 840465879 1793049751 November 2026 1783821221 826286188 1764478594 December 2026 1750013377 812333405 1736335799 January 2027 1716820034 798604015 1708615167 February 2027 1684230320 785094556 1681310589 March 2027 1652233556 771801619 1654416040 April 2027 1620819244 758721846 1627925583 May 2027 1589977072 745851932 1601833363 June 2027 1559696905 733188620 1576133609 July 2027 1529968785 720728702 1550820630 August 2027 1500782927 708469022 1525888819 September 2027 1472129715 696406468 1501332644 October 2027 1443999703 684537978 1477146656 November 2027 1416383605 672860535 1453325479 December 2027 1389272302 661371169 1429863817 January 2028 1362656828 650066953 1406756446 February 2028 1336528378 638945009 1383998218 March 2028 1310878297 628002497 1361584057 April 2028 1285698083 617236624 1339508960 May 2028 1260979379 606644639 1317767994 June 2028 1236713978 596223832 1296356297 July 2028 1212893813 585971534 1275269075 August 2028 1189510957 575885119 1254501604 September 2028 1166557624 565961997 1234049224 October 2028 1144026162 556199622 1213907343 November 2028 1121909053 546595483 1194071436 December 2028 1100198910 537147109 1174537039 January 2029 1078888475 527852067 1155299754 February 2029 1057970617 518707960 1136355244 March 2029 1037438328 509712428 1117699234 April 2029 1017284726 500863148 1099327511 May 2029 997503046 492157831 1081235921 June 2029 978086641 483594224 1063420369 July 2029 959028984 475170107 1045876818 August 2029 940323657 466883295 1028601290 September 2029 921964359 458731637 1011589862 October 2029 903944896 450713014 994838669

S-II-11

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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true StartPage 1 SubsetFonts true TransferFunctionInfo Preserve UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 200000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 200000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 800 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile (None) PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped Unknown CreateJDFFile false Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU 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 ESP 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 FRA ltFEFF005500740069006c006900730065007a00200063006500730020006f007000740069006f006e00730020006100660069006e00200064006500200063007200e900650072002000640065007300200064006f00630075006d0065006e00740073002000410064006f00620065002000500044004600200070006f0075007200200075006e00650020007100750061006c0069007400e90020006400270069006d007000720065007300730069006f006e00200070007200e9007000720065007300730065002e0020004c0065007300200064006f00630075006d0065006e00740073002000500044004600200063007200e900e90073002000700065007500760065006e0074002000ea0074007200650020006f007500760065007200740073002000640061006e00730020004100630072006f006200610074002c002000610069006e00730069002000710075002700410064006f00620065002000520065006100640065007200200035002e0030002000650074002000760065007200730069006f006e007300200075006c007400e90072006900650075007200650073002egt ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice

Page 46: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2029 $ 886259185 $ 442825338 $ 978343898 December 2029 868901246 435066556 962101793 January 2030 851865207 427434645 946108651 February 2030 835145298 419927611 930360820 March 2030 818735849 412543494 914854704 April 2030 802631291 405280361 899586754 May 2030 786826151 398136310 884553474 June 2030 771315053 391109468 869751418 July 2030 756092715 384197992 855177189 August 2030 741153949 377400064 840827437 September 2030 726493656 370713896 826698862 October 2030 712106826 364137728 812788211 November 2030 697988541 357669826 799092275 December 2030 684133965 351308483 785607895 January 2031 670538350 345052017 772331953 February 2031 657197029 338898773 759261378 March 2031 644105419 332847121 746393143 April 2031 631259017 326895457 733724264 May 2031 618653399 321042200 721251799 June 2031 606284219 315285795 708972849 July 2031 594147207 309624710 696884557 August 2031 582238170 304057435 684984104 September 2031 570552987 298582486 673268716 October 2031 559087609 293198401 661735655 November 2031 547838061 287903739 650382224 December 2031 536800437 282697083 639205765 January 2032 525970898 277577037 628203657 February 2032 515345676 272542227 617373317 March 2032 504921067 267591299 606712200 April 2032 494693432 262722921 596217796 May 2032 484659200 257935782 585887632 June 2032 474814859 253228589 575719271 July 2032 465156961 248600071 565710310 August 2032 455682118 244048976 555858381 September 2032 446387003 239574072 546161150 October 2032 437268348 235174144 536616318 November 2032 428322941 230847997 527221616 December 2032 419547629 226594456 517974810 January 2033 410939313 222412362 508873698 February 2033 402494951 218300574 499916110 March 2033 394211552 214257970 491099905 April 2033 386086182 210283444 482422976 May 2033 378115954 206375909 473883244 June 2033 370298037 202534292 465478661 July 2033 362629647 198757539 457207209 August 2033 355108052 195044611 449066898 September 2033 347730565 191394487 441055768 October 2033 340494551 187806158 433171885

S-II-12

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 47: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2033 $ 333397418 $ 184278636 $ 425413347 December 2033 326436622 180810943 417778274 January 2034 319609665 177402119 410264819 February 2034 312914092 174051220 402871158 March 2034 306347492 170757313 395595494 April 2034 299907496 167519483 388436056 May 2034 293591779 164336828 381391100 June 2034 287398058 161208459 374458905 July 2034 281324087 158133502 367637778 August 2034 275367663 155111096 360926046 September 2034 269526623 152140394 354322066 October 2034 263798840 149220563 347824213 November 2034 258182226 146350780 341430890 December 2034 252674731 143530237 335140521 January 2035 247274341 140758139 328951554 February 2035 241979079 138033702 322862458 March 2035 236787000 135356156 316871726 April 2035 231696199 132724740 310977871 May 2035 226704801 130138708 305179429 June 2035 221810966 127597324 299474957 July 2035 217012886 125099864 293863034 August 2035 212308787 122645615 288342257 September 2035 207696927 120233876 282911247 October 2035 203175592 117863956 277568641 November 2035 198743102 115535174 272313099 December 2035 194397807 113246863 267143299 January 2036 190138084 110998362 262057940 February 2036 185962343 108789024 257055738 March 2036 181869018 106618209 252135428 April 2036 177856575 104485291 247295764 May 2036 173923505 102389650 242535519 June 2036 170068329 100330678 237853482 July 2036 166289592 98307776 233248462 August 2036 162585866 96320353 228719283 September 2036 158955749 94367829 224264788 October 2036 155397863 92449633 219883835 November 2036 151910858 90565202 215575302 December 2036 148493404 88713983 211338080 January 2037 145144199 86895431 207171078 February 2037 141861962 85109009 203073221 March 2037 138645436 83354190 199043449 April 2037 135493387 81630455 195080718 May 2037 132404602 79937291 191183999 June 2037 129377891 78274195 187352278 July 2037 126412086 76640673 183584557 August 2037 123506040 75036236 179879852 September 2037 120658624 73460405 176237192 October 2037 117868734 71912707 172655623

S-II-13

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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Page 48: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2037 $ 115135283 $ 70392678 $ 169134203 December 2037 112457204 68899860 165672005 January 2038 109833450 67433803 162268114 February 2038 107262994 65994064 158921630 March 2038 104744825 64580206 155631667 April 2038 102277952 63191801 152397349 May 2038 99861402 61828426 149217816 June 2038 97494220 60489665 146092220 July 2038 95175468 59175110 143019723 August 2038 92904224 57884357 139999503 September 2038 90679585 56617010 137030749 October 2038 88500663 55372680 134112660 November 2038 86366585 54150982 131244448 December 2038 84276497 52951540 128425339 January 2039 82229559 51773980 125654567 February 2039 80224946 50617939 122931378 March 2039 78261847 49483054 120255032 April 2039 76339470 48368974 117624797 May 2039 74457032 47275348 115039952 June 2039 72613768 46201834 112499788 July 2039 70808927 45148095 110003605 August 2039 69041769 44113798 107550716 September 2039 67311571 43098616 105140442 October 2039 65617621 42102228 102772114 November 2039 63959220 41124317 100445073 December 2039 62335683 40164572 98158672 January 2040 60746338 39222687 95912271 February 2040 59190523 38298359 93705241 March 2040 57667591 37391293 91536960 April 2040 56176904 36501195 89406820 May 2040 54717839 35627780 87314217 June 2040 53289781 34770764 85258559 July 2040 51892129 33929869 83239262 August 2040 50524293 33104822 81255751 September 2040 49185692 32295353 79307458 October 2040 47875757 31501197 77393827 November 2040 46593929 30722093 75514306 December 2040 45339661 29957786 73668354 January 2041 44112413 29208022 71855438 February 2041 42911658 28472554 70075033 March 2041 41736877 27751136 68326619 April 2041 40587561 27043529 66609689 May 2041 39463212 26349497 64923738 June 2041 38363338 25668806 63268274 July 2041 37287459 25001228 61642807 August 2041 36235102 24346537 60046859 September 2041 35205805 23704512 58479956 October 2041 34199113 23074935 56941633

S-II-14

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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 ITA 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geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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Page 49: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2041 $ 33214579 $ 22457591 $ 55431431 December 2041 32251766 21852270 53948898 January 2042 31310243 21258763 52493590 February 2042 30389590 20676868 51065068 March 2042 29489391 20106382 49662900 April 2042 28609242 19547108 48286662 May 2042 27748743 18998852 46935935 June 2042 26907504 18461422 45610306 July 2042 26085141 17934631 44309369 August 2042 25281277 17418293 43032724 September 2042 24495542 16912227 41779977 October 2042 23727574 16416252 40550741 November 2042 22977018 15930194 39344632 December 2042 22243524 15453878 38161275 January 2043 21526750 14987135 37000299 February 2043 20826360 14529796 35861340 March 2043 20142023 14081696 34744037 April 2043 19473417 13642674 33648036 May 2043 18820223 13212570 32572990 June 2043 18182131 12791226 31518554 July 2043 17558835 12378489 30484391 August 2043 16950036 11974206 29470168 September 2043 16355438 11578229 28475556 October 2043 15774754 11190410 27500233 November 2043 15207700 10810604 26543882 December 2043 14653999 10438670 25606188 January 2044 14113378 10074468 24686844 February 2044 13585570 9717861 23785547 March 2044 13070313 9368712 22901996 April 2044 12567349 9026890 22035898 May 2044 12076427 8692263 21186963 June 2044 11597298 8364702 20354906 July 2044 11129720 8044082 19539445 August 2044 10673455 7730278 18740304 September 2044 10228270 7423167 17957210 October 2044 9793934 7122630 17189896 November 2044 9370224 6828547 16438096 December 2044 8956919 6540803 15701551 January 2045 8553802 6259282 14980005 February 2045 8160662 5983874 14273206 March 2045 7777290 5714466 13580905 April 2045 7403483 5450950 12902858 May 2045 7039040 5193219 12238825 June 2045 6683766 4941168 11588568 July 2045 6337467 4694693 10951854 August 2045 5999956 4453693 10328454 September 2045 5671046 4218068 9718142 October 2045 5350556 3987719 9120695

S-II-15

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR ltFEFF004200720075006b00200064006900730073006500200069006e006e007300740069006c006c0069006e00670065006e0065002000740069006c002000e50020006f0070007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740065007200200073006f006d00200065007200200062006500730074002000650067006e0065007400200066006f00720020006600f80072007400720079006b006b0073007500740073006b00720069006600740020006100760020006800f800790020006b00760061006c0069007400650074002e0020005000440046002d0064006f006b0075006d0065006e00740065006e00650020006b0061006e002000e50070006e00650073002000690020004100630072006f00620061007400200065006c006c00650072002000410064006f00620065002000520065006100640065007200200035002e003000200065006c006c00650072002000730065006e006500720065002egt PTB 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Page 50: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

Classes MA and ML Classes DA and DY Classes JG and JY Distribution Date (in the aggregate) (in the aggregate) (in the aggregate)

November 2045 $ 5038310 $ 3762549 $ 8535893 December 2045 4734130 3542464 7963522 January 2046 4437848 3327369 7403368 February 2046 4149294 3117174 6855224 March 2046 3868304 2911787 6318882 April 2046 3594718 2711121 5794141 May 2046 3328375 2515086 5280801 June 2046 3069122 2323598 4778665 July 2046 2816806 2136572 4287541 August 2046 2571278 1953925 3807238 September 2046 2332392 1775575 3337569 October 2046 2100004 1601442 2878350 November 2046 1873973 1431448 2429398 December 2046 1654163 1265514 1990537 January 2047 1440437 1103565 1561589 February 2047 1232663 945525 1142381 March 2047 1030711 791322 732745 April 2047 834455 640881 332511 May 2047 643768 494133 000 June 2047 458529 351007 000 July 2047 278618 211434 000 August 2047 103917 75347 000 September 2047 and thereafter 000 000 000

S-II-16

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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Page 51: $599,986,027 Government National Mortgage ... - Ginnie Mae · Offering Circular Supplement (To Base Offering Circular dated March 1, 2017) $599,986,027 Government National Mortgage

$599986027

Government National Mortgage Association

GINNIE MAEreg

Guaranteed REMIC Pass-Through Securities

and MX Securities Ginnie Mae REMIC Trust 2017-165

OFFERING CIRCULAR SUPPLEMENT November 22 2017

Wells Fargo Securities Tribal Capital Markets

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 DEU 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 ESP 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 FRA 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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 SUO 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 SVE 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 ENU (RRD High Resolution (Letter Page Size)) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice