Fannie Mae Makes Changes To HomeSaver Advance

Posted by Orb Staff on June 10, 2009 No Comments
Categories : Mortgage Servicing

nt [link=https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0917.pdf][u]announcement[/u][/link] from Fannie Mae instructs servicers on changes made regarding document certification, custody and funding for HomeSaver Advance (HSA) loans offered by the government-sponsored enterprise (GSE). HSA is a foreclosure prevention alternative made available last year that results in an unsecured promissory note in an amount to cure the delinquency on a first-lien mortgage when a short-term repayment plan of the past due amount is not feasible. Effective July 10, Fannie Mae will be responsible for all certification functions and become the document custodian of HSA notes for all HSA cases closed in the HomeSaver Solutions Network (HSSN) after July 9. The servicer must forward a completed HomeSaver Advance Delivery Inventory and all related HSA notes to Fannie Mae via overnight delivery on the same day that the HSA case is closed in HSSN, according to Announcement 09-17. Certification will be completed by Fannie Mae within one business day, provided the documentation is accurate and complete. Dyck O'Neal will remain responsible for certifying all loans transmitted in HSSN through July 9. Also effective July 10, for any HSA note submitted to Fannie Mae for certification and custody, the GSE will not fund the HSA loan until the related note has passed certification without any errors. Errors will be classified into one of four categories: data error, document error, data-no-doc error or ‘reject.’ SOURCE: Fan

Register here to receive our Latest Headlines email newsletter




Leave a Comment