Introduction

In Announcement 08-14 (dated June 16, 2008), Fannie Mae introduced HomeSaver Advance™ (HSA), a foreclosure prevention alternative that results in an unsecured promissory note in an amount to cure the delinquency on a first-lien mortgage loan when a short term repayment plan of the past due amount is not feasible.

For mortgage loans serviced under the special servicing option, this Announcement updates Fannie Mae’s requirements related to document certification and custody of the HomeSaver Advance™ Truth-in-Lending Disclosure Statement and Promissory Note (Form 3721 or 3721.33 as applicable, referred to as the HSA note). Additionally, Fannie Mae is notifying servicers of changes in the HSA funding process to occur after the complete and successful certification of the HSA note.

Note: All references to “servicer” in this Announcement pertain to the servicer, i.e., the servicer of the first-lien mortgage that originates the HSA loan, and not to the third-party servicer of the HSA note.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.