Servicing Guide

Published September 9, 2020

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What are the servicer responsibilities when it relates to collecting and accounting for Homesaver advance notes?

The servicer must be able to identify whether the borrower on a first lien mortgage loan currently has an HSA note, and reference it in any payoff statement it issues for the first lien mortgage loan.

In the event of a sale or transfer of the property, this reference must remind the borrower that the HSA note is due and payable in full.

In the event of a refinance, this reference must clearly

  • remind the borrower that the HSA note must continue to be paid, and

  • state that payoff of the HSA note is not required to release the first lien mortgage loan.

If the borrower or servicer of the first lien mortgage loan needs information related to an HSA note (such as where to send a payment), the servicer may send a request for information to Fannie Mae’s SF CPM division (see F-4-03, List of Contacts). The servicer must be able to promptly redirect any HSA note payments received to the party designated by Fannie Mae.

For more information see Servicing Guide C-1.2-03, Processing Payments in Full.

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