Fannie Mae Updates Maximum Allowable Foreclosure-Related Fees

Fannie Mae

On January 11, Fannie Mae published Service Guide Announcement SVC-2012-2, which updates limits for certain foreclosure-related fees. Effective January 1, 2012, Fannie Mae increased the maximum allowable fees for certain pre-foreclosure mediation services performed on loans secured by properties in Florida. Fannie Mae also announced an increase in the maximum allowable foreclosure attorney fees for mortgage loans, participation pool mortgage loans, and MBS mortgage loans serviced under the special servicing option secured by properties located in Hawaii, Iowa, Kentucky, Louisiana, New Mexico, North Dakota, Oklahoma, South Dakota, and Wisconsin. While most of these increased allowable attorney fees are effective for loans referred to an attorney on or after January 1, 2012, the Hawaii fee changes apply to loans referred on or after May 1, 2011.