Fannie Mae Announces Increase in Allowable Fees

Fannie Mae has announced an increase in allowable foreclosure attorney fees for trustees servicing several states.  In Washington and Oregon, the allowable fees increased from $675 to $1,000.  In Nevada from $600 to $1,100.  Additionally, Fannie Mae formally announced the elimination of mandatory use of Fannie Mae-approved title companies in Washington, Oregon and Nevada.

The Fannie Mae announcement states:  “ … when referring a foreclosure to a trustee in the States of Arizona, California, or Washington, the servicer must require that the trustee obtain evidence of title for the foreclosure from a Fannie Mae-approved title company …  Effective immediately, Fannie Mae is eliminating the list of Fannie Mae-approved title companies and discontinuing this requirement.

Read the Fannie Mae Servicing Guide Announcement