Attorneys handling foreclosures tied to Fannie Mae not only have to follow a new set of default-servicing legal guidelines to comply with, the government-sponsored enterprise also released its maximum attorney-trustee fee schedule this week.
The fee ceiling applies to attorneys and trustees who complete legal work related to the foreclosure of whole mortgages, pooled loans and mortgage-backed securities tied to Fannie Mae.
The list, which is now available, lists fees for both nonjudicial foreclosures and judicial foreclosures in different jurisdictions.
The allowable fee list shows judicial foreclosures generally permitting larger attorney’s fees. For example, the maximum fee for a judicial foreclosure in New York runs about $2,000. A judicial foreclosure in New York City specifically, as well as the counties of Nassau and Suffolk, comes with a maximum permitted fee of $2,400.
Meanwhile, on the non-judicial foreclosure front, a state like Idaho carries a $600 maximum attorney/trustee fee, while Texas’ attorney fee is in the $900-range. A judicial foreclosure in Oregon, which is now listed as a foreclosure and judicial foreclosure state, shows the maximum fee hitting $2,050 for a judicial foreclosure and $1,000 for a non-judicial foreclosure.
