First American, Fannie Team to Cut Foreclosure Costs
First American National Default Title Services will provide national foreclosure title products to Fannie Mae (FNM) in an effort to decrease the cost of foreclosure. The streamlined cost efficiencies will make it easier for servicers to tackle the increasing flow of default mortgages and where possible help homeowners reinstate their loans and retain their homes. The pre-foreclosure title report meshes with Fannie's pricing limits on title costs for its foreclosure counsel. The report, a title search product, uses a network of local abstractors, title data, a team of underwriters and experts to assist lenders, servicers and investors in wrangling foreclosure costs in multiple states, according to a corporate release. “We have worked diligently to do our part to provide cost-effective solutions to our lender, mortgage servicer and investor clients,” says Wes Mee, president of First American National Default Title Services Division. "We are looking forward to being an additional resource to Fannie Mae and their mortgage servicer partners." To combat the fluctuating standards used from state to state, designers versed the title report with the nuances of state and county requirements. Write to Jon Prior.