The Federal National Mortgage Association has raised the maximum allowable fees for foreclosure attorneys — to more than $2,000 in at least one state.
Fannie Mae updated its maximum allowable fees for foreclosure attorneys and trustees in several states. The updates impact mortgage loans, participation pool loans and securitized mortgages serviced under the special servicing option.
The new fees went into effect on loans referred for foreclosure on or after Oct. 1.
According to Servicing Guide Announcement SVC-2012-23, maximum fees for all steps to complete a non-judicial foreclosure in Rhode Island jumped to $1,300 from $900.
The fees exclude mediation and settlement conference fees.
The maximum was raised to $1,050 from $600 in Arkansas, while it increased to $1,000 from $650 in California and to $1,000 from $550 in West Virginia. Also on the non-judicial side, Arizona’s maximum was lifted to $925 from $625, Mississippi’s was expanded to $900 from $550, and Nebraska’s increased to $900 from $600.
Maximum fees for non-judicial foreclosures in Maryland have been increased to $2,100 from $1,600.
In Massachusetts, the maximum judicial foreclosure fee was raised to $2,000 from $1,600.
In Massachusetts, as in Maryland, the revisions impact loans that were referred to a foreclosure attorney on or after June 1.
