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Lawyers Now Getting Higher Foreclosure Fees.(Brief Article)
In June, Fannie Mae raised the allowable attorney fees for foreclosure-related matters in 48 states in its first comprehensive change in the attorney fees and foreclosure timelines since 1998.
The three jurisdictions where attorney and trustee fees were not increased are California, which was updated in 1999, Guam and Wyoming.
In addition, Fannie Mae decided that foreclosures can be completed in a shorter timeline than previously allowed for a number of states.
"I think in large part technology has helped to streamline the process and make that possible," said Robin Gillespie, a regional counsel in Fannie Mae's Southwestern regional office.
She acknowledged that some law firms had been urging Fannie Mae to raise the fees, saying that the previous attorney fee schedule was out of date.
Fannie also added some new firms and removed some old ones from its list of Fannie Mae-retained attorneys.
Fannie Mae also ...
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