Fannie Mae has announced several changes to its servicing policy, including an update on attorney/trustee foreclosure fees and notification of increased incentive fees tied to Home Affordable Modification Program (HAMP) modifications.
The updated foreclosure fees affect three states: Hawaii, Delaware and New York.
In Hawaii, where Fannie Mae has previously instructed servicers to convert to judicial foreclosure files referred to an attorney on or after May 5, the government-sponsored enterprise is establishing a maximum allowable foreclosure fee of $2,200.
The maximum allowable attorney fee for judicial foreclosures in Delaware has been bumped from $950 to $1,150. The new fees affect loans referred to an attoreny on or after Aug. 1, and they are meant to cover all steps required to complete a foreclosure in the state.
Also effective for foreclosure referrals dated on or after Aug. 1., Fannie Mae has raised fees in New York from $1,400 to $1,800, except in the New York City and Long Island, where the foreclosure fee has been increased from $2,000 to $2,200.