Fannie Mae Increases Fees For Nonjudicial Foreclosures in California

Fannie Mae

On November 21st, Fannie Mae announced an increased in the allowable maximum attorney or trustees fees for legal work related to nonjudical foreclosures in California from $650 to $1,000.

The decision follows a request from UTA for the increase.

In a letter dated on October 5th and sent to both Fannie Mae and Freddie Mac, UTA President T. Robert Finlay wrote:  “The FNMA fee schedule has been in existence for at least 15 years … during the past several years, changes at the legislative level and with FNMA’s requirements, have significantly increased the complexity, length and cost of performing nonjudical foreclosure in California.”  UTA detailed changes that have impacted the nonjudical foreclosure process in California and concluded that “maintaining the quality of nonjudical foreclosures in California is obviously in both FNMA ad the trustees’ best interest.”

Fannie had recently increased fees in allowable foreclosure attorney fees for trustees in Washington and Oregon, from $675 to $1,000 and in Nevada from $600 to $1,100.

Read Fannie’s Announcement

See the Updated Allowable Fees

Read UTA’s Letter to Fannie Mae