The maximum fee for all other counties is $10,400. (8)This fee applies to judicial foreclosures in Honolulu County. (7)Fannie Mae will not reimburse the servicer for posting costs incurred after September 1, 2015, in connection with Texas foreclosures, as these services are included in the allowable foreclosure attorney fee. (6)This fee includes the attorney's fee, the notary’s fee and the trustee's commission (or statutory fee). If the court orders a Foreclosure by Sale (or a Foreclosure by Market Sale on or after January 1, 2015), the fee will be $3,725. (5)This fee applies to Strict Foreclosures. (4)This fee includes the work to complete the transfer of title to a successful bidder when the property is sold to a third party. For all other judicial foreclosure actions in Washington, Fannie Mae approval is required (see footnote 2). (3)In Washington, the $3,250 fee only applies to judicial foreclosure actions involving e-Notes, as Fannie Mae’s prior approval is not required to proceed judicially for e-Note foreclosures. Applicable fees will be authorized through the Excess Fee process. (2)Because this is not the preferred method of foreclosure, the servicer must obtain approval of its use from Fannie Mae's Regional Counsel prior to initiation by submitting the Non-Routine Litigation Form ( Form 20). (1)This fee covers the combined attorney's and notary's fees. In the event that a default is cured, such as by a completed loan modification or reinstatement, and the loan subsequently becomes delinquent again, a new allowable fee applies without the need for excess fee approval when the servicer must initiate new foreclosure proceedings. The allowable fee applies for the life of the default and covers all services necessary to complete a routine foreclosure action in the jurisdiction. Home EquityįannieMae does not issue home equity lines of credit or loans.The following table contains the maximum attorney’s fees that Fannie Mae allows for legal work related to foreclosures for all Fannie Mae mortgage loans. Because of this, FannieMae participates in the Home Affordable program as well as the other loan modification programs on the market. However, they do back a majority of the mortgages in the country. RefinanceįannieMae is not a direct lender to the public. This type of mortgage is available with all the same low qualifications and requirements that the original Home Path mortgage offers. This allows people to purchase homes that have been empty for a while and need a little sprucing up before they are inhabitable. Home Path also offers financing with renovation funding mortgages. A visit to the website will guide you to all the information needed about this mortgage program. Most homes have low down payment requirements and Home Path lenders will work with people that do not have perfect credit scores. These mortgages have very low interest rates and low qualifications. is a FannieMae website that lists homes for sale that are held by FannieMae and provides contact information of lenders in your area that specialize in Home Path financing. However, with the recent rise in foreclosures, FannieMae has established a program with lenders throughout the country that allows special mortgage financing on FannieMae owned homes. Mortgage RatesįannieMae does not directly lend money to the public. However, if a home enters foreclosure that was backed by FannieMae financing, FannieMae assumes ownership of the foreclosed property. The affordable housing division does include apartment homes, only if the apartments are going to provide an affordable alternative to housing in the area it is to be constructed.įannieMae does not issue any type of loans or funding to the public. FannieMae does not deal in any form of commercial or business real estate. They service three distinct areas of real estate: Single family homes, affordable housing and multi family units. In 2008, FannieMae went into an agreement with the United States Treasury Department to accept funds from the treasury in the event that any mortgage deficits needed to be corrected.įannieMae is geared to keeping housing affordable.
FannieMae is funded by selling debt securities. The sole purpose of FannieMae is to provide banking institutions, and other mortgage companies, a way to keep mortgages available and affordable on the market. Mortgage Lenders, Brokers and CompaniesįannieMae is a government sponsored entity that was created in 1938 as a way to add stability to the housing market.
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