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Allowable Attorney Trustee Foreclosure Fees

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Page 1: Allowable Attorney Trustee Foreclosure Fees

©2016 Fannie Mae. Trademarks of Fannie Mae. Page 1 of 3 2/10/16 This document is incorporated by reference into the Fannie Mae Servicing Guide

Allowable Foreclosure Attorney Fees Exhibit 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.

State Non-Judicial Foreclosure Judicial Foreclosure Alabama $1,3251 On Approval2 Alaska $1,625 On Approval2 Arizona $1,350 On Approval2 Arkansas $1,475 On Approval2 California $1,4253 On Approval2 Colorado $1,650 On Approval2 Connecticut N/A $2,4504, 5 Delaware N/A $1,900 District of Columbia N/A $2,250 Florida N/A $2,80012

Georgia $1,325 On Approval2 Guam $1,625 On Approval2 Hawaii N/A $3,7758 Idaho $1,250 On Approval2 Illinois N/A $2,300 Indiana N/A $2,050 Iowa $1,275 $1,850 Kansas N/A $1,800 Kentucky N/A $2,250 Louisiana N/A $1,900 Maine N/A $2,300 Maryland $2,5006 On Approval2 Massachusetts N/A $2,5504 Michigan $1,425 On Approval2 Minnesota $1,4509 On Approval2 Mississippi $1,3001 On Approval2 Missouri $1,375 On Approval2 Montana $1,250 On Approval2 Nebraska $1,250 On Approval2 Nevada $1,525 On Approval2 New Hampshire $1,450 On Approval2 New Jersey N/A $2,97513 New Mexico N/A $2,050 New York $1,22510 $2,9004, 10 North Carolina $1,575 On Approval2 North Dakota N/A $1,800

Page 2: Allowable Attorney Trustee Foreclosure Fees

©2016 Fannie Mae. Trademarks of Fannie Mae. Page 2 of 3 2/10/16 This document is incorporated by reference into the Fannie Mae Servicing Guide

State Non-Judicial Foreclosure Judicial Foreclosure Ohio N/A $2,250 Oklahoma N/A $2,000 Oregon $1,425 $2,600 Pennsylvania N/A $2,350 Puerto Rico N/A $2,0504, 11 Rhode Island $1,725 On Approval2 South Carolina N/A $2,200 South Dakota N/A $1,800 Tennessee $1,300 On Approval2 Texas $1,325⁷ On Approval2 Utah $1,350 On Approval2 Vermont N/A $2,250 Virgin Islands N/A $1,800 Virginia $1,350 On Approval2 Washington $1,500 On Approval2 West Virginia $1,2501,6 On Approval2 Wisconsin N/A $2,050 Wyoming $1,250 On Approval2

Footnotes: 1This fee covers the combined attorney's and notary's fees. 2Because 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). Fannie Mae will provide procedural instructions and applicable fees at the time it grants approval. 3This fee applies to completed foreclosures. If the mortgage loan is reinstated, the maximum fee is the amount allowed under applicable law, not to exceed $725 for reinstatements after recording the Notice of Default but before mailing the Notice of Sale, or $1,075 for reinstatements after mailing the Notice of Sale but before the Trustee’s sale. 4An additional $200 will be permitted when the property is sold to a third party and the attorney must perform additional work to complete the transfer of title to the successful bidder. 5This fee applies to Strict Foreclosures. If the court orders a Foreclosure by Sale (or a Foreclosure by Market Sale on or after January 1, 2015), the fee will be $2,700. 6This fee includes the attorney's fee, the notary’s fee and the trustee's commission (or statutory fee). 7Fannie Mae will no longer reimburse the servicer or law firm for posting costs incurred after September 1, 2015 in connection with Texas foreclosures (i.e., services the attorney or its vendor performs to post and record legally required foreclosure sale documents). In order to facilitate timely reimbursement of eligible posting costs incurred prior to this date, the servicer’s claim must include supporting documentation reflecting the date of any posting services billed. 8A fee of $4,775 will be permitted for judicial foreclosures in locations other than Honolulu County. 9This fee increases to $1,850 for any case in which the attorney provides services for “proceedings subsequent” that involve registered land. 10In New York, the non-judicial foreclosure process is to be used only in connection with cooperative share loans. The fee includes all steps in the foreclosure process, including the transfer of the stock and the lease for an occupied cooperative unit. The allowable fee for judicial foreclosures in New York, where judgment is obtained as a result of an uncontested trial, is established at $3,650. For judicial foreclosures in the City of New York and on Long Island (Nassau and Suffolk Counties), the allowable fee is $3,500 (or $4,250 if judgment is obtained via uncontested trial). 11In addition to the allowable foreclosure fee, Fannie Mae will pay a notary fee up to the greater of $250 or one percent (1%) of the bid amount on the mortgage being foreclosed. 12The allowable fee for foreclosures in Florida, where judgment is obtained as a result of an uncontested trial, is established at $3,550.

Page 3: Allowable Attorney Trustee Foreclosure Fees

©2016 Fannie Mae. Trademarks of Fannie Mae. Page 3 of 3 2/10/16 This document is incorporated by reference into the Fannie Mae Servicing Guide

13This fee applies to all foreclosure referrals regardless of referral date so long as the file is active on or after February 10, 2016. An “active” foreclosure matter is one that has not yet gone to foreclosure sale or been concluded by some other event such as a Mortgage Release, short sale, mortgage loan modification, payoff, or reinstatement. When a servicer requests reimbursement from Fannie Mae for a fee amount based on specified conditions contained in a footnote above, the servicer’s reimbursement request must contain a description or sufficient supporting documentation to allow Fannie Mae to properly evaluate the request.