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Thursday, September 15, 2011
“Title Insurance Issues” may force FannieMae to release and re-foreclose Hawaii properties
By News Release @ 3:09 AM :: 6656 Views :: Energy, Environment, National News, Ethics

Announcement SVC-2011-15 September 1, 2011 Miscellaneous Servicing Policy Changes

Notice: Sent to Mortgage Servicers by FannieMae

Update to Attorney (Trustee) Foreclosure Process and Fees Servicing Guide, Part VIII, Section 104.04: Attorney (or Trustee) Fees, and Allowable Attorney and Trustee Foreclosure Fees Exhibit ....

Fannie Mae is amending the foreclosure process and fees in the State of Hawaii and is announcing updated allowable attorney fees for mortgage loans, participation pool mortgage loans, and MBS mortgage loans serviced under the special servicing option secured by properties located in the States of Delaware and New York.

Hawaii

As stated in the Notice, Hawaii Legislative Changes Affecting Non-Judicial Foreclosures, dated June 10, 2011, and until further notice, all foreclosures of secured properties located in the State of Hawaii referred to an attorney on or after May 5, 2011, must be commenced as judicial foreclosures.

Additionally, all pending Fannie Mae non-judicial foreclosures in Hawaii that have not proceeded to sale must be dismissed and converted to judicial foreclosures.

Fannie Mae is establishing a maximum allowable foreclosure fee for Hawaii judicial foreclosures of $2,200. This fee applies to all new Hawaii foreclosures as well as any pending Hawaii foreclosures that must be restarted judicially, and has been updated in the Allowable Attorney and Trustee Foreclosure Fees Exhibit on eFannieMae.com.

Due to potential title insurance issues, Fannie Mae may be required to eliminate certain recent acquisitions that resulted from non-judicial foreclosures. Upon being notified of any eliminations, servicers must immediately restart the matters as judicial foreclosures.

Fannie Mae has notified its two Retained Attorney Network law firms of its intentions with respect to pending and future Hawaii foreclosures. Those firms are RCO Hawaii, LLLC and Clay, Chapman, Iwamura, Pulice & Nervell, AP/ALC. Servicers are reminded that Fannie Mae foreclosure referrals in Hawaii must go to one of these two law firms in the network.

Servicers are responsible, however, for managing the foreclosure process, including any foreclosures that have previously been referred to law firms that are not members of the Fannie Mae Retained Attorney Network.

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Related: Fannie Mae ends use of non-judicial foreclosure in Hawaii

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