Fannie directs servicers toward new foreclosure attorneys, away from trustees « HousingWire: "Fannie Mae expanded its retained attorney network to 13 new states and the nation's capital, directing servicers operating in those areas to use attorneys not trustees to navigate recently complicated foreclosure processes.
The 14 new jurisdictions include Alaska, Arkansas, Delaware, Idaho, Kansas, Kentucky, Maine, Mississippi, Nebraska, New Mexico, Nevada, Oregon, Utah and the District of Columbia. Servicers must direct all foreclosures and bankruptcy referrals to the attorneys Fannie Mae designated in these areas beginning May 1, according to guidance released this week.
The network now contains every state in the country except Iowa, Montana, North Dakota, South Dakota, Vermont and Wyoming.
Fannie made the point to single out Nevada. There, the process has become suddenly more complicated as the state has adopted a mediation process when foreclosures are done. As a result, Fannie Mae servicers can no longer directly use a trustee in the state or in any other new jurisdiction."
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