Fannie Mae Servicing Guide E-5-03 — Allowable Bankruptcy Fees
Fannie Mae Servicing Guide E-5-03 — Allowable Bankruptcy Fees.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Servicing Guide E-5-03 — Allowable Bankruptcy Fees — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Servicing Guide E-5-03 — Allowable Bankruptcy Fees
E-5-03, Allowable Bankruptcy Fees (12/18/2024) Fannie Mae's schedule of maximum allowable attorney fees for services rendered in connection with bankruptcy actions is included in the Allowable Bankruptcy Attorney Fees Exhibit. Generally, Fannie Mae will not reimburse the servicer for any attorney fees that exceed or are not included within Fannie Mae's maximum allowable bankruptcy fee schedule—unless the law firm obtains the appropriate excess fee approval from Fannie Mae's SF CPM division (see F-4-02, List of Contacts). The servicer should charge the borrower only those bankruptcy fees and costs that are permitted under the terms of the note, security instrument, and applicable law and that are prorated to reasonably relate to the amount of work actually performed. The servicer must also comply with the additional requirements set forth in E-5-05, Reimbursing Law Firms/Reimbursement of Uncollected Fees, Costs or Advances. When legally permissible, the servicer must preserve the borrower's obligation to reimburse it for attorney fees and costs paid for bankruptcy actions in accordance with local bankruptcy rules and all applicable law. The servicer is obligated to compensate the law firm for the work performed, but is not completed, on a prorated basis to reasonably relate to the amount of legal work performed and the actual, reasonable, and necessary costs incurred by the law firm. The servicer may request reimbursement by submitting a Request for Expense Reimbursement to Fannie Mae.
Operationalizing Fannie Mae Servicing Guide E-5-03 — Allowable Bankruptcy Fees
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Source of record: https://claudeforcompliance.com/regs/fnma-svc-e-5-03/
· register fnma-svc-e-5-03 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.