Fannie Mae has established attorney fee milestone invoicing schedules for judicial and non-judicial foreclosures. The following table outlines the requirements for handling invoices the law firms submits to the servicer.
|✓||The servicer must...|
|Review the invoice and ensure the law firm has complied with the milestone invoicing schedule for the applicable jurisdiction.|
|Compensate the law firm for the applicable percentage of the allowable foreclosure attorney fee based on the last milestone completed.
Note: The servicer must not prorate foreclosure attorney fees between milestones.
|Work with the law firm as needed in the applicable jurisdiction to develop invoicing standards that are in accordance with Fannie Mae’s milestone invoicing schedule requirements.|
For more information please see: E-5-05, Prorated Attorney Fees / Reimbursement of Uncollected Fees, Costs or Advances