Section 1902

Outside Counsel

1902.01

Engagement

Requirements

You must request Fannie Mae’s outside counsel assignment before any transaction structuring discussions begin.

Operating Procedures

To request Fannie Mae’s outside counsel assignment, submit a Counsel Designation Request (Form 4625.B) to [email protected].

Fannie Mae selects its own outside counsel but may consider your request for a specific counsel.

1902.02

Fees

Requirements

You must pay Fannie Mae's outside counsel fees and costs regardless of whether the transaction closes.

Guidance

You may charge the BorrowerBorrowerPerson who is the obligor per the Note. for Fannie Mae’s outside counsel fees and costs.

For a Credit Enhancement InstrumentCredit Enhancement InstrumentAgreement between Fannie Mae and a Bond Trustee where Fannie Mae provides credit enhancement of a Credit Enhancement Mortgage Loan, Bonds issued to finance a Credit Enhancement Mortgage Loan, or an Interest Rate Hedge Agreement; and if applicable, a Bond liquidity facility. , you may choose to have Fannie Mae’s outside counsel

  • prepare the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , and
  • review title insurance and survey matters.

If Fannie Mae’s outside counsel performs these services:

  • the counsel will only represent Fannie Mae, not you; and
  • you will be responsible for the additional fees.