Retention of Outside Legal Counsel

Fannie Mae often retains outside legal counsel to review non-delegated matters or other matters that require Fannie Mae’s legal review.  In such instance, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain the Borrower’sBorrower’sPerson who is the obligor per the Note. written agreement to pay the reasonable legal fees and expenses of Fannie Mae’s counsel before any legal work may commence.

If Fannie Mae outside counsel review is required or requested, the BorrowerBorrowerPerson who is the obligor per the Note. must pay the applicable legal fee, which will either be a fixed fee or an estimated fee depending on the type of request.  For an estimated fee request, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must notify the BorrowerBorrowerPerson who is the obligor per the Note. that the actual legal fee may be higher or lower than the estimate, depending on the ultimate scope of the request, and the time needed to resolve the issue.

Fannie Mae will:

• apprise the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of any likely increases in the estimated review fee;
• provide the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. the amount of the fee for any fixed fee request; and
• provide the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. a summary invoice directly from Fannie Mae’s outside counsel.

Upon receipt of the invoice, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must arrange for payment of Fannie Mae’s legal fees.  The legal fee must be collected from the BorrowerBorrowerPerson who is the obligor per the Note. before engaging Fannie Mae outside counsel.