The 177,000-member, $1.4 billion GTE Federal Credit Union faces a $51,000 fee from Fannie Mae because it only used foreclosure attorneys the government-backed mortgage giant approved and ordered it to use.
Fannie assessed the fee after a Fannie Mae-owned mortgage that GTE serviced fell into default and then into foreclosure. By itself that would not have generated a fee. But the mortgage took longer to move through the process than Fannie Mae believed it should have taken and, because of that, the housing giant assessed the fee.
But GTE maintains that the only delays the loan faced while moving through the foreclosure process arose not from any mistakes on its part but on Fannie Mae's.
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