Lenders looking for foreclosure trustee services – shop around for rates

There has been some recent litigation by borrowers alleging trustee’s fees, which are added to the secured debt, were inflated and unreasonable.  A reminder to those seeking foreclosure trustee services – shop around if rate matters.

Trustee services in Washington are offered by solo practitioners, small law firms, title companies, and bigger specialized companies operating in multiple states.  There is no legal regulation of rates, and they do vary.

The most competitive rates (if price is going to drive your selection) are going to be offered by the big companies that foreclose for Fannie Mae and Freddie Mac.  This is because Fannie and Freddie set very competitive rates in exchange for high volume.  The big companies that do Fannie and Freddie work are generally most efficient and may extend the Fannie and Freddie rates to smaller clients.