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Author Archives: Derek Templeton

Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed "policy junkie," he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries.

Delinquency Write-Off Rate Continues to Drop

Equifax announced more good news for the housing market on Wednesday, signaling that the broader United States economy may be on the rebound despite a disappointing first quarter 2014. In its latest National Consumer Credit Trends Report, the company reports that home finance write-offs year-to-date in May had to $43.5 billion, a decrease of more than 37 percent from the same point in time just one year ago.

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HUD Awards Nearly $120 Million to Four Communities

Four American communities are getting a facelift. HUD Secretary Shaun Donovan announced Monday that the department was awarding four cities a combined $119.7 million to redevelop and bring revitalization to blighted areas. The award is the latest extension of the department’s "Choice Neighborhoods Initiative," which attempts to take a comprehensive approach to struggling neighborhood revitalization.

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Fay Servicing Opens REO Division

Fay Servicing, a Chicago based diversified mortgage company, announced intentions to expand its portfolio by launching an REO division. Glenn Brooks has been selected to head up the new department, serving as Senior Vice President. In that role, Brooks will provide strategic direction and manage outside relationships vital the division’s success.

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HSBC to Pay $10M to Settle Claims over Foreclosure Fees

HSBC has reached a settlement with the federal government related to its failure, prior to 2011, to oversee the reasonableness of the third party foreclosure related fees that it submitted to the Federal Housing Administration (FHA) and the Fannie Mae for reimbursement. The servicer will pay a $10 Million penalty.

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Realtors Support HAWK, Say It Could Go Further

The National Association of Realtors lent its support to the Homeowners Armed with Knowledge pilot program but has concerns that it will not do enough to lower insurance premiums for homebuyers. FHA announced the program in May as part of its "Blueprint for Access," outlining additional steps that the agency is taking to expand access to credit for underserved potential borrowers.

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FHFA OIG Raises Questions About Risks of Nonbank Servicers

The Office of the Inspector General (OIG) for the Federal Housing Finance Agency (FHFA) released a report Tuesday highlighting the risks associated with banks that have traditionally serviced mortgages backed by Fannie Mae or Freddie Mac selling the rights to service troubled mortgages to non-bank servicers that specialize in handling them.

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U.S. Bank Settles Claims of FHA Lending Violations

U.S. Bank has agreed to pay the United States Government $200 million to settle claims that it violated the False Claims Act by knowingly originating and underwriting loans insured by the Federal Housing Administration (FHA), underneath the HUD umbrella, that did not meet underwriting requirements for eligibility.

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New York AG Announces State Loan Program to Prevent Foreclosures

The government of New York is taking further steps to try to stem the tide of foreclosures that still lingers in the Empire State today. New York Attorney General Eric T. Schneiderman announced the launch of the New York State Mortgage Assistance Program, or NYS MAP, which will provide targeted small loans to families with the aim of helping them avoid foreclosure.

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Sr. Bank Executive Pleads Guilty to Conspiracy

The office of the Special Inspector General for TARP (SIGTARP) announced another victory in its fight to detect and punish fraud against banks that received funds as part of the Troubled Asset Relief Program. Michael W. Yancey pleaded guilty on Wednesday to one count of conspiracy to make false statements on a loan application. Yancey was a former senior vice president and commercial loan officer at TARP recipient Farmers Bank & Trust (Farmers Bank) in Great Bend, Kansas.

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HUD Settles Discrimination Complaint

HUD announced the latest development in its effort to crack down on discriminatory housing practices Thursday. The department reached a settlement agreement in cooperation with the Connecticut Fair Housing Center (CFHC) with respondents Lil-1 Associates, AllPoints Realty and realtor Lillian Polak stemming from allegations that they published discriminatory listings and advertisements for condominiums stating that children were not permitted in the units, in violation of federal law.

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