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Industry Data Reveals Home Prices Ended 2010 Showing No Change

Two separate industry gauges released Tuesday indicate that despite the ups and downs seen in monthly reports on home prices over the last year, residential property values ended 2010 relatively unchanged from 2009 levels. Reports from both Integrated Asset Services and CoreLogic point to level ground over the 12-month period, although consecutive month-to-month declines were the dominant pattern during the latter part of the year without the homebuyer tax credit incentives.

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Trade Group Threatens to Sue the Fed Over Loan Officer Compensation

In the face of new loan officer compensation rules to take effect on April 1, one trade group is fighting back with threats of legal action against the Federal Reserve Board. The National Association of Independent Housing Professionals (NAIHP) said on its Web site that it has also held several high level meetings with various agencies like the Consumer Financial Protection Bureau and the Financial Crisis Inquiry Commission, and with high powered administrators like Elizabeth Warren.

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Ameriprise Financial Launches Home Ownership Accelerator Loan

Ameriprise Bank, FSB, has partnered with CMG Financial Services, Inc., to launch the Ameriprise Home Ownership Accelerator loan product. Replacing a traditional mortgage with a combination of a home equity line of credit and a checking account, this new home financing option can help a borrower use idle cash to reduce interest costs and pay off the loan years early, Ameriprise explained.

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LPS: Mortgage Delinquency Rate Dropped 18% in 2010

According to data released by Lender Processing Services (LPS) Tuesday, delinquency rates are down across all first-lien home loan products, with an 18 percent overall decline since the start of 2010. The company attributed the drop to more loans entering foreclosure, combined with a decline in new delinquencies. The nation's foreclosure inventory, on the other hand, swelled almost 10 percent over the course of 2010. LPS says 30 percent of the foreclosures started during the month of December are ""repeat foreclosures,"" meaning they have been in foreclosure previously.

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LRES Corp. Welcomes New Senior Director of Operations

LRES Corporation recently announced that it has welcomed Tammy Boren as the company's new senior director of operations. Boren will be responsible for the implementation of operational strategies and objectives across multiple departments. She was previously VP of client services at UTLS Default Services, Inc.

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Easing of Lending Standards May Encourage Market Growth

The latest loan officer survey from the Federal Reserve shows a more positive outlook for certain sectors of the lending industry, but says little improvement is expected in residential real estate this year. Although, about 45 percent of banks responded that they experienced recent growth in their residential mortgage portfolios, despite weakened demand. Around one-third reported having originated a large amount of loans that are not eligible for guarantee by the Federal Housing Administration and cannot be sold to Fannie Mae and Freddie Mac.

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New Vista Approved for HUD’s Oversight Program of REO Vendors

New Vista Asset Management has been approved by HUD to serve as a subcontractor to RiskSpan's oversight and review of the HUD Homes REO disposition program. RiskSpan selected New Vista to augment its team to support the HUD oversight contract activities, including review of the structure and content for key performance and process reports used to determine the effectiveness of HUD's third generation of Management and Marketing (M&M III) contractors.

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New Florida Law Firm to Focus on Mortgage Banking, Default Services

A new Florida law firm, Gerner Mayersohn May, PLLC, was recently formed in Fort Lauderdale by David E. Gerner, Esq, of Ohio-based Gerner & Kearns, Ted Eric May, Esq., of New York-based Sheldon May & Associates, and Leah Mayersohn of the Mayersohn Law Group in Florida. The new firm will provide legal counsel to clients throughout the state, focusing on mortgage banking, default services, and collections.

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Alabama Announces Foreclosure Prevention Program for Unemployed

Alabama Governor Robert Bentley recently announced the creation of Hardest Hit Alabama (HHA), a new program that will provide $162 million for foreclosure prevention efforts in the state. The Alabama Housing Finance Authority will use the money, which was allocated by the U.S. Treasury, to provide temporary assistance to unemployed or underemployed homeowners in the state to help them stave off foreclosure while they search for work.

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Boards Propose New Accounting Model for ‘Expected’ Loan Losses

Two entities charged with setting accounting standards for financial instruments have released a proposal that would require lenders to account for anticipated losses on loans earlier, in what is being described as a fundamental shift from current practices. The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) have published a joint proposal that entails moving to an 'expected loss model' from the current 'incurred loss model.'

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