Mortgage

GUEST VIEWPOINT: State Law Amended in Foreclosure Proceedings

February 2020

Section 1302 of the New York State Real Property Actions and Proceedings Law (RPAPL) has been recently amended to include a new sub-section 1302-A. The result of the revised law is to prohibit a defendant from waiving the defense that the plaintiff lacks standing to bring the foreclosure action. This prohibition extends even after the…

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Mid-Hudson Region and New York City Post Strongest Sales Tax Growth in 2019

February 2020

ALBANY—Overall growth in local sales tax collections statewide in 2019 was relatively strong, according to a report released on Feb. 3 by New York State Comptroller Thomas P. DiNapoli. Collections across the state, which totaled $18.3 billion in 2019, grew by $815 million or 4.7%, from the previous year. While this was slower than the…

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New Rochelle Transitional Housing Project Secures $9 Million in Freddie Mac Funding

February 2020

NEW ROCHELLE—A former student housing development redeveloped into a transitional supportive housing community has secured refinancing funding in the form of a $9-million Freddie Mac Optigo Targeted Affordable Housing loan. The refinancing deal for 21 Fountain Place was announced on Jan. 29 by CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation, Palladium…

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Survey: Majority of Firms Expect Commercial, Multifamily Originations to Rise in 2020

January 2020

WASHINGTON—Following what is expected to be a record year of lending in 2019, commercial and multifamily mortgage originators anticipate 2020 to be another strong year. That is according to the Mortgage Bankers Association's (MBA) 2020 Commercial Real Estate Finance (CREF) Outlook Survey released on Jan. 9. Nearly two-thirds of the top commercial/multifamily firms (64%) polled…

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CPC and L+M Close On $33 Million to Refi, Preserve 386 Units of Affordable Housing in the Hudson Valley

January 2020

NEW YORK—The Community Preservation Corporation and L+M Development Partners recently announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley. Two of the properties are located in Rockland County and one in Dutchess County. The properties…

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New MBA White Paper Predicts Both Challenges, Opportunities for Commercial RE Market in 2020

December 2019

WASHINGTON—The Mortgage Bankers Association released a new white paper, “Where From Here?” on Dec. 10, which examined current economic trends and commercial/multifamily real estate market conditions, and summarized recent comprehensive data. According to the white paper, low interest rates, steady economic growth and stable market conditions have served as positive tailwinds for the commercial real…

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A.S.A.P. Mortgage Opens Seventh Branch in Morris Park

December 2019

NEW YORK—A.S.A.P. Mortgage reported recently it had opened its seventh branch office with a new location in the Bronx, connecting its existing coverage areas in Westchester and Manhattan. The new office in the Morris Park section of the Bronx is located at 1965 Williamsbridge Road and opened in December. Led by award-winning founder and CEO…

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New York, Connecticut and Other States File Appeal of SALT Reform Court Ruling

November 2019

ALBANY—New York Gov. Andrew M. Cuomo and New York Attorney General Letitia James announced that New York, Connecticut, Maryland and New Jersey have filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit to continue litigation against the federal government for what they term as the unlawful and unprecedented cap…

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How Mortgage Rates Could Affect the Markets in 2020

November 2019

With the year rapidly moving towards the close of what has evolved into a surprisingly successful real estate season, we should take a moment to reflect on the 2019 mortgage finance market and its effect on activity, and what is to come for 2020. Last November (2018) you may recall, interest rates were hovering close…

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HUD, Justice Department Agree to Ease Use of False Claims Act

October 2019

WASHINGTON—U.S. Housing and Urban Development Secretary Ben Carson and U.S. Attorney General William Barr issued a Memorandum of Understanding on Oct. 28 between the two agencies that sets what the two agencies say is “prudential guidance on the appropriate use of the False Claims Act for violations by Federal Housing Administration lenders. “This agreement clearly…

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Peekskill Issues Open Call to Private Investors for DRI Funding

October 2019

PEEKSKKILL—The City of Peekskill, which in August of this year was awarded a $10-million grant through the state’s Downtown Revitalization Initiative to revitalize its downtown district, issued an open call for privately sponsored project proposals to be considered for DRI funding. City officials say the purpose of the open call is to hear from members…

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Bunge Global HQ Available for Sublease

October 2019

WHITE PLAINS—Bunge Limited’s corporate headquarters at 50 Main St. here has been put on the market for sublease. The firm announced in August its intent to move its corporate headquarters to St. Louis, MO. The company expects to complete its headquarters move by the end of the second quarter 2020. CBRE has been named by…

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County of Rockland Removed from State's Fiscal Stress List

October 2019

NEW CITY—New York State Comptroller Thomas DiNapoli recently released the 2018 Fiscal Stress Monitoring System report, which did not include Rockland County. “In 2013, the County of Rockland had a score of 86.7% and was listed as New York State’s most fiscally stressed local government. Not being included in the 2018 report with a score…

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Locations Close to Public Transit Boost Residential, Commercial Real Estate Values

October 2019

WASHINGTON—Neighborhoods located within a half-mile of public transit services outperformed those in areas farther from public transit based on a number of factors, according to a report released on Oct. 14th by the American Public Transportation Association and the National Association of Realtors. “The Real Estate Mantra – Locate Near Public Transportation” highlighted the critical…

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Ratings Agency Says GSE Reform Could Take Years to Implement

September 2019

WASHINGTON—A host of housing and finance organizations have expressed support for the plans submitted by the Trump Administration, specifically the Treasury Department and the U.S. Department of Housing and Urban Development, earlier this month to reform the housing finance system and the Government-Sponsored Enterprises Fannie Mae and Freddie Mac. The Treasury Housing Reform Plan consists…

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Westchester to Present Minority/Women-Owned Businesses (MWBEs) Conference on Sept. 25

August 2019

WHITE PLAINS—The Westchester County Office of Economic Development in partnership with the Town of Yorktown and the Yorktown Small Business Association has announced conXpo North, a conference where Minority/Women-Owned Businesses (MWBEs), Service Disabled Veteran Owned Businesses (SDVOBs) and Disadvantage Business Enterprises (DBEs) can attend informative workshops, connect with county departments, and network with local businesses.…

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NAR Applauds Long-Awaited FHA Condo Rule

August 2019

WASHINGTON—The National Association of Realtors recently commended the Department of Housing and Urban Development for finalizing new Federal Housing Administration condominium loan policies. The changes, many of which NAR had championed for more than a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country. “We are…

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