WASHINGTON—The Mortgage Bankers Association reported on Sept. 6 that mortgage applications decreased 2.9% from one week earlier, according to data from the association’s Weekly Mortgage Applications Survey for the week ended Sept. 1, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9% on a seasonally adjusted basis from one week…
Read MoreWHITE PLAINS—The Westchester County’s Local Development Corporation voted on Aug. 23 final approval of $195-million in tax-exempt bond financing for the development of a new 162,626-square-foot Patient Care Tower on the campus of Westchester Medical Center in Valhalla. The $221.3-million Patient Care Tower project will feature a five-story, 128-bed structure with all of its inpatient…
Read MoreWASHINGTON—A broad-based coalition of 18 associations representing housing providers, lenders and residents sent a letter on Thursday, Aug. 10 to Federal Housing Finance Agency Director Sandra Thompson warning that mandatory rent control and rent stabilization policies will increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt current and future…
Read MoreNEW YORK—MAG Partners announced on July 13 that it had secured a $196-million loan from funds managed by Elliott Investment Management L.P., in joint venture with an investment platform formed by Adi Chugh, to refinance Ruby, a luxury rental building in West Chelsea that began leasing in late March. The 480-unit luxury residential building, designed…
Read MoreThis is a difficult time for the housing industry, and those challenges extend to all corners—not only mortgage lenders but also the warehouse lenders, vendors, title companies, and real estate agents that support the housing and mortgage finance ecosystem. Over the past 24 months, there has been a sharp pivot from historically high origination volume—spurred…
Read MoreWHITE PLAINS—JLL Capital Markets announced on June 27 that it arranged a $17.5-million refinancing for 2 and 4 Westchester Park Drive, two office / medical office buildings totaling 218,372 square feet in White Plains. JLL worked on behalf of the borrower, New York City-based Northpath Investments, to secure the five-year, fixed-rate loan through Centreville Bank.…
Read MoreNEW YORK—The New York City Economic Development Corporation, the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation, in partnership with the development team Gilbane Development Company, Hudson Companies, and MHANY Management Inc. announced on June 29 the closing on $297 million in financing for the second…
Read MoreWASHINGTON—The Federal Housing Finance Agency announced on May 10 that it had rescinded the upfront fees based on borrowers' Debt to Income (DTI) ratios for loans acquired by Fannie Mae and Freddie Mac. FHFA had announced in March it would delay implementation in order to engage with industry stakeholders and better understand their concerns. “I…
Read MoreWASHINGTON—Mortgage applications decreased 5.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ended Feb. 24, 2023, released by the MBA on March 1. On an unadjusted basis, the Index decreased 4% compared with the previous week. The Refinance Index decreased 6% from the previous…
Read MoreBy now you have heard of or come face to face with the slowing real estate environment. The culprit is inflation, born of a post-pandemic fiscal stimulus intended to help the American economy recover. The unintended consequence was a 40% increase in the money supply of the U.S. economy. It also provided “seed money” for…
Read MoreWASHINGTON—The Federal Housing Finance Agency announced on Oct. 24 targeted changes to Fannie Mae’s and Freddie Mac's guarantee fee pricing by eliminating upfront fees for certain borrowers, including first-time homebuyers, and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans. As part of the pricing changes stemming from…
Read MoreWith inflation still high, mortgage application activity fell 1.2% for the week ended Sept. 9 as compared to a week earlier, according to data from the Mortgage Bankers Association. Mortgage activity is expected to continue to be adversely impacted by economic conditions and the likelihood that the Federal Reserve will hike rates by another 0.75%…
Read MoreWASHINGTON—Mortgage applications decreased 0.8% last week from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 2, 2022, the MBA announced on Sept. 7. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.94% last week. The…
Read MoreWASHINGTON—The U.S. Department of Housing and Urban Development announced on Sept. 7 it had published Fair Market Rents (FMRs) for Fiscal Year 2023. FMRs, published annually, are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40% of the rental housing units in an area. Nationally, FMRs…
Read MoreALBANY—Property tax levy growth will again be capped at 2% for 2023 for local governments that operate on a calendar-based fiscal year, according to data released on July 13 by New York State Comptroller Thomas P. DiNapoli. This figure affects tax cap calculations for all counties, towns, and fire districts, as well as 44 cities…
Read MoreWASHINGTON—The Federal Housing Finance Agency released Fannie Mae's and Freddie Mac's Equitable Housing Finance Plans for 2022-2024 that the agency said are designed to complement initiatives that promote the Enterprises' safety and soundness and foster housing finance markets. The plans, which were released on June 8, are intended to provide equitable access to affordable and…
Read MoreNEW YORK—The U.S. Department of Housing and Urban Development announced on May 27 it had awarded approximately $796 million in funding to 71 public housing authorities (PHAs) in New York to make capital investments in their public housing properties. This funding is part of $3.2 billion in Fiscal Year 2022 Capital Fund Program awards to…
Read MoreYORKTOWN HEIGHTS—Boston-based Brookline Bancorp, Inc. and PCSB Financial Corporation, which is headquartered in Yorktown Heights, announced on May 24 that they had entered into a definitive merger agreement whereby Brookline will acquire PCSB and its wholly owned subsidiary, PCSB Bank for approximately $313 million in cash and stock. Following the transaction, PCSB Bank will operate…
Read MoreNEW YORK—A host of federal, state and city agencies have closed on the refinancing of a $621.5-million U.S. Housing and Urban Development loan with Riverbay Corp., the management company for Co-op City in the Bronx. The refinancing deal announced on April 27, provides Riverbay Corp. with $124 million in proceeds that will be used for…
Read MoreWASHINGTON—Mortgage applications decreased 6.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 25, 2022. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the…
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