Mortgage

FHFA Eliminates Upfront Fees for First-Time Homebuyers

October 25, 2022

WASHINGTON—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…

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MBA: Rising Rates Cause Mortgage Applications to Continue to Fall

September 14, 2022

With 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%…

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Mortgage Applications Continue to Decline; Rates Rise to Nearly 6%

September 7, 2022

WASHINGTON—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…

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Fannie Mae, Freddie Mac Release Equitable Housing Finance Plans to Address Racial Homeownership Gap

June 9, 2022

WASHINGTON—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…

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HUD Awards $796 Million to Improve, Preserve Public Housing In New York

May 31, 2022

NEW 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…

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Westchester-Based PCSB Bank to be Acquired in $313-Million Deal

May 26, 2022

YORKTOWN 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…

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Mortgage Rates Increase to Highest Level in More Than Three Years

March 31, 2022

WASHINGTON—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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New Rochelle Tower Project Secures $294 Million Construction Financing Deal

March 1, 2022

NEW ROCHELLE—BRP Companies, the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), New York State Homes and Community Renewal, Westchester County, Interfaith Dwellings Corporation, Merchants Bank of Indiana, Wells Fargo, and Fannie Mae announced on Feb. 28 the closing of $294 million in construction financing for the 477-unit, mixed-use development located at 500…

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Webster Financial, Sterling Bancorp Complete Merger Deal

February 1, 2022

STAMFORD, CT—Webster Financial Corp. and Sterling Bancorp jointly announced today the completion of their previously announced merger that is estimated to put the market value of the combined company at approximately $10.3 billion. The merger also has Webster relocating its corporate headquarters from Waterbury, CT to Stamford, CT. Sterling’s former headquarters was in Pearl River.…

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Westhab Closes on Construction Financing For Affordable Housing Project in Yonkers

January 28, 2022

YONKERS—Westhab, a Yonkers-based provider of affordable housing and social services, wrapped up 2021 by closing on construction financing for the Hudson Hill affordable housing project in Yonkers and a shelter renovation project in the borough of Queens. Hudson Hill in Yonkers is a 113-unit ground-up affordable housing development incorporating state-of-the-art green technologies. The Briarwood Rapid…

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State Awards $991 Million in Funding for Affordable Housing Projects

January 14, 2022

ALBANY—New York Gov. Kathy Hochul announced on Jan. 13 a total of $991 million in bonds and subsidies awarded to create or preserve 3,242 affordable, sustainable, and supportive homes across the state. The funding awards include $680 million in financing for six projects in the New York City and Mid-Hudson regions. The developments will leverage…

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November 2021 Realtors Confidence Index Report: First-Time Buyer Share Falls to 26% in November With Nearly 1 Million Renter Households Priced Out of the Market

December 28, 2021

Editor's Note: Reprinted with permission from the National Association of Realtors®. By Scholastica (Gay) Cororaton Many first-time buyers continue to struggle to move into homeownership amid sustained price growth and competition from all-cash buyers. The share of first-time buyers fell to 26% in November, according to the November REALTORS® Confidence Index Survey, a survey of…

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Hudson United Mortgage Announces Partnership with NAMMBA

December 15, 2021

NANUET—The National Association of Minority Mortgage Bankers of America (NAMMBA) recently announced a partnership with locally-based Hudson United Mortgage in NAMMBA’s effort to affect positive change with the housing needs of underserved communities and with the development of a more diverse mortgage workforce. “We’re extremely excited to partner with Hudson United Mortgage,” said NAMMBA Founder/CEO…

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New York State to Launch $539 Million Homeowners Assistance Fund

December 7, 2021

ALBANY—New York Gov. Kathy Hochul announced on Dec. 6 that New York State is the first state in the nation to receive U.S. Department of the Treasury's approval to launch its Homeowner Assistance Fund, a program that will provide up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure, and displacement. Applications…

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FHFA Raises Conforming Loan Limits for 2022

December 1, 2021

WASHINGTON—The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021. The market area of the Hudson…

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