WASHINGTON—The Federal Housing Finance Agency announced on May 10 that it had rescinded the upfront fees based on borrowers' Debt to Income (DTI) ratios for loans acquired by Fannie Mae and Freddie Mac.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…
Read MoreALBANY—The average bonus paid to employees in New York City’s securities industry for 2021 grew to $257,500, a 20% jump over the previous year’s record high, according to annual estimates released on Wednesday by New York State Comptroller Thomas P. DiNapoli. The estimated bonuses paid out on Wall Street are higher than the city’s most…
Read MoreNEW 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…
Read MoreSTAMFORD, 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.…
Read MoreYONKERS—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…
Read MoreALBANY—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…
Read MoreEditor'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…
Read MoreNANUET—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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