Mortgage

Houlihan-Parnes Arranges Nearly $4M In Mortgage-Bridge Loans in NY Region

February 2019

WHITE PLAINS—Jerry Houlihan of Houlihan-Parnes Properties, with its affiliate mortgage servicing company H-P Capital LLC, reported recently it has arranged the placement of first mortgage bridge loans for the following properties in the New York/Connecticut area: • A $550,000 first mortgage loan on a 4,000 square foot diner in Yonkers on the Bronx border. •…

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CPC Launches Agency Mortgage Lending Subsidiary

February 2019

NEW YORK—The Community Preservation Corporation, a leading non-profit affordable housing and community revitalization finance company, announced on Feb. 12th the launch of CPC Mortgage Company LLC, a subsidiary created solely to focus on the company’s rapidly growing Agency lending business. CPC Mortgage Company LLC was officially introduced at a reception on Feb. 11th during the…

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Fed Holds Rates Steady; Promises More Patient Approach to Future Rate Hikes

January 2019

WASHINGTON—In what can only be viewed as great news for Realtors and the residential real estate market, the Federal Reserve on Wednesday decided to hold rates steady and even signaled an end to what had been seen by some as an aggressive policy of raising rates. The Federal Reserve decided to maintain the federal funds…

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Appellate Court Deals Blow to Title Insurance Industry

January 2019

NEW YORK—A New York State Appellate Court has overturned an earlier lower court ruling and has upheld controversial state regulations that restrict what state regulators have termed excessive marketing costs and other unscrupulous activity in the title industry. The Appellate Division, First Department, on Jan. 15 reversed a ruling last July by New York Supreme…

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Hudson United Mortgage Extends ‘Second Look’ Program

January 2019

NYACK--- Hudson United Mortgage Services, LLC reported on Jan. 8 the firm is now accepting appointments for its Second Look Program, back by popular demand. Any prospective homebuyer is encouraged to meet with a Hudson United Mortgage loan officer once they have received a mortgage estimate from another lender to receive competitive rates and discuss…

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Orange Bank & Trust Opens New Thornwood Office

January 2019

THORNWOOD— The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust announced on Jan. 7 the opening of its full-service Thornwood branch at 859 Franklin Ave. “We are proud to continue to serve the Mount Pleasant community with our new branch in Thornwood,” said Joseph Ruhl, regional president at Orange Bank &…

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Westchester IDA’s $49M in Incentives to Reap Nearly $882M in Private Investment

January 2019

WHITE PLAINS—The Westchester County Industrial Development Agency released its full-year 2018 activity report on Jan. 2 which showed that its $48.8 million in incentives are projected to create $881.4 million in future private investment capital in the county’s economy. The report noted that the approved projects will create 2,680 construction jobs, 222 permanent jobs and…

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NAR’s Malta Tells Congress Housing Finance Reform Must Be Bipartisan

December 2018

WASHINGTON—On Dec. 21, National Association of Realtors President-Elect Vince Malta testified before the House Financial Services Committee. During the hearing, “A Legislative Proposal to Provide for a Sustainable Housing Finance System: The Bipartisan Financing Reform Act of 2018,” Malta, a third-generation Realtor and the CEO and broker of Malta & Co., Inc. in San Francisco,…

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Most Counties in HGAR Region See Increased Home Loan Limits

December 2018

WASHINGTON—On Nov. 27, the Federal Housing Finance Agency announced it will raise the national conforming loan limit for 2019 by 6.9% from $453,100 to $484,350. In addition, the high-cost limit will rise from $679,650 to $726,525. As a result, loan limits will be higher in all but 47 counties or county equivalents across the country…

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CPC Wins Fannie Mae Multifamily Lending Approval; Moving NYC Headquarters to News Building in 2019

November 2018

NEW YORK—Fannie Mae has approved the Community Preservation Corp., a leading nonprofit affordable housing and community revitalization finance company, as a Multifamily Special Affordable Lender to originate Multifamily Affordable Housing (MAH) and Small Mortgage Loans. Also, CPC reported that it will move its New York City operations into nearly 30,000 square feet of space at…

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GUEST VIEWPOINT: Why are Commercial Construction Loans Inherently Risky?

November 2018

Too often, developers can’t secure permanent financing upon a project’s completion. If it’s a condominium project will the condo project sell out? Then, there is construction gamble, as cost overruns, accidents, delays and other problems tend to occur on every job. Imagine, for example, a crane falling or dropping an expensive beam. Further, good labor…

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TD Bank Finances Hunts Point Affordable Housing Project

September 2018

NEW YORK—TD Bank reported on Aug. 28 it had closed on an $18.4-million construction loan for MHANY Management Inc. and We Stay/Nos Quedamos, Inc. (Nos Quedamos) to develop the second phase of Phoenix Estates, a new eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx. The 111,000 square foot building will eventually become…

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Gov. Cuomo Says Capital Gains Cut Will Cost NY $500 Million

August 2018

NEW YORK—New York Gov. Andrew Cuomo announced on Aug. 9th his intent to propose legislation to “decouple” state tax policy from the federal tax code if the Trump Administration follows through on a plan to enact a $100-billion capital gains tax cut. Gov. Cuomo in a press conference in New York City also called on…

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Guest Viewpoint: The CRE Market Looks to Stay Hot in 2018 and Beyond

July 2018

The commercial real estate lending market came off of a record year in 2017, as mortgage originations totaled $530 billion. Fundamentally, rates, property values, credit policies and demand support the continuing strength of the CRE market. Technically, a large block of maturing CMBS loans will leave many CRE owners attempting to sell should they be…

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Rockland County’s Financial Recovery Hits Key Milestone

July 2018

NEW CITY—In four years, Rockland County government has gone from having approximately $42,000 in the bank and $138 million in debt, to being in the black with a fund balance of more than $6 million. Rockland County Executive Ed Day announced the positive budgetary news relating to the county’s just released Comprehensive Annual Financial Report…

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NAR Roundtable Tackles Fannie, Freddie Reform, Privatization

June 2018

WASHINGTON—With America’s homeownership rate struggling to match falling unemployment and increasing consumer confidence, protecting the benefits of the secondary mortgage market remains critical to the health of the overall housing industry. On June 22, the National Association of Realtors hosted a roundtable event examining the scope and status of comprehensive Government-Sponsored Enterprise, or GSE, reform,…

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National Association of Realtors Applauds Passage of Banking Reform Bill

May 2018

WASHINGTON—The U.S. House passed bipartisan legislation on Tuesday (May 22) that the National Association of Realtors believes will bring much-needed bank regulatory relief and consumer protections and is a step in the right direction for the industry. S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” contains several favorable provisions for housing, including…

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New Home Purchase Mortgage Applications Rose 7.5% in April

May 2018

WASHINGTON—Recently released mortgage finance activity data released by the Mortgage Bankers Association indicate mixed results during the month of April. The Mortgage Bankers Association Builder Applications Survey data for April 2018 released on May 10 showed mortgage applications for new home purchases increased 7.5% compared to April 2017. Compared to March 2018, applications decreased by…

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