Mortgage

RE/MAX Distinguished Homes Opens New Office

May 2019

RE/MAX Distinguished Homes & Properties celebrated the grand opening of its new location in Tuckahoe at 273 Columbus Ave. on May 8th. Eric Stein, and Al Posillico, Broker/Owners, along with the Mayor of Tuckahoe Greg Luisi, co-president of the Eastchester Tuckahoe Chamber of Commerce Juan Gonzalez, Miriam Janusz, executive director of the Eastchester Tuckahoe Chamber…

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Houlihan Parnes Brokers Refinancing Of Newburgh Commercial Properties

May 2019

NEWBURGH—Houlihan Partners Realtors reports that it recently arranged financing for two buildings at 700 and 900 Corporate Blvd. in Newburgh. Steve McCulloch of the White Plains-based commercial real estate and investment firm, worked on behalf of a private partnership in the transaction. The buildings total 72,000 square feet of flex space and are located within…

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$28 Million Mixed-Use Housing Development in Peekskill Opens

May 2019

PEEKSKILL—Governor Andrew M. Cuomo announced on May 1 the opening of Lofts on Main, a $28-million mixed-use housing development in Peekskill's downtown arts district. The newly constructed development features 75 apartments for local artists and residents with a variety of income levels, as well as 7,200 square feet of ground floor commercial space. "New York's…

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Hudson United Mortgage Continues Westchester Expansion

April 2019

ELMSFORD—-Hudson United Mortgage Services, LLC recently announced that Zoraya Arguelles, who is fluent in Spanish and French, has joined the Elmsford team as Senior Loan Officer for Westchester and the Bronx. With more than 22 years of experience in the mortgage industry, Arguelles brings her expertise and language versatility to Hudson United Mortgage’s diverse clients.…

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U.S. Senators, Industry Leaders Debate GSE Reform

April 2019

WASHINGTON—As the Senate Banking Committee solicited feedback on Chairman Mike Crapo's plan to restructure America's housing finance system at multiple hearings last week, industry consensus surrounding the principles of reform began to emerge. Between hearings on March 26 and 27, when NAR President-Elect Vince Malta testified before the committee, the desire for a well-regulated utility…

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HFF to be Acquired by JLL in $2 Billion Deal

March 2019

CHICAGO—Commercial brokerage firm JLL reported on March 19 it had entered into a definitive agreement to acquire HFF, Inc. in a cash and stock transaction with an equity value of approximately $2 billion. The two companies reported the transaction was unanimously approved by the boards of directors of both companies. Mark Gibson, CEO of HFF,…

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Local Mortgage Firm Has Grand Expansion Plans

February 2019

WHITE PLAINS—A.S.A.P. Mortgage, which is headquartered in Cortland Manor, has embarked on a significant expansion effort of late that has included the opening of new offices in New York City and White Plains and the launch of a new commercial finance division. In addition, the company reports its intent to open additional locations in the…

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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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