Mortgage

Longtime Rockland County Clerk Piperato Dies

May 2020

THIELLS—Rockland County government has confirmed that longtime Rockland County Clerk Paul Piperato passed away on May 6 at the age of 61. At press time the cause of death was not known. Rockland County Executive Ed Day released the following statement on Piperato’s passing: “Today Rockland County mourns. The loss of County Clerk Paul Piperato…

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Buy, Sell or Hold?

May 2020

During these turbulent times, many lenders are suspending activity or taking very conservative views on ongoing business. Investors are in a panic, not knowing what will be their best path forward. Having navigated previous financial crises from the Savings and Loan scandal to 9/11 to the Great Recession and with more than 30 years of…

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Orange Bank & Trust Provides More Than $100M in PPP Loans

May 2020

MIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…

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Mortgage Forbearance Does Not Mean Mortgage Forgiveness

March 2020

As I sit here trying to find words of advice for consumers to navigate through the financial portion of COVID-19, my emotions are all over the place. It’s difficult to talk about finances when we’re all going through so much more, although, I know this information is important and crucial for some to protect against…

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U.S. Existing-Home Sales Jump 6.5% in February

March 2020

WASHINGTON—Existing-home sales climbed substantially in February after a slight decline in January, according to a report released by the National Association of Realtors on March 20. Of the four major regions, only the Northeast reported a decrease in sales (-4.1%), while other areas saw increases, including sizable sales gains in the West. Total existing-home sales…

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Coronavirus Pandemic Cause Mortgage Applications to Fall 8.4%

March 2020

WASHINGTON—Mortgage applications decreased 8.4% during the week ending March 13 from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on March 18. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.4% on a seasonally adjusted basis from one week earlier. On an…

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January New Home Purchase Mortgage Applications Increased 35%

February 2020

WASHINGTON—The Mortgage Bankers Association Builder Application Survey (BAS) data for January 2020 released on Feb. 18 showed mortgage applications for new home purchases increased 35.3% compared from a year ago. Compared to December 2019, applications increased by 40%. This change does not include any adjustment for typical seasonal patterns. MBA estimates new single-family home sales…

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GUEST VIEWPOINT: State Law Amended in Foreclosure Proceedings

February 2020

Section 1302 of the New York State Real Property Actions and Proceedings Law (RPAPL) has been recently amended to include a new sub-section 1302-A. The result of the revised law is to prohibit a defendant from waiving the defense that the plaintiff lacks standing to bring the foreclosure action. This prohibition extends even after the…

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Mid-Hudson Region and New York City Post Strongest Sales Tax Growth in 2019

February 2020

ALBANY—Overall growth in local sales tax collections statewide in 2019 was relatively strong, according to a report released on Feb. 3 by New York State Comptroller Thomas P. DiNapoli. Collections across the state, which totaled $18.3 billion in 2019, grew by $815 million or 4.7%, from the previous year. While this was slower than the…

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New Rochelle Transitional Housing Project Secures $9 Million in Freddie Mac Funding

February 2020

NEW ROCHELLE—A former student housing development redeveloped into a transitional supportive housing community has secured refinancing funding in the form of a $9-million Freddie Mac Optigo Targeted Affordable Housing loan. The refinancing deal for 21 Fountain Place was announced on Jan. 29 by CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation, Palladium…

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Survey: Majority of Firms Expect Commercial, Multifamily Originations to Rise in 2020

January 2020

WASHINGTON—Following what is expected to be a record year of lending in 2019, commercial and multifamily mortgage originators anticipate 2020 to be another strong year. That is according to the Mortgage Bankers Association's (MBA) 2020 Commercial Real Estate Finance (CREF) Outlook Survey released on Jan. 9. Nearly two-thirds of the top commercial/multifamily firms (64%) polled…

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CPC and L+M Close On $33 Million to Refi, Preserve 386 Units of Affordable Housing in the Hudson Valley

January 2020

NEW YORK—The Community Preservation Corporation and L+M Development Partners recently announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley. Two of the properties are located in Rockland County and one in Dutchess County. The properties…

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New MBA White Paper Predicts Both Challenges, Opportunities for Commercial RE Market in 2020

December 2019

WASHINGTON—The Mortgage Bankers Association released a new white paper, “Where From Here?” on Dec. 10, which examined current economic trends and commercial/multifamily real estate market conditions, and summarized recent comprehensive data. According to the white paper, low interest rates, steady economic growth and stable market conditions have served as positive tailwinds for the commercial real…

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A.S.A.P. Mortgage Opens Seventh Branch in Morris Park

December 2019

NEW YORK—A.S.A.P. Mortgage reported recently it had opened its seventh branch office with a new location in the Bronx, connecting its existing coverage areas in Westchester and Manhattan. The new office in the Morris Park section of the Bronx is located at 1965 Williamsbridge Road and opened in December. Led by award-winning founder and CEO…

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New York, Connecticut and Other States File Appeal of SALT Reform Court Ruling

November 2019

ALBANY—New York Gov. Andrew M. Cuomo and New York Attorney General Letitia James announced that New York, Connecticut, Maryland and New Jersey have filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit to continue litigation against the federal government for what they term as the unlawful and unprecedented cap…

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How Mortgage Rates Could Affect the Markets in 2020

November 2019

With the year rapidly moving towards the close of what has evolved into a surprisingly successful real estate season, we should take a moment to reflect on the 2019 mortgage finance market and its effect on activity, and what is to come for 2020. Last November (2018) you may recall, interest rates were hovering close…

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HUD, Justice Department Agree to Ease Use of False Claims Act

October 2019

WASHINGTON—U.S. Housing and Urban Development Secretary Ben Carson and U.S. Attorney General William Barr issued a Memorandum of Understanding on Oct. 28 between the two agencies that sets what the two agencies say is “prudential guidance on the appropriate use of the False Claims Act for violations by Federal Housing Administration lenders. “This agreement clearly…

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