Mortgage

State Acquires 172 Distressed Mortgages

February 2018

ALBANY—Governor Andrew M. Cuomo recently announced the state's Community Restoration Fund had purchased 172 mortgages in an effort to bring owners in targeted communities out of foreclosure and keep the homes from abandonment. The Community Restoration Fund has helped strengthen the financial position of homeowners, bringing stability back to the housing market in neighborhoods across…

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Taconic, Clarion Form $400 Million Affordable Housing Joint Venture

February 2018

NEW YORK—Taconic Investment Partners and Clarion Partners, LLC announced earlier this month they have launched a $400-million joint venture focused on acquiring and renovating affordable housing properties here. The Quality Communities partnership has closed on its first purchase—the $71-million acquisition of a five-property portfolio consisting of 368 rent-stabilized apartments in the Fordham, Belmont and Concourse…

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Hurricanes Drive Up 60-Day and 90-Day Mortgage Delinquencies

February 2018

WASHINGTON—The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 5.17% of all loans outstanding at the end of the fourth quarter of 2017. The delinquency rate was up 29 basis points from the previous quarter, and was 37 basis points higher than one year ago, according to…

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Standard and Poor’s Upgrades Rockland County’s Bond Rating to A-

January 2018

NEW CITY—The financial turnaround of Rockland County continues. On Jan. 30, Rockland County Executive Ed Day announced that Standard and Poor's increased the county’s bond rating to A- rating. The rating increase from BBB+ by Standard and Poor's is the county's sixth consecutive bond upgrade since 2014, when Rockland's bonds were rated just above junk…

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New Title Insurance Regulations Could Prove Devastating

January 2018

In October 2017, the New York Department of Financial Services (DFS) announced its new regulations for the Title Insurance industry. In a statement to the press, the DFS proclaimed that the new regulations would change the face of home ownership in New York by lowering rates and making the process more efficient. We agree with…

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Trustco Bank Expands to Putnam County

January 2018

Trustco Bank hosted a ribbon cutting and grand opening of its newest branch at 945 South Lake Blvd. in Mahopac on December 15th. The branch marked the bank’s entrance into Putnam County. Glenville, NY-based TrustCo Bank Corp. NY is a $4.9-billion savings and loan holding company and through its subsidiary, Trustco Bank, operates branch offices…

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René Jones Named Chairman and CEO of M&T Bank Corp.

December 2017

BUFFALO, NY—Following the sudden death of its longtime chairman and CEO Robert G. Wilmers earlier this month, M&T Bank Corp. announced on Dec. 20 that René F. Jones was appointed chairman and CEO of M&T and its principal banking subsidiary, M&T Bank. He was also elected to the Board of Directors of both M&T Corp.…

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Commercial/Multifamily Borrowing Up 21% Year-Over-Year

November 2017

WASHINGTON— According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Nov. 9, third quarter 2017 commercial and multifamily mortgage loan originations were 21% higher than during the same period last year and 8% higher than the second quarter of 2017. "Borrowing and lending associated with commercial and multifamily…

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Orange Bank & Trust Company Opens Full Service Branch in Mount Vernon

August 2017

MIDDLETOWN — The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust Company announced on Aug. 24th that the bank had opened its fourth full service branch in Westchester County. The branch is located at 510 South Columbus Ave. in Mount Vernon. This new branch supports the bank’s strategic plan to expand…

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Real Estate, Lending Industries Offer Mixed Reactions To CFPB’s ‘Know Before You Owe’ Disclosure Changes

July 2017

WASHINGTON—The Consumer Financial Protection Bureau finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments released on July 7th that the bureau stated are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage…

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U.S. Foreclosure Activity Drops To Lowest Level Since Nov. 2005

May 2017

IRVINE, CA– ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, released its April 2017 U.S. Foreclosure Market data earlier this month, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 77,049 U.S. properties in April, down 7% from the previous month and down 23% from a year ago to…

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Orange Bank & Trust’s Services Division Relocates

May 2017

MIDDLETOWN—Orange Bank & Trust recently reported its Trust Services Division has relocated its operations from the headquarters in Middletown, to the Chester office at 91 Brookside Ave. in Chester. Orange Bank & Trust’s steady expansion has caused the bank to outgrow its capacity at headquarters and the move of the Trust Services Division will help…

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Hudson United Expands into Connecticut

May 2017

WHITE PLAINS—Hudson United Mortgage recently announced it is now a licensed mortgage lender in Connecticut. “We’re looking forward to continuing to expand our company across the tri-state area and the East Coast corridor,” said Christopher Rand, operations manager at Hudson United Mortgage. “We have many referral relationships in Connecticut, so we can now serve their…

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Commercial/Multifamily Borrowing Up 9% in First Quarter From Last Year

May 2017

WASHINGTON—According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on May 4th, first quarter 2017 commercial and multifamily mortgage loan originations increased 9% compared to the same period last year, and in line with the seasonality of market, first quarter originations were 27% lower than the fourth quarter of…

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Former Ramapo LDC Director Pleads Guilty in Bond Fraud Case

March 2017

WHITE PLAINS—The former executive director of the Ramapo Local Development Corp. N. Aaron Troodler pled guilty on March 7th to federal securities fraud and conspiracy charges in connection with the bond financing for the construction of what is now known as the Palisades Credit Union Park, and other projects, including the failed The Hamlets condominium…

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A.S.A.P. Mortgage Opens Fourth Branch Office

February 2017

  CROTON-ON-HUDSON—Rescheduled a day later due to the snowstorm, officials and staff with A.S.A.P. Mortgage Corp. opened its fourth Westchester County branch location on Friday, Feb. 10. A host of local and county officials were on hand for the festivities to commemorate the opening of the firm’s new location at 125 Grand St. in Croton-on-Hudson.…

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New Study Details Shifts in Rented vs. Owned Housing Stock

February 2017

WASHINGTON—The Research Institute for Housing America has released a new study examining the shift of existing housing stock between owner-occupied and rental over time. The study found that between 2000 and 2014, roughly 6.5% of homes built prior to 2000 and 10.3% of homes built in the 1990s, shifted from owner-occupied to rental status. The…

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