Mortgage

Morgan Stanley Agrees to Pay $3.2B to Settle Mortgage Case

February 2016

$550M Earmarked for New York State   NEW YORK—Financial services giant Morgan Stanley has agreed to pay $3.2 billion to settle charges it misled investors to purchase Residential Mortgage-Backed Securities it knew were flawed. Federal and state regulators announced the settlement agreement on Feb. 11. New York State Attorney General Eric T. Schneiderman joined members…

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White Plains-Based Houlihan Parnes Celebrates 125 Years in Business

February 2016

WHITE PLAINS—Houlihan Parnes, Realtors, LLC, founded by Irish immigrant Daniel J. Houlihan in 1891, is celebrating its 125th anniversary this year. The family-owned privately-held company was originally founded as a carpentry and construction business, which evolved into property ownership and development and many related commercial service businesses. The firm is currently managed by James J.…

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Lenders Expect Strong Demand, Loan Volume in 2016

January 2016

WASHINGTON—Commercial and multifamily mortgage lending is expected to increase in 2016, as lenders' and borrowers' appetites for new loans remain strong, according to a new Mortgage Bankers Association survey of the top commercial and multifamily mortgage origination firms. A full 9% of the top firms expect originations to increase in 2016, with 50% expecting an…

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Bill Raveis Passes Torch Of Brokerages to Sons

January 2016

  SHELTON, CT—Bill Raveis, chairman and CEO of William Raveis Real Estate, Mortgage & Insurance, the largest family-owned real estate brokerage company in the Northeast, recently named his two sons, Chris Raveis and Ryan Raveis, as Co-Presidents of William Raveis, Inc. William Raveis, Inc. is comprised of real estate, mortgage and insurance and commercial assets.…

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Independent Mortgage Bank Profits Fall in Third Quarter

December 2015

WASHINGTON—Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,238 on each loan they originated in the third quarter of 2015, down from a reported gain of $1,522 per loan in the second quarter of 2015, the Mortgage Bankers Association reported on Dec. 8th in its Quarterly Mortgage Bankers Performance…

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Commercial, Multifamily Mortgage Originations Up 12%

November 2015

WASHINGTON—According to the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, third quarter 2015 commercial and multifamily mortgage loan originations were 12% higher than during the same period last year and 3% higher than the second quarter of 2015. "Commercial mortgage borrowing and lending continued to grow during the third quarter," said Jamie…

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ROCKLAND: Moody’s Upgrades County’s Municipal Bond Rating

November 2015

NEW CITY—Nearly two years after Rockland County almost went into default during the early days of Rockland County Executive Ed Day’s administration, a major credit rating agency has upgraded the county’s debt. County Executive Day announced on Oct. 15 that Moody's Investors Service upgraded Rockland County's general obligation bond rating from Baa2 to Baa1 with…

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HUD Announces Changes to FHA Condo Policies

November 2015

SAN DIEGO, CA—Federal Housing Administration Principal Deputy Assistant Secretary Ed Golding joined National Association of Realtors President Chris Polychron on stage before a packed ballroom of Realtors and industry experts here on Nov. 12th to announce changes to FHA condominium policies. NAR has long advocated for broad improvements to FHA’s condo rules, arguing that existing…

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Houlihan-Parnes Arranges Loan For Mount Vernon Multifamily

September 2015

MOUNT VERNON—Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a first mortgage in the amount of $2 million encumbering a 1.15-acre property improved with a seven-story concrete block and masonry brick double-wing, residential multi-family rental apartment building with two self-service elevators constructed in 1932. The property at 33 Williams St.…

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FHA Re-issues Controversial Loan Certification Plan

September 2015

WASHINGTON—The Federal Housing Administration has re-issued a controversial loan certification proposal and is seeking an additional 30-day comment period on the plan. Mortgage industry groups contend the new loan certification proposal will make it easier for federal authorities to sue lenders for when they file claims over agency-insured loans that go into default. Edward Golding,…

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Home Purchase Sentiment Index – Component Highlights

September 2015

The August 2015 HPSI fell 0.5 points to 80.8, continuing the decline from the all-time high reached in June 2015. The HPSI is up 5.3 points since this time last year. On net, two components of the HPSI improved in August, with Confidence About Not Losing Job increasing three points and Good Time to Sell…

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Fannie Mae Introduces Home Purchase Sentiment Index

September 2015

WASHINGTON, DC – Fannie Mae’s Economic & Strategic Research Group announced on Sept. 8 the launch of the Fannie Mae Home Purchase Sentiment Index, which distills results from its consumer-focused National Housing Survey into a single, monthly, predictive indicator. Reflecting more than four years of data, the HPSI is designed to provide distinct signals about…

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Wells Fargo Provides $80M in Financing for 55 Bank St.

August 2015

WHITE PLAINS—LCOR announced on July 28th it had closed on an $80-million construction loan from Wells Fargo for the 55 Bank St. mixed-use development site in White Plains. Company officials say that construction work at the site has already begun. While no official groundbreaking date has been scheduled for the project located near the White…

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First Quarter Mortgage Originations Rise 74%

July 2015

ATLANTA—It’s been a booming year for mortgage origination growth, according to data from the latest Equifax National Consumer Credit Trends Report. Total mortgage origination balances hit $466 billion in the first quarter, a 74.4% increase from the same time a year ago. First mortgages led the growth, jumping 79.9% versus the first quarter of 2014…

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NAR Survey Finds Like-Kind Exchanges Promote Economic Growth Nationwide

July 2015

WASHINGTON—Real estate like-kind exchanges are an important vehicle for disposing of and acquiring properties and support the nation’s financial growth, job creation and economy, according to a report released on July 9th from the National Association of Realtors. The Like-Kind Exchanges: Real Estate Market Perspectives 2015 survey of NAR’s commercial and residential members found that…

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‘Know Before You Owe’ Rule Goes into Effect on August 1

June 2015

WASHINGTON, DC—The National Association of Realtors characterized a recent announcement by the Consumer Financial Protection Bureau as a good first step when it promised “sensitivity” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure regulation that goes into effect on…

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Putnam County Savings to Move HQ To Renovated Building in Westchester

June 2015

YORKTOWN HEIGHTS—Putnam County Savings Bank, which recently completed its merger with CMS Bancorp, Inc., is relocating its corporate headquarters from Brewster to the 2651 Strang Blvd. office building in the Northern Westchester Executive Park here. The bank has signed a long-term lease for 25,352 square feet of space at the building that is currently undergoing…

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HGAR’s Daniel Rand Named To NAR’s ‘30 Under 30’

June 2015

Growing up in a real estate family—with his mother Marsha and brothers Greg, Matt and Joseph Rand—Dan Rand may have had his career calling at an early age. “I remember when I was a kid, helping to answer phones in the office,” he recalled. “My mom has always been an amazing role model.” Fast forward…

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GATEWAY PERSPECTIVES: Bits and Pieces

June 2015

Instead of one theme for my column this month, I decided to briefly address a series of items that are on the front burner of the Association. As you review this edition of Real Estate In-Depth you will note the extensive coverage of our Lobby Day efforts in Albany on June 9th. Almost 40 members…

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Putnam County Savings Bank Completes Merger Deal With CMS Bancorp Inc.

June 2015

BREWSTER—Locally-based Putnam County Savings Bank announced on April 28 that it had successfully completed its acquisition of CMS Bancorp, Inc., the holding company for CMS Bank of White Plains. As part of the agreement, CMS including its wholly-owned subsidiary CMS Bank, merged with and into Putnam County Savings Bank. The former locations of CMS Bank…

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