Mortgage

Veteran Realtor Howard Parnes Passes Away

May 2016

WHITE PLAINS— Howard Leon Parnes, partner of Houlihan-Parnes Realtors, passed away at age 86 on April 21, 2016. Parnes joined forces in 1967 with the long-established Houlihan firm run by James G. Houlihan and Daniel J. Houlihan. The firm, which became known as Houlihan-Parnes Realtors, celebrates its 125th anniversary this year. Parnes was known in…

Read More

Real Estate Agents, Appraisers Concerned Over FHA Appraisal Policies

May 2016

WASHINGTON—While the Federal Housing Administration’s overhaul of its “Single-Family Housing Policy Handbook” last year offered loan originators more clarity on lending policies and loan underwriting standards, some changes made to the property valuation policies are causing confusion and delays, according to speakers at a real property valuation forum released earlier this month at the 2016…

Read More

GUEST OPINION: Banking and Real Estate in America

March 2016

The Story of 100 Years of Boom and Bust Editor’s Note: In recognition of the 100th anniversary of the Hudson Gateway Association of Realtors and its predecessor organizations, HGAR Affiliate Member and long-time contributing columnist Donald Arace takes a look back at the past 100 years in the mortgage lending business. There used to be…

Read More

Cuomo Says Bank Merger Deal Would Have ‘Devastating’ Impact

February 2016

ALBANY—New York Gov. Andrew Cuomo in a letter sent to federal banking regulators earlier this month, voiced his strong opposition to the pending $4.1-billion acquisition of First Niagara Financial Group Inc. by Cleveland-based KeyCorp. The governor in his Feb. 10th letter to senior officials with the Federal Reserve System, the Office of the Comptroller of…

Read More

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…

Read More

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.…

Read More

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…

Read More

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.…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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.…

Read More

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,…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More