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…
Read MoreYORKTOWN 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…
Read MoreGrowing 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…
Read MoreInstead 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…
Read MoreBREWSTER—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…
Read MoreALBANY—Gov. Andrew M. Cuomo announced on April 29 new regulations to crack down on what the state termed are kickbacks and other improper expenditures (such as excessive meal and entertainment expenses) in the title insurance industry. The move comes after a Department of Financial Services’ investigation uncovered the kickbacks and improper expenditures are significantly inflating…
Read MoreNEW YORK—Executives from Country Bank celebrated the grand opening of their new New York City flagship branch location at 655 Third Ave. on Monday, April 27. Chairman Joseph Murphy selected Edmond J. Boran, a U.S. Marine Corps Vietnam Veteran, to cut the ribbon in honor of May 2015-National Military Appreciation Month and to recognize that…
Read MoreTARRYTOWN—A panel of municipal officials and commercial real estate developers believe that despite the high cost of doing business, the duplication of services, and the lengthy approval process, Westchester County is on the right track to grow its economy and its population in the future. At The Business Council of Westchester’s regular KeyBank Speaker Series,…
Read MoreGOSHEN—On May 1, Orange County Clerk Annie Rabbitt announced the launch of electronic recording or “e-recording” in the county. Electronic recording land records, such as deeds and mortgages, will expedite the process for property owners and real estate professionals, she said. Orange County Executive Steven Neuhaus said of the new initiative, “Congratulations to County Clerk…
Read MoreMIDDLETOWN— Orange County Trust Company announced earlier this month that it is branding its newest Westchester and Rockland County offices in White Plains and New City as Orange Bank and Trust Company, a division of Orange County Trust Company. Michael Gilfeather, Orange County Trust CEO, announced the brand saying, “As we broaden our bank’s footprint…
Read MoreWASHINGTON—Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $744 on each loan they originated in the fourth quarter of 2014, down from a reported gain of $897 per loan in the third quarter of 2014, the Mortgage Bankers Association (MBA) reported on March 31 in its Quarterly Mortgage Bankers…
Read MoreWASHINGTON—A diverse group of housing industry stakeholders participated in a credit access symposium here on April 1 to discuss how alternative credit scoring models could expand access to mortgage credit for responsible borrowers who may have thin credit histories or extenuating circumstances like medical debts. The event, co-hosted by the National Association of Realtors, the…
Read MoreWASHINGTON—The gap between rental costs and household income is widening to unsustainable levels in many parts of the country, and the situation could worsen unless new home construction meaningfully rises, according to new research released on March 16th by the National Association of Realtors. NAR reviewed data on income growth, housing costs and changes in…
Read MoreThis column has frequently addressed issues of fair housing. Never previously addressed is the issue of fair lending. Realtors need a clear understanding of the significant changes that will become effective on August 1, 2015 when the TILA/RESPA final rule will become effective. What is TILA and What is RESPA? TILA is the Truth in Lending…
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