Mortgage

‘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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State Proposes New Regs to Combat Kickbacks, Improper Expenses in Title Insurance Industry

May 2015

ALBANY—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…

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Country Bank Opens New Flagship NYC Branch

May 2015

NEW 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…

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Business Leaders Say Westchester is on the Right Track

May 2015

TARRYTOWN—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,…

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Orange County Announces Clerk E-Recording of Deeds, Mortgages

May 2015

GOSHEN—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…

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Orange County Trust Approves Brand Name For Operations in Rockland and Westchester

April 2015

MIDDLETOWN— 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…

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Independent Mortgage Banks’ Profits Fall in Fourth Quarter

April 2015

WASHINGTON—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…

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HUD’s Castro Says FHA Mulling Alternative Credit Scoring Models

April 2015

WASHINGTON—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…

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NAR Study: Accelerating Housing Costs Have Renters Feeling the Squeeze

March 2015

WASHINGTON—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…

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Significant Changes Coming to Fair Lending Rules

March 2015

This 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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