MIDDLETOWN—Orange County Trust Company announced recently it changed its name to Orange Bank & Trust Company. With the new name change and signage comes word from bank officials that the bank plans to continue to grow its operations in the region. The name change supports the bank’s strategic plan to remain independent, position itself for…
Read MoreWASHINGTON— Since the October 2015 implementation of the Consumer Financial Protection Bureau's “Know Before You Owe” mortgage initiative, Realtors have raised red flags over challenges in gaining access to the mortgage "closing disclosure" form, or CD. The CD is delivered to homebuyers in advance of their closing and contains important financial information related to their…
Read MoreWHITE PLAINS—The Westchester County Local Development Corporation approved on May 26th a total of $26 million in incentive financing for the construction and renovation of facilities at the upper campus of the Rippowam Cisqua School in Bedford. The $19-million project will create approximately 150 to 200 construction jobs and retain approximately 195 full-time and part-time…
Read MoreNEW YORK—New York State Attorney General Eric T. Schneiderman announced on May 25th a $100-million expansion of efforts to provide no-interest loans to help New York families avoid foreclosure and stay in their homes. The expansion, funded by the Attorney General’s April settlement with Goldman Sachs over the bank’s deceptive practices leading up to the…
Read MoreWHITE 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 MoreWASHINGTON—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 MoreMark Your Calendar MOHEGAN LAKE—A.S.A.P. Mortgage Corp. is holding an event on Monday, May 23 at the Roma Grill restaurant in Mohegan Lake from 6:30 P.M. - 8:30 P.M to honor military personnel and veterans. The event to be held at 3131 East Main St. in Mohegan Lake is free for all veterans and military…
Read MoreThe 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 MoreALBANY—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$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 MoreWHITE 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 MoreWASHINGTON—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 MoreSHELTON, 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 MoreWASHINGTON—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 MoreWASHINGTON—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 MoreNEW 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 MoreSAN 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 MoreMOUNT 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 MoreWASHINGTON—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 MoreThe 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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