In October 2017, the New York Department of Financial Services (DFS) announced its new regulations for the Title Insurance industry. In a statement to the press, the DFS proclaimed that the new regulations would change the face of home ownership in New York by lowering rates and making the process more efficient. We agree with…
Read MoreTrustco Bank hosted a ribbon cutting and grand opening of its newest branch at 945 South Lake Blvd. in Mahopac on December 15th. The branch marked the bank’s entrance into Putnam County. Glenville, NY-based TrustCo Bank Corp. NY is a $4.9-billion savings and loan holding company and through its subsidiary, Trustco Bank, operates branch offices…
Read MoreBUFFALO, NY—Following the sudden death of its longtime chairman and CEO Robert G. Wilmers earlier this month, M&T Bank Corp. announced on Dec. 20 that René F. Jones was appointed chairman and CEO of M&T and its principal banking subsidiary, M&T Bank. He was also elected to the Board of Directors of both M&T Corp.…
Read MoreWASHINGTON— According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Nov. 9, third quarter 2017 commercial and multifamily mortgage loan originations were 21% higher than during the same period last year and 8% higher than the second quarter of 2017. "Borrowing and lending associated with commercial and multifamily…
Read MoreMIDDLETOWN — The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust Company announced on Aug. 24th that the bank had opened its fourth full service branch in Westchester County. The branch is located at 510 South Columbus Ave. in Mount Vernon. This new branch supports the bank’s strategic plan to expand…
Read MoreKnowledge Is Power: The New York State Attorney General and the three credit reporting agencies initiated changes by a settlement agreement that resulted in the birth of an entity known as the “National Consumer Assistance Plan.” This new rule changes the way public records related to civil judgments and tax liens are reported on consumer…
Read MoreWASHINGTON—The Consumer Financial Protection Bureau finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments released on July 7th that the bureau stated are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage…
Read MoreWASHINGTON—Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $224 on each loan they originated in the first quarter of 2017, down from a reported gain of $575 per loan in the fourth quarter of 2016, the Mortgage Bankers Association (MBA) reported on June 6th in its Quarterly Mortgage Bankers…
Read MoreIRVINE, CA– ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, released its April 2017 U.S. Foreclosure Market data earlier this month, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 77,049 U.S. properties in April, down 7% from the previous month and down 23% from a year ago to…
Read MoreMIDDLETOWN—Orange Bank & Trust recently reported its Trust Services Division has relocated its operations from the headquarters in Middletown, to the Chester office at 91 Brookside Ave. in Chester. Orange Bank & Trust’s steady expansion has caused the bank to outgrow its capacity at headquarters and the move of the Trust Services Division will help…
Read MoreWHITE PLAINS—Hudson United Mortgage recently announced it is now a licensed mortgage lender in Connecticut. “We’re looking forward to continuing to expand our company across the tri-state area and the East Coast corridor,” said Christopher Rand, operations manager at Hudson United Mortgage. “We have many referral relationships in Connecticut, so we can now serve their…
Read MoreWASHINGTON—According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on May 4th, first quarter 2017 commercial and multifamily mortgage loan originations increased 9% compared to the same period last year, and in line with the seasonality of market, first quarter originations were 27% lower than the fourth quarter of…
Read MoreWASHINGTON—As promised the Trump Administration unveiled a tax reform plan on Wednesday (April 26) that at first blush has some benefits and some drawbacks for the real estate industry. While representatives of the residential sector are pleased that the Trump economic plan does not tamper with the Mortgage Interest Deduction, the National Association of Realtors…
Read MoreWHITE PLAINS—The former executive director of the Ramapo Local Development Corp. N. Aaron Troodler pled guilty on March 7th to federal securities fraud and conspiracy charges in connection with the bond financing for the construction of what is now known as the Palisades Credit Union Park, and other projects, including the failed The Hamlets condominium…
Read MoreCROTON-ON-HUDSON—Rescheduled a day later due to the snowstorm, officials and staff with A.S.A.P. Mortgage Corp. opened its fourth Westchester County branch location on Friday, Feb. 10. A host of local and county officials were on hand for the festivities to commemorate the opening of the firm’s new location at 125 Grand St. in Croton-on-Hudson.…
Read MoreWASHINGTON—The Research Institute for Housing America has released a new study examining the shift of existing housing stock between owner-occupied and rental over time. The study found that between 2000 and 2014, roughly 6.5% of homes built prior to 2000 and 10.3% of homes built in the 1990s, shifted from owner-occupied to rental status. The…
Read MoreWASHINGTON— Existing-home sales increased 3.8% to a 10-year high in 2016, but affordability pressures, student debt and possible confusion about down payment requirements prevented many aspiring homeowners from reaching the market, according to recently released consumer insight from the National Association of Realtors. NAR's Aspiring Home Buyer Profile analyzed 2016 quarterly survey data from its…
Read MoreMONTICELLO, NY—Montreign Operating Company, LLC, a wholly-owned indirect subsidiary of Empire Resorts, Inc. recently announced the successful closing of its senior secured first lien term loan facility and senior secured revolving credit facility. The financing provides an aggregate of $485 million senior secured first lien term loans, consisting of $70 million of Term A loan…
Read MoreWASHINGTON—A cut in the FHA annual mortgage insurance premium announced in the final days of the Obama Administration earlier this month, was “suspended indefinitely” in the initial hours of the new Trump Administration. The move was part of a host of executive orders issued by President Donald Trump in his first week in office that…
Read MoreCROTON-ON-HUDSON—A.S.A.P. Mortgage Corp. will be celebrating the opening of its fourth Westchester County branch location at 125 Grand St. here with an open house and ribbon cutting celebration on Thursday, February 9th at 11 a.m. “We are excited to be opening our fourth Westchester County branch office and expanding our team of seasoned mortgage professionals,”…
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