Mortgage

NAR Finds Real and Imaginary Barriers Holding Back Prospective Homebuyers

February 10, 2017

WASHINGTON— 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…

Montreign Casino Financing Deal Closes

February 10, 2017

MONTICELLO, 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…

Trump Suspends FHA Mortgage Insurance Premium Reduction

January 25, 2017

WASHINGTON—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…

A.S.A.P. Mortgage Schedules Grand Opening Of Fourth Westchester County Location

January 13, 2017

CROTON-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,”…

Commercial/Multifamily Delinquencies Remain Low, CMBS Up Slightly

December 13, 2016

WASHINGTON—Delinquency rates for commercial and multifamily mortgage loans remained low in the third quarter of 2016, according to the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report. "Commercial and multifamily mortgage delinquencies were once again quite low in the third quarter, because of the continued strength in the market fundamentals," said Jamie Woodwell, MBA's Vice President of…

BARRISTER'S BRIEFING: 2017 Will Bring New FHA Loan Limits

December 12, 2016

On December 1, 2016 the Federal Housing Administration announced their new schedule of loan limits for 2017. The newly increased limits apply to most areas of the nation as a result of an increase in housing prices over the past calendar year. In those areas deemed by FHA to be “high-cost areas,” the FHA national…

Houlihan-Parnes Places Mortgage On White Plains Retail Property

November 14, 2016

WHITE PLAINS— Houlihan-Parnes Realtors LLC announced recently the placement of a $600,000 first mortgage on 124 East Post Road, a 5,576-square-foot building at the corner of Court Street and East Post Road in White Plains. The seven-year, non-recourse loan is fixed at 3.75% interest on a 30-year amortization schedule, plus has a five-year option. The…

Hudson United Mortgage Launches ‘Give More’ Winter Charity Campaign

November 14, 2016

WHITE PLAINS—Hudson United Mortgage reported the launch of its winter fundraiser called “Give More,” with the goal of raising money for local organizations that prevent hunger. “With the holiday season and winter weather around the corner, we want to help our community in any way possible,” said Daniel Rand, director of home services for Hudson…

A.S.A.P. Mortgage’s Nunez Named ‘Rookie of the Year’

November 11, 2016

NEW ROCHELLE— The NAHREP Westchester Bronx chapter honored A.S.A.P. Mortgage’s Dulce Nunez at its Awards Gala on Nov. 10 at the Glen Island Harbour Club here. Nunez was awarded the Rookie of the Year award. The entire staff of A.S.A.P. Mortgage was present to celebrate the accomplishment. “Rookie of The Year” is awarded to the…

NJ-Based HomeBridge Financial to Purchase Operating Assets of Prospect Mortgage

November 1, 2016

ISELIN, NJ—HomeBridge Financial Services, Inc., a national independent mortgage lender based here, announced on Nov. 1 the signing of a definitive agreement to purchase the operating assets of Prospect Mortgage, LLC from Prospect Holding Company, LLC. The asset purchase consists primarily of the loan production platform. As a result, HomeBridge will become one of the…

BARRISTER'S BRIEFING: An Overview on Foreclosure Process in New York State

October 11, 2016

New York State currently has the longest foreclosure timeline in the country, typically just under three years. If you are a homeowner in New York facing the prospect of foreclosure, this article is designed to give you a brief overview of the foreclosure process in our state. Foreclosures are judicial in New York, which means…

Orange County Trust Changes Name Promises Further Growth in Region

August 10, 2016

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…

NAR Says Consumers Win With Proposed ‘Know Before You Owe’ Rule Changes

August 3, 2016

WASHINGTON— 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…

Westchester LDC Provides $26M in Financing For Rippowam School Construction Project

June 9, 2016

WHITE 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…

State A.G. Adds $100M to Foreclosure Prevention Programs

May 26, 2016

NEW 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…

Veteran Realtor Howard Parnes Passes Away

May 16, 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…

Real Estate Agents, Appraisers Concerned Over FHA Appraisal Policies

May 16, 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…

A.S.A.P. Mortgage Corp. to Hold Event Honoring Military, Veterans on May 23

May 3, 2016

Mark 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…

GUEST OPINION: Banking and Real Estate in America

March 1, 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…

Cuomo Says Bank Merger Deal Would Have ‘Devastating’ Impact

February 23, 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…