Mortgage

Fannie Mae: Consumers Slightly More Optimistic About Homebuying Conditions for First Time Since March

September 9, 2021

WASHINGTON—The Fannie Mae Home Purchase Sentiment Index released on Sept. 7 was largely unchanged in August, decreasing 0.1 points to 75.7, as survey respondents tempered both their recent pessimism about homebuying conditions and their upward expectations of home price growth. Overall, three of the index’s six components increased month over month, while the other three…

Tarrytown Office Building Trades for Nearly $9 Million

August 23, 2021

ELMSFORD—Robert Martin Company recently reported the sale of its 555 White Plains Road office building in Tarrytown to an undisclosed purchaser. The sale price was $8.85 million. The five-story office building, which is located on 4.2 acres of property, was previously occupied by Tappan Zee Constructors LLC during the construction of the Mario M. Cuomo…

MBA Says Mortgage Credit Availability Increased in July

August 23, 2021

WASHINGTON—Mortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae's AllRegs Market Clarity business information tool. The MBA report released on Aug. 12 indicated that the MCAI rose by 0.3% to 119.1 in July. A decline in…

CPC Deploys Nearly $940 Million to Support More Than 260 Affordable Housing Projects

August 4, 2021

NEW YORK—The Community Preservation Corporation (CPC) announced on Aug. 2 that it had deployed approximately $937 million in capital to support impactful housing and community development projects during a record-breaking 2021 fiscal year that ran from July 1, 2020 through June 30, 2021. CPC’s work across its construction, permanent, and agency lending and investing platforms…

GUEST VIEWPOINT: Victory for Fair Housing, What’s Next?

August 2, 2021

It’s easy to see why the real estate community of Westchester County would celebrate a long, hard-fought battle for the passage of an amendment to the county’s co-op disclosure law (2018-11). The Hudson Gateway Association of Realtors and the New York State Association of Realtors have been lobbying Albany lawmakers for statewide approval for 20…

Residential, Commercial Lenders Predict Low Rates, High Demand in 2021

July 14, 2021

WHITE PLAINS—It’s no secret that the residential housing buying frenzy is continuing with a vengeance in our region, with properties still receiving multiple offers and many would-be home buyers left in the dust. Low interest rates, currently hovering around 3%, are helping to ignite the desire for home ownership. Lenders throughout the New York metro…

Houlihan-Parnes, GHP Office Realty Arrange $12.7 Million Loan for 4 West Red Oak Lane

July 9, 2021

WHITE PLAINS— Bryan Houlihan and Rachel Greenspan, of Houlihan-Parnes Realtors, LLC and GHP Office Realty, LLC announced recently the placement of a first mortgage in the amount of $12.7-million on a Class-A five-story office building on West Red Oak Lane. The 135,000-square-foot property at 4 West Red Oak Lane is located on the I-287 corridor…

Valley National Bancorp to Acquire Westchester Bank in $220M Deal

July 1, 2021

WHITE PLAINS—New York City-based Valley National Bancorp and The Westchester Bank Holding Corporation announced on June 28 they had entered into a definitive merger agreement whereby Valley will acquire Westchester, parent company of The Westchester Bank. The acquisition of this high-performing commercial bank will provide Valley a physical footprint and additional commercial lending expertise in…

New York State Budget Gap Falls From Nearly $39 Billion to $3.4 Billion

June 25, 2021

ALBANY—The State Fiscal Year 2021-22 Enacted Budget Financial Plan shows a remarkable improvement in the state’s financial condition as cumulative four-year budget gaps estimated at $38.7 billion just four months ago have been reduced to $3.4 billion, according to a report released on June 24 by State Comptroller Thomas P. DiNapoli. The reduction was fueled…

A.S.A.P. Mortgage Opens New Branch in Orange County

June 4, 2021

CENTRAL VALLEY—A.S.A.P. Mortgage Corp. CEO and Founder Irene Amato has announced that the mortgage brokerage firm has opened its newest branch here on Route 32. A.S.A.P. Mortgage’s new Orange County branch at 237 Route 32 opened its doors on June 3 and will offer a full array of mortgage products, the most competitive rates and…

Sterling Bancorp to Merge with Webster Financial In Multi-Billion Dollar Stock Purchase Transaction

April 19, 2021

PEARL RIVER—Webster Financial Corporation and Sterling Bancorp jointly announced today (April 19) that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger deal that put the market value of the company at approximately $10.3 billion. Under the terms of the agreement,…

Commercial, Multifamily Mortgage Delinquencies at Lowest Levels Since Start of Pandemic

April 2, 2021

WASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…

Report: Wall Street's 2020 Bonuses Rose Amid Volatility

March 29, 2021

ALBANY—The average bonus paid to employees in New York City’s securities industry grew by 10% in 2020 to $184,000, in line with the city’s most recent 9.9% projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas…

Consumer Sentiment on Housing Dips Slightly Despite Growing Labor Market Optimism

March 9, 2021

WASHINGTON—The Fannie Mae Home Purchase Sentiment Index decreased in February by 1.2 points to 76.5. Four of the HPSI’s six components fell month over month, including most notably homebuying conditions and household income components. Offsetting much of that decline, however, was increased optimism regarding job security, with consumers reporting a significantly more positive view of…

Tompkins Mahopac Bank President & CEO to Retire

February 8, 2021

BREWSTER—The Board of Directors of Tompkins Mahopac Bank announced on Feb. 4 that Gerald J. Klein, Jr. will retire as president and CEO of Tompkins Mahopac Bank after 26 years of service to the company. Tompkins Mahopac Bank also announced the appointment of David DeMilia, currently senior vice president, to president and CEO. Klein will…

$93.5M Mixed-Use Project in Bedford Park In the Bronx Secures Construction Financing

January 5, 2021

NEW YORK—The New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and Douglaston Development announced on Jan. 5 the closing of construction financing for a 188-unit affordable senior housing development in the Bedford Park area of the Bronx. The development will include a new supermarket on the ground…

Gotham Organization Secures $235M for Lower East Side Tower Project

December 29, 2020

NEW YORK—Gotham Organization, in partnership with Goldman Sachs Urban Investment Group, has closed on a $162.35-million loan from co-lenders, Wells Fargo Bank, N.A and U.S. Bank, N.A. In addition, Goldman Sachs Urban Investment Group, in collaboration with Gotham, is also investing more than $70 million to complete the capitalization of the 55 Suffolk St. development.…

GUEST VIEWPOINT: U.S. Department of the Treasury’s FinCEN Issues New Geographic Targeting Order

December 8, 2020

What happens when real estate is not purchased with the best of intentions? In the broadest of terms, as real estate agents and brokers, the end-goal is to make the sale, (hopefully) have the buyer and seller walk away happy as a result of the deal and collect our commissions. At what point in the…

FHFA Increases New Conforming Loan Limits For Fannie Mae and Freddie Mac for 2021

November 25, 2020

WASHINGTON—The Federal Housing Finance Agency announced on Nov. 24 the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. For high-cost areas in which 115% of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit.…

CPC Launches New Flex Small Loan Program Geared for Small NY Multifamily Properties

November 19, 2020

NEW YORK—The Community Preservation Corp. a leading New York City-based nonprofit affordable housing and community revitalization finance company, has announced the launch of the new Flex Small Loan program for small multifamily properties. The new program, which includes both construction and permanent financing offering loans as low as $100,000, was created to address the unique…