WASHINGTON—The Federal Housing Finance Agency (FHFA) announced on May 19 that Fannie Mae and Freddie Mac have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home. Borrowers are eligible to refinance or buy a new home if they…
Read MoreBROOKLYN—To help commercial lenders minimize the future damage that the COVID-19 pandemic will inevitably inflict upon their balance sheets, Eastern Union has launched a Distressed Notes Initiative that will identify investors interested in purchasing lenders' troubled mortgages. The company will leverage its extensive database of investors to help community banks and private debt funds find…
Read MoreTHIELLS—Rockland County government has confirmed that longtime Rockland County Clerk Paul Piperato passed away on May 6 at the age of 61. At press time the cause of death was not known. Rockland County Executive Ed Day released the following statement on Piperato’s passing: “Today Rockland County mourns. The loss of County Clerk Paul Piperato…
Read MoreDuring these turbulent times, many lenders are suspending activity or taking very conservative views on ongoing business. Investors are in a panic, not knowing what will be their best path forward. Having navigated previous financial crises from the Savings and Loan scandal to 9/11 to the Great Recession and with more than 30 years of…
Read MoreMIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…
Read MoreAs I sit here trying to find words of advice for consumers to navigate through the financial portion of COVID-19, my emotions are all over the place. It’s difficult to talk about finances when we’re all going through so much more, although, I know this information is important and crucial for some to protect against…
Read MoreWASHINGTON—Existing-home sales climbed substantially in February after a slight decline in January, according to a report released by the National Association of Realtors on March 20. Of the four major regions, only the Northeast reported a decrease in sales (-4.1%), while other areas saw increases, including sizable sales gains in the West. Total existing-home sales…
Read MoreALBANY—The New York State Department of Financial Services announced on March 24 the issuance of an emergency regulation requiring New York State-regulated financial institutions provide residential mortgage forbearance on property located in New York for a period of 90 days to any New York resident who demonstrates financial hardship as a result of the COVID-19…
Read MoreWASHINGTON—Mortgage applications decreased 8.4% during the week ending March 13 from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on March 18. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.4% on a seasonally adjusted basis from one week earlier. On an…
Read MoreWASHINGTON—The Mortgage Bankers Association Builder Application Survey (BAS) data for January 2020 released on Feb. 18 showed mortgage applications for new home purchases increased 35.3% compared from a year ago. Compared to December 2019, applications increased by 40%. This change does not include any adjustment for typical seasonal patterns. MBA estimates new single-family home sales…
Read MoreSection 1302 of the New York State Real Property Actions and Proceedings Law (RPAPL) has been recently amended to include a new sub-section 1302-A. The result of the revised law is to prohibit a defendant from waiving the defense that the plaintiff lacks standing to bring the foreclosure action. This prohibition extends even after the…
Read MoreALBANY—Overall growth in local sales tax collections statewide in 2019 was relatively strong, according to a report released on Feb. 3 by New York State Comptroller Thomas P. DiNapoli. Collections across the state, which totaled $18.3 billion in 2019, grew by $815 million or 4.7%, from the previous year. While this was slower than the…
Read MoreNEW ROCHELLE—A former student housing development redeveloped into a transitional supportive housing community has secured refinancing funding in the form of a $9-million Freddie Mac Optigo Targeted Affordable Housing loan. The refinancing deal for 21 Fountain Place was announced on Jan. 29 by CPC Mortgage Company LLC, a subsidiary of The Community Preservation Corporation, Palladium…
Read MoreWASHINGTON—Metro areas where affordability has worsened over the last five years have seen a decline in job growth during that same period. Those findings released on Jan. 15 come from a new National Association of Realtors’ study, which examined the top 174 metro areas and ranked them based on affordability. NAR analyzed the shift in…
Read MoreWASHINGTON—Following what is expected to be a record year of lending in 2019, commercial and multifamily mortgage originators anticipate 2020 to be another strong year. That is according to the Mortgage Bankers Association's (MBA) 2020 Commercial Real Estate Finance (CREF) Outlook Survey released on Jan. 9. Nearly two-thirds of the top commercial/multifamily firms (64%) polled…
Read MoreNEW YORK—The Community Preservation Corporation and L+M Development Partners recently announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley. Two of the properties are located in Rockland County and one in Dutchess County. The properties…
Read MoreWASHINGTON—The Mortgage Bankers Association released a new white paper, “Where From Here?” on Dec. 10, which examined current economic trends and commercial/multifamily real estate market conditions, and summarized recent comprehensive data. According to the white paper, low interest rates, steady economic growth and stable market conditions have served as positive tailwinds for the commercial real…
Read MoreNEW YORK—A.S.A.P. Mortgage reported recently it had opened its seventh branch office with a new location in the Bronx, connecting its existing coverage areas in Westchester and Manhattan. The new office in the Morris Park section of the Bronx is located at 1965 Williamsbridge Road and opened in December. Led by award-winning founder and CEO…
Read MoreALBANY—New York Gov. Andrew M. Cuomo and New York Attorney General Letitia James announced that New York, Connecticut, Maryland and New Jersey have filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit to continue litigation against the federal government for what they term as the unlawful and unprecedented cap…
Read MoreWith the year rapidly moving towards the close of what has evolved into a surprisingly successful real estate season, we should take a moment to reflect on the 2019 mortgage finance market and its effect on activity, and what is to come for 2020. Last November (2018) you may recall, interest rates were hovering close…
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