Mortgage

NAR Roundtable Tackles Fannie, Freddie Reform, Privatization

June 27, 2018

WASHINGTON—With America’s homeownership rate struggling to match falling unemployment and increasing consumer confidence, protecting the benefits of the secondary mortgage market remains critical to the health of the overall housing industry. On June 22, the National Association of Realtors hosted a roundtable event examining the scope and status of comprehensive Government-Sponsored Enterprise, or GSE, reform,…

National Association of Realtors Applauds Passage of Banking Reform Bill

May 24, 2018

WASHINGTON—The U.S. House passed bipartisan legislation on Tuesday (May 22) that the National Association of Realtors believes will bring much-needed bank regulatory relief and consumer protections and is a step in the right direction for the industry. S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” contains several favorable provisions for housing, including…

New Home Purchase Mortgage Applications Rose 7.5% in April

May 15, 2018

WASHINGTON—Recently released mortgage finance activity data released by the Mortgage Bankers Association indicate mixed results during the month of April. The Mortgage Bankers Association Builder Applications Survey data for April 2018 released on May 10 showed mortgage applications for new home purchases increased 7.5% compared to April 2017. Compared to March 2018, applications decreased by…

Avison Young Arranges $120-Million Loan For Westchester Financial Center Purchase

May 15, 2018

WHITE PLAINS—Avison Young’s New York Capital Markets Group reports it has arranged a $120.3-million financing package for the acquisition and redevelopment of the Westchester Financial Center, a 571,000-square-foot office complex located at 50 Main St/ and 1-11 Martine Ave. in White Plains. The buyers, a joint venture comprising Ginsburg Development Companies, LLC and Robert Martin…

Hudson United Approved as Mortgage Banker in New York

April 9, 2018

NANUET—Hudson United Mortgage recently announced that it has been approved as a mortgage banker in New York. The new license will allow Hudson United to operate as a correspondent lender in its own name, control more of the process, and bring on additional investors with niche products. “This is a tremendous achievement and opens an…

Debt, Smaller Down Payments Leave Millennials Vulnerable to Already Challenging Market

April 4, 2018

SANTA CLARA, CA—Rising interest rates and home prices will cause a resounding majority of millennials to modify their home search, perhaps prompting them to seek a smaller or less expensive home or even consider different neighborhoods, according to a survey released on April 4 by realtor.com. Two factors are contributing to market sensitivity from millennials—their…

UBS Settles NY Mortgage Securities Case for $230 Million

March 21, 2018

NEW YORK—New York State Attorney General Eric T. Schneiderman announced today (March 21) a $230-million settlement with UBS in connection with its packaging, marketing and issuance of residential mortgage-backed securities to investors prior to the housing crisis in 2006. The settlement includes $189 million worth of consumer relief for New York homeowners and communities and…

Mortgage Finance Firm Moves To Downtown White Plains

March 15, 2018

WHITE PLAINS—Robert Withers, President and CEO of M1 Capital Corp., announced recently that M1 Capital Corp., a leader in real estate financing, has moved its offices to 50 Main St., Suite 1000, in White Plains. Withers also reported he has re-launched his popular blog, The Equity Strategist, in which he explores aspects of the real…

Report: NY Property Tax Exemptions Top $450 Billion

March 12, 2018

ALBANY—New York State Comptroller Thomas P. DiNapoli issued a report recently that highlighted recent trends in property tax exemptions in New York State outside of New York City and the impact they have on local governments and school districts. “Property tax exemptions can be a valuable tool to improve housing affordability or fuel economic growth,”…

Changes to Fannie Mae, Freddie Mac Could Cost Borrowers Additional $400 in Monthly Payments

March 12, 2018

SEATTLE—Proposed reforms to the government-sponsored enterprises (GSEs) that guarantee the majority of U.S. home loans could drive up monthly housing costs and diminish housing affordability for many Americans, according to Zillow. Congress is considering changes to Fannie Mae and Freddie Mac to reduce the risk to taxpayers if the housing market crashes again. The GSEs,…

Fannie Mae Reports Housing Confidence Falls, Sales Market Remains Volatile

March 12, 2018

WASHINGTON—Fannie Mae in its Home Purchase Sentiment Index released on March 7 points to falling key market metrics. The Fannie Mae Home Purchase Sentiment Index fell 3.7 points in February to 85.8, reversing the previous month’s increase. The HPSI is down 2.5 percentage points compared with the same time last year. The decline can be…

Guest Viewpoint: The Role of Alternative Lending in the CRE Market Today

February 26, 2018

Most of us remember the Great Recession of 2007-2012 and, more specifically, the crippling financial crisis of 2007-2008. One of the largest—if not the largest—contributors to this event was the U.S. subprime mortgage crisis. During this time, we experienced “a perfect storm” of falling real estate values, tightening mortgage lending practices, and the evaporation of…

State Acquires 172 Distressed Mortgages

February 13, 2018

ALBANY—Governor Andrew M. Cuomo recently announced the state's Community Restoration Fund had purchased 172 mortgages in an effort to bring owners in targeted communities out of foreclosure and keep the homes from abandonment. The Community Restoration Fund has helped strengthen the financial position of homeowners, bringing stability back to the housing market in neighborhoods across…

Taconic, Clarion Form $400 Million Affordable Housing Joint Venture

February 13, 2018

NEW YORK—Taconic Investment Partners and Clarion Partners, LLC announced earlier this month they have launched a $400-million joint venture focused on acquiring and renovating affordable housing properties here. The Quality Communities partnership has closed on its first purchase—the $71-million acquisition of a five-property portfolio consisting of 368 rent-stabilized apartments in the Fordham, Belmont and Concourse…

Hurricanes Drive Up 60-Day and 90-Day Mortgage Delinquencies

February 13, 2018

WASHINGTON—The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 5.17% of all loans outstanding at the end of the fourth quarter of 2017. The delinquency rate was up 29 basis points from the previous quarter, and was 37 basis points higher than one year ago, according to…

Standard and Poor’s Upgrades Rockland County’s Bond Rating to A-

January 31, 2018

NEW CITY—The financial turnaround of Rockland County continues. On Jan. 30, Rockland County Executive Ed Day announced that Standard and Poor's increased the county’s bond rating to A- rating. The rating increase from BBB+ by Standard and Poor's is the county's sixth consecutive bond upgrade since 2014, when Rockland's bonds were rated just above junk…

New Title Insurance Regulations Could Prove Devastating

January 17, 2018

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…

Trustco Bank Expands to Putnam County

January 8, 2018

Trustco 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…

René Jones Named Chairman and CEO of M&T Bank Corp.

December 27, 2017

BUFFALO, 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.…

Commercial/Multifamily Borrowing Up 21% Year-Over-Year

November 19, 2017

WASHINGTON— 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…