WASHINGTON—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,”…
Read MoreWASHINGTON—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…
Read MoreOn 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…
Read MoreWHITE 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…
Read MoreWHITE 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…
Read MoreNEW 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…
Read MoreISELIN, 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…
Read MoreNew 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…
Read MoreMIDDLETOWN—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…
Read MoreWASHINGTON— 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…
Read MoreWHITE 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…
Read MoreNEW 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…
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