NEW CITY—Nearly two years after Rockland County almost went into default during the early days of Rockland County Executive Ed Day’s administration, a major credit rating agency has upgraded the county’s debt. County Executive Day announced on Oct. 15 that Moody's Investors Service upgraded Rockland County's general obligation bond rating from Baa2 to Baa1 with…
Read MoreSAN DIEGO, CA—Federal Housing Administration Principal Deputy Assistant Secretary Ed Golding joined National Association of Realtors President Chris Polychron on stage before a packed ballroom of Realtors and industry experts here on Nov. 12th to announce changes to FHA condominium policies. NAR has long advocated for broad improvements to FHA’s condo rules, arguing that existing…
Read MoreMOUNT VERNON—Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a first mortgage in the amount of $2 million encumbering a 1.15-acre property improved with a seven-story concrete block and masonry brick double-wing, residential multi-family rental apartment building with two self-service elevators constructed in 1932. The property at 33 Williams St.…
Read MoreWASHINGTON—The Federal Housing Administration has re-issued a controversial loan certification proposal and is seeking an additional 30-day comment period on the plan. Mortgage industry groups contend the new loan certification proposal will make it easier for federal authorities to sue lenders for when they file claims over agency-insured loans that go into default. Edward Golding,…
Read MoreThe August 2015 HPSI fell 0.5 points to 80.8, continuing the decline from the all-time high reached in June 2015. The HPSI is up 5.3 points since this time last year. On net, two components of the HPSI improved in August, with Confidence About Not Losing Job increasing three points and Good Time to Sell…
Read MoreWASHINGTON, DC – Fannie Mae’s Economic & Strategic Research Group announced on Sept. 8 the launch of the Fannie Mae Home Purchase Sentiment Index, which distills results from its consumer-focused National Housing Survey into a single, monthly, predictive indicator. Reflecting more than four years of data, the HPSI is designed to provide distinct signals about…
Read MoreWHITE PLAINS—LCOR announced on July 28th it had closed on an $80-million construction loan from Wells Fargo for the 55 Bank St. mixed-use development site in White Plains. Company officials say that construction work at the site has already begun. While no official groundbreaking date has been scheduled for the project located near the White…
Read MoreATLANTA—It’s been a booming year for mortgage origination growth, according to data from the latest Equifax National Consumer Credit Trends Report. Total mortgage origination balances hit $466 billion in the first quarter, a 74.4% increase from the same time a year ago. First mortgages led the growth, jumping 79.9% versus the first quarter of 2014…
Read MoreWASHINGTON—Real estate like-kind exchanges are an important vehicle for disposing of and acquiring properties and support the nation’s financial growth, job creation and economy, according to a report released on July 9th from the National Association of Realtors. The Like-Kind Exchanges: Real Estate Market Perspectives 2015 survey of NAR’s commercial and residential members found that…
Read MoreWASHINGTON, DC—The National Association of Realtors characterized a recent announcement by the Consumer Financial Protection Bureau as a good first step when it promised “sensitivity” to companies that make a good-faith effort to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure regulation that goes into effect on…
Read MoreYORKTOWN HEIGHTS—Putnam County Savings Bank, which recently completed its merger with CMS Bancorp, Inc., is relocating its corporate headquarters from Brewster to the 2651 Strang Blvd. office building in the Northern Westchester Executive Park here. The bank has signed a long-term lease for 25,352 square feet of space at the building that is currently undergoing…
Read MoreGrowing up in a real estate family—with his mother Marsha and brothers Greg, Matt and Joseph Rand—Dan Rand may have had his career calling at an early age. “I remember when I was a kid, helping to answer phones in the office,” he recalled. “My mom has always been an amazing role model.” Fast forward…
Read MoreInstead of one theme for my column this month, I decided to briefly address a series of items that are on the front burner of the Association. As you review this edition of Real Estate In-Depth you will note the extensive coverage of our Lobby Day efforts in Albany on June 9th. Almost 40 members…
Read MoreBREWSTER—Locally-based Putnam County Savings Bank announced on April 28 that it had successfully completed its acquisition of CMS Bancorp, Inc., the holding company for CMS Bank of White Plains. As part of the agreement, CMS including its wholly-owned subsidiary CMS Bank, merged with and into Putnam County Savings Bank. The former locations of CMS Bank…
Read MoreALBANY—Gov. Andrew M. Cuomo announced on April 29 new regulations to crack down on what the state termed are kickbacks and other improper expenditures (such as excessive meal and entertainment expenses) in the title insurance industry. The move comes after a Department of Financial Services’ investigation uncovered the kickbacks and improper expenditures are significantly inflating…
Read MoreNEW YORK—Executives from Country Bank celebrated the grand opening of their new New York City flagship branch location at 655 Third Ave. on Monday, April 27. Chairman Joseph Murphy selected Edmond J. Boran, a U.S. Marine Corps Vietnam Veteran, to cut the ribbon in honor of May 2015-National Military Appreciation Month and to recognize that…
Read MoreTARRYTOWN—A panel of municipal officials and commercial real estate developers believe that despite the high cost of doing business, the duplication of services, and the lengthy approval process, Westchester County is on the right track to grow its economy and its population in the future. At The Business Council of Westchester’s regular KeyBank Speaker Series,…
Read MoreGOSHEN—On May 1, Orange County Clerk Annie Rabbitt announced the launch of electronic recording or “e-recording” in the county. Electronic recording land records, such as deeds and mortgages, will expedite the process for property owners and real estate professionals, she said. Orange County Executive Steven Neuhaus said of the new initiative, “Congratulations to County Clerk…
Read MoreMIDDLETOWN— Orange County Trust Company announced earlier this month that it is branding its newest Westchester and Rockland County offices in White Plains and New City as Orange Bank and Trust Company, a division of Orange County Trust Company. Michael Gilfeather, Orange County Trust CEO, announced the brand saying, “As we broaden our bank’s footprint…
Read MoreWASHINGTON—Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $744 on each loan they originated in the fourth quarter of 2014, down from a reported gain of $897 per loan in the third quarter of 2014, the Mortgage Bankers Association (MBA) reported on March 31 in its Quarterly Mortgage Bankers…
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