Luxury property sales in the Hamptons, New York’s weekend haven for the wealthy, are on the upswing thanks to a buoyant stock market, with four closings over the $20 million mark in the three months ended in June compared with none last year, real estate data show. Residential sales in the Long Island villages of East Hampton, Southampton and Bridgehampton came roaring back in the second quarter from a lackluster period a year ago, a...Read More
May 28, 2016
Fair Oak Trustees takeover of Title Trustees Breaking News: Fair Oak Trustees takeover of Title Trustees. What does this mean for the industry when such a move is planned?
July 18, 2018
Interest on deposits in escrow with mortgage investing institutions. Any mortgage investing institution which maintains an escrow account pursuant to any agreement executed in connection with a mortgage on any one to six family residence occupied by the owner or on any property owned by a cooperative apartment corporation, as defined in subdivision twelve of section three hundred sixty of the tax law, (as such subdivision was in effect on December thirtieth, nineteen hundred sixty), and located in this state shall, for each quarterly period in which such escrow account is established, credit the same with dividends or interest at a rate of not less than two per centum per year based on the average of the sums so paid for the average length of time on deposit or a rate prescribed by the superintendent of financial services pursuant to section fourteen-b of the banking law and pursuant to the terms and conditions set forth in that section whichever is higher. The superintendent of financial services shall prescribe by regulation the method or basis of computing any minimum rate of interest required by this section and any such minimum rate shall be a net rate over and above any service charge that may be imposed by any mortgage lending institution for maintaining an escrow account.