The Trump administration may break a promise and reduce the $ 1 million cap on mortgage deductions for US homeowners, a new report said Friday. Politico said the fate of the popular deduction — which allows homeowners to avoid income taxes on mortgages up to the million-dollar mark — came up this week at a...
NYS Entity Status
NYS Filing Date
MAY 14, 2013
NYS DOS ID#
NATIONAL REGISTERED AGENTS, INC.
111 EIGHTH AVENUE
NEW YORK, NEW YORK, 10011
NYS Entity Type
FOREIGN BUSINESS CORPORATION
2013 - LENOX FINANCIAL MORTGAGE CORPORATION
AROUND THE WEB
- Trump might break mortgage deductions promise: report
By Bob Fredericks - Friday Aug 4, 2017
- Cordray Mum on Future Rulemaking, Defends Rules on Mortgage Lending
Tuesday Jan 24, 2017
Consumer Financial Protection Bureau Director Richard Cordray defends his agency's rules on mortgage lending but declines to say whether a Trump administration freeze on new regulations will apply to the CFPB.
- NY Times sees jump in digital subscription revenue
By Reuters - Thursday Jul 27, 2017
The New York Times said on Thursday its digital subscription revenue overtook print advertising revenue for the first time — a key milestone in the 166-year old publisher’s efforts to transform itself into a digital media powerhouse. The company’s shares rose as much as 7 percent to their highest since the 2008 financial crisis as...
- Neighborhood Joint: Tailoring in a Basement? It Suits Him
By SYLVIE BIGAR - Wednesday Jun 28, 2017
For 36 years, Bilal Egilmez, who learned his trade in Turkey, has altered and mended clothing at Genius Tailor, his Upper East Side shop.
- Supreme Court to hear case that may muffle whistleblowers
By Kevin Dugan - Tuesday Jun 27, 2017
The Supreme Court said on Monday it will weigh in on the limits of whistleblower protections that are part of Obama-era Dodd-Frank financial reform law — potentially weakening protections for people who report wrongdoing in corporate America. The high court will hear Digital Realty Trust Inc.’s case against Paul Somers, an executive fired by the...
- Nonbank lenders surging in California mortgage market
By Kathleen Pender - Tuesday Jul 12, 2016
Nonbank lenders surging in California mortgage marketThe number of home loans originated in California by nonbank lenders soared last year to 537,757, up 47.3 percent from 2014, according to a report issued Monday by the California Department of Business Oversight.The principal amount of mortgages originated in the state by nonbank lenders last year grew 56.7 percent, to $179.3 billion.Nationwide, the principal amount of nonbank mortgage originations grew only 43.9 percent between 2014 and 2015, according to Guy Cecala, publisher of Inside Mortgage Finance.The California department regulates nonbank lenders, meaning those that do not accept insured deposits to make loans, like traditional banks do.The department could not say how much of the growth in nonbank mortgage lending came from an increase in the underlying loan market and how much from nonbanks taking business from banks.Nationwide, however, nonbanks have been taking big chunks of market share from banks.In the first quarter of 2016, the nonbank share of U.S. originations was 48.3 percent.“Banks are pulling back from certain types of mortgage lending due to settlements (with government agencies) and enforcement actions,” Cecala said.Banks are still dominant in jumbos, but it’s only 20 percent of the market.The other 80 percent, they are reducing, and that is giving an opening and the nonbanks are stepping in to fill that void, Cecala said.Nonbanks typically borrow money from investors or banks to make loans, then quickly sell these loans to Fannie Mae, Freddie Mac, banks and other buyers, so they can repay their loans and start the process over again.Banks also sell loans but hold onto some of them.Many banks and nonbanks continue to service loans they sell for a fee.Servicers collect payments, forward them to the new loan owner and take action when borrowers fall behind.“Mortgage lending has pretty thin profit margins,” said Keith Gumbinger, a vice president with mortgage information service HSH Associates.Nationwide, San Francisco’s Wells Fargo was still the nation’s largest mortgage lender in the first quarter of this year, with 11.4 percent of the market, but that was down from 28.2 percent in the first quarter of 2012.Chase was number two in the first quarter, followed by Quicken Loans, the largest nonbank lender nationwide, according to Inside Mortgage Finance.Quicken Loans was also the largest nonbank lender in California last year, according to the department.Kathleen Pender is a San Francisco Chronicle columnist.Top nonbank lendersCalifornia mortgages by nonbank lenders in 2015Quicken LoansPinnacle Capital MortgageUnited Shore Financial ServicesCalifornia Department of Business Oversight