Mortgage loan officers get new licensing requirements

The state banking department today released details of a long-awaited licensing system for mortgage loan officers and expects to process about 40,000 applications within two years.

New York will join about 40 other states in putting names of licensees onto the National Mortgage Licensing System, set up by the Conference of State Banking Supervisors and the American Association of Residential Mortgage Regulators. Starting April, consumers will be able to look up brokers and employees allowed to offer mortgages, an effort at tracking employees who have been fired, unbeknownst to potential borrowers and employers, and try to jump from company to company.

The lack of licensing in a profession that can affects borrowers’ savings and credit has been under a microscope during the subprime collapse, in which loan officers and lenders have been blamed for some of the problems.

Under the licensing law passed last year in New York, applicants will have to attend 18 hours of classes, including three hours on ethics. The licensing process will covers a federal and state criminal background check, credit history and copy of applicants’ fingerprints.

The banking department will require current “mortgage loan originators” to send in applications by July 1 and those hired next year to send in paperwork as soon as possible. New hires will have priority in processing, while current employees are expected to be licensed or turned down by January 2010.

The banking department has hired extra workers to cope with the deluge of paperwork.

Although a state banking department spokeswoman said mortgage banking and broker groups have been kept up to date on details, some in the industry have worried about lack of details and the work involved in complying by the deadlines. For example, mortgage bankers and brokers will have to send in the names and addresses of each loan originator employee to the department by Jan. 15.

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source: newsday.com

State outlines new mortgage loan officer licensing system

The New York State banking department has released details of the mortgage loan officer licensing process is beginning, as stipulated by a state law passed last year. The system, which will require candidates to attend 18 hours of classes, is expected to process about 40,000 license applicants within the next two years. Licensees will have their names put on the National Mortgage Licensing Systems, along with the names of licensed mortgage loan officers in 40 other participating states. Applications from current loan officers are expected to be approved or rejected by January 2010.

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source: therealdeal.net

Black wins fight with Sotheby's over Park Ave. apartment

Embattled media tycoon Conrad Black may be down but he's not out. On the heels of his legal defeat for fraud, yesterday Black won a legal battle with Sotheby's International Realty over the 2005 sale of his Park Avenue apartment. Sotheby's had sued Black last year, claiming he had failed to pay a $557,500 commission on the $10.5 million sale. Black alleged that Sotheby's had acted inappropriately by not disclosing that it was representing both the buyer, the developer Martin Berman, and the seller. He further alleged that Sotheby's and Berman collaborated to tip off federal prosecutors about the sale. The New York judge sided with Black, faulting Sotheby's for not reveling its conflicting relationships.

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source: therealdeal.net

Residential towers coming to Jersey City's Journal Square

Developers are turning their eyes to Jersey City's Journal Square, a historic neighborhood located three PATH stops from Manhattan. A hub for the city's burgeoning Indian American community, Journal Square is filled with small shops and low-rise buildings -- but two planned residential towers will set a height record not only for the city, but for New Jersey overall. A middle-income area of the city -- named for the Jersey Journal newspaper, which has been headquartered there since 1912 -- Journal Square has also been attracting growing commercial interest, as demand for Class B office space for back-office operations rises

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source: therealdeal.net

Bostick Realty changing name, expanding

Bostick Realty, a commercial brokerage based in Lower Manhattan, said it will operate under a new name starting Monday and will open a new office in Newark, N.J.

Company president Paul Bostick said the firm, which he founded it six year ago, will begin operating under the name Brentler.

"As we've kind of grown into a larger, regional type of company, I'm interested in having a more corporate environment to show we have more of a partnership amongst the brokers," said Bostick. "I want to see the company as more than just me."

Bostick has eight full-time brokers at its headquarters on Maiden Lane, more than double the number of staff it had two years ago, Bostick said.

Last month, Bostick Realty represented Donna Daniels Public Relations, an entertainment industry publicist, as it moved into a small space at 20 West 22nd Street at an asking price of $40 a square foot.

Ed English, managing director at Bostick, will head the Newark office, the company's first outside Manhattan. English says he expects to see more growing New York companies take advantage of northern New Jersey's lower costs. The branch is slated to open by the summer of 2008

"We really see Newark as a vibrant city," said Bostick. "Our type of representation for these regional companies is sorely needed." By David Jones

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source: therealdeal.net