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Mortgage professional achieves certification - Poughkeepsie Journal
Schoen passed the written certification exam on Oct. 9 in Albany. The test is administered by the National Association of Mortgage Brokers, which developed the Mortgage Specialist certification. The designation signifies a person has met requirements ...

Federal Reserve to buy more mortgage related assets - Albany Business Journal
The Federal Reserve has made another move to unfreeze credit. In an announcement Tuesday the Federal Reserve said it plans to buy up to $600 billion in mortgage-backed assets and up to $100 billion in direct obligations from Freddie Mac , Fannie Mae ...

NY comptroller warns of rising property taxes - Staten Island Advance
ALBANY, N.Y. -- New York state Comptroller Thomas DiNapoli says the next victims of the mortgage foreclosure crisis are the people who have managed to hold onto their homes. DiNapoli estimates that property tax revenue could fall by up to $1.3 ...

What's new in the business scene - Poughkeepsie Journal
John Murray, president and chief executive of Rose & Kiernan Inc. announced Tammy Holt has been ap-pointed a personal lines client manger in the insurance company's Kingston office. Holt previously worked at the John J. Liggan Insurance Agency in ...

'Holiday Fest' to light up downtown tomorrow - Louisville Courier-Journal
New Albany will hold its "Holiday Fest" tomorrow from 2 to 7 p.m., with entertainment at several downtown locations. Santa Claus is slated to arrive at 6:30 p.m. to turn on the Christmas lights. There also will be cookies, drinks, pictures with Santa ...

Habitat home seeks resident; fundraiser under way - Palladium-Times
The Oswego County Habitat for Humanity is holding an open house next week in hopes of getting a family in the nonprofit’s newest home by Christmas. The house on the corner of Duer and Albany streets is the fifth home the organization has built in ...

Feds hope to unfreeze SBA, consumer lending - Albany Business Journal
The Federal Reserve Board announced plans Tuesday to create a $200 billion lending facility aimed at unfreezing secondary markets for Small Business Administration loans and consumer loans. Under the program, loans will be made to holders of asset ...

Capital Region home sales not quite in the basement - Times Union
The residential real estate recession deepened in October, with national home prices recording the largest drop on record in newly released statistics. The Capital Region's market seems healthy by comparison, though the number of closed sales in the ...

Local bankruptcies have risen sharply - Louisville Courier-Journal
Transferred to Louisville from Oregon 2½ years ago, Ed and Cherri Dubiak had trouble selling their old home and soon found themselves overwhelmed by bills, including $65,000 in credit-card debt. "Every credit card I had was getting maxed out," said ...

River projects planned - Leader-Herald
AMSTERDAM - Development plans continue to flourish as the Mohawk River undergoes a renaissance of sorts with more new projects being developed across Montgomery County. The river runs along more than 130 miles from the Utica area all the way to ...

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Today's Mortgage Terms starting with L

  • Lender: The bank, mortgage company or mortgage broker providing the loan.
  • Loan Application: A statement of personal and financial information needed to apply for a loan.
  • Loan Application Fee: A fee applied by a lender to cover the initial costs of putting through a loan application. The fee could include the cost of getting a property appraisal, a credit report and a lock-in fee and other closing costs incurred to complete the transaction.
  • Loan Origination Fee: Fee charged by a lender for the administrative costs of processing a loan.
  • Loan to Value Ratio (LTV): The balance of the mortgage outstanding as a percentage of the home's price.
  • Lock or Lock In: A lender's guarantee of an interest rate for a specific period of time. The time period is usually between the loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.
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