New York Mortgage Co. establishes title company

Real Estate Weekly, Dec 4, 2002

Continuing its growth and expansion program, The New York Mortgage Company LLC has established a title company, Centurion Abstract LLC, in a joint venture with Staten Island-based Integrity Title Co., announces Steven Schnall, president of The New York Mortgage Company. Centurion Abstract will be based in Staten Island at 654 Sharrotts Road, in the Charleston section, located within five minutes of New Jersey, and 20 minutes from all boroughs. The new firm is currently licensed in New York, New Jersey, Connecticut, Massachusetts and New Hampshire.

Schnall says Centurion Abstract will facilitate faster, more cost-efficient closings for NYMC customers. "Centurion gives us the ability to perform title services in-house, in effect, and will further accelerate the closing process. In addition, there is a cost savings associated with this capability that will be passed onto our customers at the closing," he says.

In recent months, Manhattan-based NYMC, which is both a direct lender and mortgage brokerage, has acquired the wholesale operations of an upstate New York mortgage lender, added two important new loan products -- LIBOR-pegged mortgages and bridge loans -- and opened new offices in Westchester County and in Jamestown, N.Y., and Greenville, S.C. The firm has seven offices in tri-state metropolitan area.

Joseph V. Fierro, chief operating officer of NYMC, says his firm's objectives are "to offer the broadest range of products for homeowners of any lender and make closing a seamless process, while continuing our expansion geographically. Additional acquisitions and office openings are just ahead."