NY Mortgage opens Westchester branch

Real Estate Weekly, May 22, 2002

The New York Mortgage Company, LLC, one of the fastest growing mortgage banking firms in the eastern U.S., has opened an office in Westchester County, announces Steven Schnall, president.

David Moore, senior mortgage banker and Westchester County sales manager for NYMC, is the branch manager. The office is located at 2975 Westchester Ave. in Purchase, New York.

"We're committed to this area for the long term," says Schnall. "Mr. Moore has been providing mortgages in Westchester and Putnam Counties, and elsewhere in the Hudson Valley, since he entered the mortgage industry in 1996.

"We felt it was appropriate to establish a physical presence here, along with an initial team of five mortgage bankers to meet the demand in this diverse housing market. The office will be fully self sufficient -- enabling the application and approval process, and the funding, to be achieved on-site."

According to Moore, Westchester is among the strongest housing markets in the tri-state area, and has not been adversely affected by the economic downturn.

Joseph V. Fierro, NYMC's chief operating officer, says many Westchester County residents can benefit from the firm's new "LIBOR" jumbo loan, which is pegged to the London Interbank Offered Rate and currently offers adjustable-rate mortgages at initial rates of less than 3%. These low-cost mortgages are being offered in an array of ARM types with terms up to 40 years on $500,000 to $5 million, with no pre-payment penalties.

David Moore joined NYMC in May of 2001. Previously he was regional manager for Westchester, Rockland, Putnam and Dutchess Counties with Dime Savings Bank.

Moore also is a former mortgage consultant with Emigrant Savings Bank. He resides in Mahopac, in Putnam County.