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New Jersey

New Jersey proposal could reduce senior property tax relief

Affordability, Aging in Place, Gen X, Mortgage, New Jersey, Property Tax, Reverse, Reverse Mortgage Daily /

New Jersey homeowners could see smaller property tax relief benefits under a budget proposal unveiled Tuesday by Gov. Mikie Sherrill, as the state confronts fiscal pressures and persistently high costs of living. In her first budget address since taking office, Sherrill proposed tightening eligibility and lowering the maximum payout for the state’s Stay NJ program […]

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New Jersey reverse mortgage counseling bill would have ‘chilling effect’ on senior home equity use, NRMLA says

Counseling, HECM, HWmember, Legislation, New Jersey, NRMLA, Reverse, Reverse Mortgage Daily /

The National Reverse Mortgage Lenders Association (NRMLA) this week sent a letter to a New Jersey lawmaker, stating its opposition to a legislative proposal tied to reverse mortgage counseling requirements in the Garden State. The letter is addressed to state Sen. Shirley Turner (D), the sponsor of New Jersey Senate Bill 264, which creates “pre-loan

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Top New Jersey team launches boutique firm at Side

Brokerage, HWmember, New Jersey, People Movers, Real Estate, RealTrends Verified Rankings, REMAX, Side Real Estate /

A top-producing New Jersey team is making the move to Side. The Long Beach Island-based Freeman Group announced Wednesday that it was leaving REMAX at Barnegat Bay to launch a boutique firm, Freeman & Company, at Side.  The six-person team is led by owner and managing partner Edward Freeman. In launching the new firm, Freeman

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Max Stokes splits from Fox & Stokes to launch N.J. Compass team

Agent, Anywhere, Brokerage, Compass, HWmember, Luxury Real Estate, New Jersey, Real Estate, RealTrends Verified Rankings /

As Compass finalizes its $1.6 billion merger with Anywhere, one of North Jersey’s most closely watched luxury real estate teams is undergoing a major transition. Max Stokes — a founding principal of Compass’ Ridgewood, N.J., office and a top-producing agent in Bergen County — is splitting from the Fox & Stokes Team, which closed roughly

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NRMLA backs New Jersey bill clarifying reverse mortgage rules

Compliance, HWmember, Mortgage, New Jersey, NRMLA, Reverse, Reverse Mortgage Daily /

The National Reverse Mortgage Lenders Association (NRMLA) has voiced formal support for New Jersey Senate Bill 4970 — urging lawmakers to advance legislation that would clarify how reverse mortgages are treated under the state’s secondary mortgage law. In a letter sent to State Sen. Joseph Lagana, the association said the bill would exempt reverse mortgage

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CrossCountry challenges court order in Gallo mortgage fraud case

CrossCountry Mortgage, HWmember, Lawsuit, Legal, Mortgage, Mortgage Fraud, New Jersey, Ohio /

CrossCountry Mortgage (CCM) filed a motion last week as it seeks to intervene in the criminal case against former loan officer Christopher Gallo, and to vacate a November court order that blocked the company’s arbitration claim against the former employee. National Mortgage News first reported the legal action. According to the Dec. 3 filing, the

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Fulton to acquire money-losing New Jersey bank for 3M

Fulton to acquire money-losing New Jersey bank for $243M

Community banking, M&A, New Jersey /

Forward look: The combined company will start with more than $28 billion of deposits, including $1.8 billion in Northern New Jersey. Supporting data: Blue Foundry Bancorp has reported more than $20 million of losses since its conversion to a stock-traded company in 2021. Expert quote: “Blue Foundry was horrible. They couldn’t make any money,” said

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Court dismisses N.J. mayors’ challenge to affordable housing law

Affordable housing, HWmember, Legal, Low-Income Housing Tax Credit, Multifamily, Multifamily Housing, New Jersey, Real Estate, Rental Properties, Single-Family Rentals /

A New Jersey Superior Court judge has dismissed lawsuits from a coalition of state municipalities seeking to overturn a new affordable housing law — dealing a major setback to opponents of the policy. Assignment Judge Robert Lougy on Tuesday rejected two suits filed by the Local Leaders for Responsible Planning, a group led by Montvale,

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Oceanfirst announces mortgage exit, partners with Embrace

Consumer banking, Industry News, New Jersey, Originations /

New Jersey’s Oceanfirst Bank is ceasing mortgage operations later this year, choosing to instead embark on a new nonbank partnership to serve its customers with home lending needs. The “strategic decision” will pair Oceanfirst with Embrace Home Loans, a deal that is set to begin in the fourth quarter this year, bank officials said.  “The

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Keller Williams welcomes $90M producing team in New Jersey

Brokerage, HWmember, Keller Williams, New Jersey, Real Estate /

Keller Williams has added another top producing team to its roster. On Tuesday, the brokerage announced that The Parlay Group in New Jersey is joining Keller Williams Village Square Realty. The Ridgewood, New Jersey-based team, which includes 12 agents and two staff members, was co-founded by Anthony Zito and Hipolito Touron “We are thrilled to

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