National Cooperative Bank enters the condo market.National Cooperative Bank The National Consumer Cooperative Bank (NCCB) was created and chartered by the National Consumer Cooperative Bank Act (92 Stat. 499, 12 U.S.C.A. 3001), enacted on August 20, 1978. The bank is directed by the act to encourage the development of new and existing cooperatives. announced plans to expand its residential mortgage banking operations to meet the needs of condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. and single-family homeowners through its subsidiary, NCB (Network Control Block) A packet structure used by the NetBIOS communications protocol. , FSB (FrontSide Bus) See system bus. FSB - front side bus . "Our expansion into the condo and single-family mortgage market is a natural exten""ion of our success ""zith co-op apartment share' loan financ""ng," said Jim Banahan, co-manager of NCB, FSB's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of residential mortgage team. "While our focus will be primarily co-op apartment finance, we have a highly experienced team and an array of products in place to meet the needs of individuals no matter the place they choose to call home." NCB, FSB has been active in co-op apartment finance through a retail team, which works directly with the bank's cooperative housing cooperative housing n. an arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. corporation customers, and through broker relationships. To date in 2002, the team has provided more than $115 million worth of share loans -- co-op apartment mortgages to homebuyers across the country. "We have a competitive set of products, whether an individual's needs are fixed or adjustable rates, conventional or jumbo loans," said Robbie Gendels, co-manager of NCB, FSB's New York residential mortgage team. "Individuals enjoy no points and no broker fees. In addition, we provide financing for investor and professional units, as well as artists in residence projects." NCB also offers fast approval for co-op or condo apartment loans thanks to a robust database on co-op and condo buildings in the New York area. "When applying for a loan for a co-op or condo, a bank not only reviews an individual's credit history, but also reviews the overall building's financial health," said Gendels. "By having a centralized building approval process in place, in many cases, NCB, FSB can provide a quicker decision to the home buyer." |
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