new york attorney who prepares cema for rushmore loan management services

by Cicero Grant II Published 2 years ago Updated 1 year ago 3 min read

What if I am having trouble with Rushmore loan management?

Business Details of RUSHMORE LOAN MANAGEMENT SERVICES LLC in New York. Home; A-Z List; Contact; RUSHMORE LOAN MANAGEMENT SERVICES LLC. RUSHMORE LOAN MANAGEMENT SERVICES LLC (DOS ID: 3882503) was incorporated on 11/24/2009 in New York. Their business is ... ATTORNEY AT LAW, P.C. Active. J.D.R. FIXTURES, INC. Active.

Does a CEMA loan apply to co-op loans?

You may send payments to: Rushmore Loan. Management Services LLC, PO Box 514707, Los Angeles, CA. 90051-4707. Overnight Payments You may send payments to: Rushmore Loan Management. Services LLC, 15480 Laguna Canyon Road, Suite 100, Irvine, CA. 92618.

What is the payment address for Rushmore loan management?

Here's an example of a scenario where a CEMA loan could save you money. New Loan Amount: $400,000; Unpaid Mortgage Balance: $200,000; Mortgage Recording Tax: 1.8%; CEMA fees: $750; However, if you decided to use a CEMA loan, your costs would only …

What is a NY CEMA?

A CEMA loan allows you to avoid paying the full mortgage recording tax on a condo or townhouse loan and the savings can be considerable. A consolidation extension and modification agreement, or CEMA, is a loan only available to New Yorkers. The most common CEMA is offered to those who are refinancing their mortgage.Mar 15, 2022

What is a CEMA form?

What is this form used for? It's used to submit a written request for release of a collateral file and other documents required for a New York Consolidation, Extension, & Modification Agreement (CEMA) refinance.

What is CEMA eligibility?

Requirements for the CEMA Loan:

CEMA loan applies to those who own a property and planning to refinance it. In other words, you have to own a property to avail of CEMA. The first step to moving forward is the willingness of your existing lender. It is subject to its consent that you may pursue the loan further.

How long does CEMA process take?

It may take 30 – 90 days from application for your CEMA loan to complete. If you're in a situation where you need the refinance sooner, a conventional loan may be a better option.Feb 26, 2022

What are the benefits of CEMA?

The benefit of obtaining a CEMA loan is that you only pay taxes on the difference between your new loan and the unpaid principal balance of your current loan. Therefore, a borrower takes out a CEMA loan to avoid paying all or part of the Mortgage Recording Tax.Jan 2, 2022

How is CEMA calculated?

Here is how the CEMA tax is calculated and how much you can save when you pay taxes on a condo with a sale price of $750,000, a buyer loan size of $600,000, an outstanding loan principal of $500,000, and a mortgage recording tax rate of 2.175%. With a CEMA, you pay 1.925%, and the lender pays 0.25%.Mar 3, 2021

What is a purchase CEMA?

The Purchase CEMA itself is the act of assigning a seller's existing mortgage to the buyer. The CEMA reduces the amount of new loan money which must be originated, and this reduces two closing costs: the buyer's mortgage recording tax bill and the seller's New York State transfer tax bill.Nov 20, 2017

How do I avoid mortgage tax in NY?

Shares and leases are personal property, not real property, so there is no mortgage recording tax. Buying a co-op is the easiest and most obvious way to avoid the entire tax.

What is a gap mortgage in NY?

Consolidation Extension Modification Agreement

The definition of a gap mortgage depends on where you are located. In New York, it's a special structure that allows you to use your existing mortgage even after a refinance (or sometimes a new purchase), letting you avoid paying the New York State mortgage tax.Dec 12, 2019

What happens at a refinance closing?

At closing, you'll go over the details of the loan and sign your loan documents. This is when you'll pay any closing costs that aren't rolled into your loan. If your lender owes you money (for example, if you're doing a cash-out refinance), you'll receive the funds after closing.

What is transfer tax in NYC?

The New York City transfer tax sits at 1% of the sales price for homes worth $500,000 or less. For homes with sales prices over $500,000, the tax is 1.425%.Aug 25, 2021

What is a CEMA loan?

hash-mark. What’s a CEMA Loan? CEMA stands for Consolidation, Extension, and Modification Agreement. This type of loan is only available for New Yorkers and is typically used for refinancing of mortgages. In extremely rare circumstances, a CEMA loan may be used for a purchase.

What happens when closing on a CEMA loan?

When closing on a CEMA loan, the State of New York and your current lender must execute additional paperwork according to CEMA regulations to get your mortgage and title transferred properly to ensure that you are only paying the mortgage tax on the difference between your new loan and your existing loan.

Providing Outstanding Service to Homeowners

Rushmore is dedicated to providing outstanding loan servicing and customer support with a commitment to ethical business practices. We understand the importance of owning a home and believe that open and timely communication is the foundation of the relationship with our customers.

Helping our Clients Succeed

Rushmore serves its clients through lines of business that include special servicing and prime sub-servicing, correspondent lending through our Rushmore Correspondent Lending Services division, and property management and disposition through our wholly owned subsidiary Dakota Asset Services.

Our Mission

Rushmore’s mission is to be a recognized industry leader, providing unmatched care for homeowners and our investors through passionate and highly experienced associates who are devoted to service and integrity.

Our Core Values

Rushmore’s employees are guided by a set of Core Values that define our shared approach to serving our clients and customers.

Who is Cindy Kaplan?

Cindy Kaplan has extensive experience handling real estate transactions. She has prepared and revised loan documents for commercial and construction loans; handled all facets of lending transactions; represented mortgage lenders in connection with residential, commercial, and construction financing and sales of REO foreclosure properties; worked on a multi-million dollar residential construction loan project from inception through sales of units; drafted infrastructure and building loan documents; and represented clients in real estate sales, purchases and re-financing.

What is Steven Kaplan's experience?

Steven Kaplan also has broad experience handling real estate transactions such as real estate, cooperative, and condominium sales, purchases, leases, and re-finances; mortgage lending; 1031 exchanges; and SBA loans. He has also prepared and revised loan documents; handled all facets of lending transactions; represented clients concerning residential and commercial financing and REO foreclosure properties.