Mortgage Master Inc., an independently owned mortgage company, said that it is processing about $30 million a month in mortgage transactions in the Tri-State area, many of them involving refinancings or purchases by first-time homebuers in Westchester County. The company recently opened its first Westcheser office at 520 White Plains Road in Tarrytown.

Firms such as Mortgage Master are benefiting from the repeated interest rate cuts by the Federal Reserve to help rescue a troubled American economy and slumping housing market.

“First-time home buyers represent about 40 percent of our business, and we’re finding that many consumers are simply tired of sitting on the fence and waiting to see if we’ve reached the bottom of the market,” said Donna Attili, mortgage master branch manager for the Tarrytown office. “The normal apprehension of those purchasing their first home is being replaced by a sense urgency to take advantage of historic low interest rates before they increase.”

Mortgage Master, based in Walpole, Mass., offers mortgages and services in 22 states and employees more than 325 workers nationally. The company said that surging mortage refinancing activity is projected to help increase its its lending volume from $2.6 billion in 2008 to $5.2 billion this year.

Year-over-year price declines were most severe in Westchester and Putnam counties, while Rockland prices turned negative again after producing year-over-year gains in February. Sales were also down in all three counties, according to numbers released yesterday by the New York State Association of Realtors.

Westchester’s median sales price tumbled to $508,900, down 17.1 percent from $613,750 in March 2008. Sales fell 30.7 percent. Though the year-over-year comparisons are weak, the sales decline was an improvement over February’s year-over-year decline of 41.8 percent.

Putnam’s median also plunged, down 20.2 percent to $318,000 as sales dropped 18.2 percent.

Rockland’s median fell the least, down 5.5 percent to $437,000 in March, an improvement over a year-over-year price decline of 13.2 percent in February. The county’s sales were down 13.9 percent, more than reversing a 7.3 percent gain in sales a month earlier.

Across New York, sales of existing homes were up in 11 of 59 counties reporting results. Median sales prices rose year-over-year in 23 counties.

The state’s median sales price of $225,000 was up 10 percent from March 2008, though sales were down 25.3 percent. The statewide numbers include partial data from three counties in the state.

Complete data is unavailable for — Bronx, Hamilton and New York — in the Realtors’ survey.

The department has provided the ad to television and radio stations statewide. The public service announcement will also be broadcast three times every hour in New York City’s Times Square on the CBS Super Screen through the New Year’s Eve celebration on Jan. 1.

The campaign “is the latest in a series of initiatives we have undertaken to encourage homeowners to take action quickly to avoid losing their homes,” Superintendent of Banks Richard H. Neiman said in a written statement. “The increasing number of foreclosures throughout the nation is having a devastating impact on families and communities, which can be stemmed by more aggressive loan modification programs.”

There were 2,431 foreclosure filings and foreclosure judgments in Westchester County during the past year, an increased of 58.7 percent over 2007, according to county government statistics.

The public service announcement urges homeowners that have fallen behind on their mortgages to seek help from their lenders, loan servicers and not-for-profit housing counselors. The ad also will refer consumers to a list of of resources available on the department Web site, www.banking.state.ny.us, including housing counselors and and information about the legal rights of homeowners.

Spano took the action with statistics showing that there were 2,431 foreclosure filings and judgments in Westchester during the last year, an increased of 58.7 percent over a year earlier.
In the letters, Spano said that the national housing crisis, the downturn on Wall Street and a troubled economy is hurting area families.

“I strongly urge your bank to take immediate action to help homeowners stay in their homes in Westchester County,” Spano said in his letter. “…Rising mortgage defaults only exacerbate the credit crisis and are in no one’s best interests, including the banking system.”

Spano said that sevearl banks on the national level, inlcuding Bank of America,  J.P. Morgan Chase and Citigroup, have announced programs to try to help modify problem mortgages. Each of those three banks has branches in the region.

Spano called for banks “to the fullest extent possible, negotiate agreements that will keep people in their homes.”

The state also has tried to slow the pace of foreclosures. In August, New York Gov. David Paterson signed legislation aimed at heading off new foreclosures against subprime borrowers whose credit is less than perfect. Among other things, it required lenders to notify borrowers at least 90 days before starting a proceeding, so both sides have time to work out problems before the need for legal action.

Gary Brown, county director of consumer protection, said that the state law had its limitations because it only addressed high-cost loans and not the conventional loans that also are having problems.

In Rockland County, officials are trying to fight the worsening mortgage fraud problem by forming the Real Estate Fraud Investigation Task Force. The task force, a joint effort of Rockland District Attorney Thomas Zugibe, County Clerk Paul Piperato and County Sheriff James Kralik, will investigate and prosecute fraud cases involving recorded real estate documents. The task force will emphasize those instances in which the victim’s home is at risk of foreclosure.

“We must be proactive about protecting the people of Rockland County against mortgage and deed fraud,” Zugibe said. “Our team effort will strive to reassure all residents that we will catch and prosecute any and all criminals taking advantage of people at risk of losing their homes.”

Scams can involve con artists forging a home owner’s signature on deeds, transferring property ownership to themselves or mortgaging homes without the consent of the real owners.

Sometimes, the rightful owner is dead—or an occupant of a nursing home.

“Any person accused of swindling homeowners and lenders through fake deeds is a crook of the worst kind,” Kralik said. “This type of white collar crime is complex and profitable, but the criminals involved are no different from those who hold up banks or burglarize homes.”

Officials from government agencies and housing groups will discuss options available to those at risk of default. U.S. Reps. Nita Lowey, D-Harrison, and Elliot Engel, D-Bronx, are among the elected officials who are expected to attend.

“With all the information swirling around out there on foreclosures and foreclosure prevention, where does a homeowner in this situation turn? Whom can they trust?” said Greg Rand, managing partner with Prudential Rand Realty. “We are creating a safe, sanctioned atmosphere where they can find answers to those questions. We hope to put a compassionate face on a daunting process, and help homeowners take action.”