SONYMA Express® Automated Underwriting and IRS Compliance System October 2014

What is SONYMA Express®? Web-Based System Instantaneous and comprehensive IRS compliance and credit underwriting decisions: Underwrites loans in accordance with SONYMA credit underwriting guidelines; Performs complete IRS compliance review including acquisition cost and income calculations; Produces findings report listing all conditions of approval; Analyzes tax return (TRV) data Eliminates the need to submit hard-copy tax returns (in most cases) Retrieves census tract data Determines target area eligibility

What is SONYMA Express®? Powerful Communication Tool Automatic and timely generation of e-mails to Lenders and other partners Automatically Creates Pre-Populated IRS Compliance Forms Borrower’s and Seller’s Affidavits Other forms Seamlessly integrates with: Mortgage insurers Document management vendor Emphasys systems

What is SONYMA Express®? Paperless Environment Through a document management vendor, Xerox Mortgage Services (BlitzDocs), all files and documents (except the original note, recorded instruments and other collateral documents) will be delivered electronically Developed with Overture Technologies, a software provider specializing in mortgage underwriting products, in combination with participating lenders

Why SONYMA Express®? Helps us to Achieve Strategic Goals Maximizes operational efficiency Maintains relevancy in today’s competitive market Creates point of sale tool for loan originators Eliminates paper Benefits Outweigh Costs Improved relationships with lenders, realtors, and not- for-profits Positive market perception Increased production

Immediate Measurable Results Piloted with 2 Highest Producing Originators Started in May 2014 219 loans submitted to date Improvement of 16% and 48%, respectively, in application to commitment turnaround time

Resource can be Replicated by HFAs Adaptable for IRS compliance underwriting only Analyzes tax data Income calculator Performs target area determination Automatic pre-population of compliance forms Communication with lenders Could also be used for MCCs