1. SONYMA Express® Automated Underwriting and Compliance System

2. Background
Entered into contract with Overture Technologies in October 2010
Company was sold twice since then; service and expertise got continually worse with each acquisition
In October 2015, SONYMA negotiated a buyout of the vendor and took control of the system
Hired 2 consultants (prior employees of original company)
Cleared 181 tickets (enhancements, bugs, changes, etc.)

3. Background (Continued)
Launched in May 2014 with 2 lenders
M&T Bank and Freedom Mortgage
Today, 6 lenders actively using
Comprising 44% of 2016 production
7 lenders moving to production
These 13 lenders comprise of 62% of 2016 production

4. Benefits of SONYMA Express®
Eliminates uncertainty of the borrower’s eligibility for a SONYMA loan early in the process;
Improves processing times;
Provides documentation relief to applicants and lenders;
Creates a paperless environment; and
Improves Lender profitability.

5. Features of SONYMA Express®
Instantaneous IRS compliance and credit underwriting decisions:
Underwrites loans in accordance with SONYMA credit underwriting guidelines;
Performs IRS acquisition cost and income calculations;
Automatically determines target area eligibility and factors in the benefits of purchasing a home in a target area

6. Features of SONYMA Express®
Retrieval of Tax Return Data
Through a TRV service offered by CBC Innovis/Data Verify, system will upload last three years’ tax returns data;
System analyzes tax returns for mortgage interest and real estate tax deductions, filing status, number of dependants; evidence of business income, dividend income, unreimbursed expenses, etc. and compare to application entries;
Eliminates the need to submit hard-copy tax returns (in most cases).

7. Features of SONYMA Express®
Automatic Creation of Pre-Populated IRS Compliance Forms
Mortgagor’s Affidavit And Recapture Notification
Property Seller’s Affidavit
Interest Rate Option Form
DPAL Recapture Notification
RemodelNY Maximum Mortgage Worksheet

8. Features of SONYMA Express®
Creates a Paperless Environment
Through the document management vendor, BlitzDocs, all files and documents (except the original note, recorded instruments and other collateral documents) will be delivered by Lenders electronically
Findings reports, credit reports, TRVs and insurance certificates will be automatically uploaded to BlitzDocs by SONYMA Express®

9. Features of SONYMA Express®
Automatic Generation of s
Lenders will receive an each time a loan status is updated or changed. Automatic s will be generated reminding lenders upon any occurrence where:
60 days has lapsed since loan reservation and the loan file has not been submitted to the pool insurer;
the SONYMA loan approval and interest rate is due to expire in 15 days;
the pool insurance commitment is due to expire in 15 days.

10. Features of SONYMA Express®
Other Features:
Ensures loan goes to the correct insurer
Identifies loans with DPAL and assigns pricing accordingly
Subsidy section enables users to enter any subsidies based on source (e.g., AHC, FHLB), type (e.g., soft-second, unsecured) grant and use (e.g., downpayment, closing costs, rehab)
Findings Report lists required documents based on program and property type
Single Sign-on: one user name and password to access both SONYMA Express and BlitzDocs
Ability to send extensions and cancellations through system

11. Features of SONYMA Express®
Fully Integrated with:
SONYMA Systems
Document Management Vendor (BlitzDocs)
Mortgage Insurers (SONYMA MIF and Genworth)
Credit Reporting Bureaus
TRV Vendor
Census Tract Vendor

12. SONYMA Express® Loan Process Flow
Lender
Takes loan
application
Lender Origination System (LOS)
Processes loan/collects docs required by findings report
Loan Closing
Start
SONYMA
Express/
BlitzDocs
Transmits
loan data via DU3.2 file to SONYMA Express & runs decision
Registers loan & locks interest rate via SONYMA Express. Loan folder is created on BlitzDocs.
Lender uploads Loan File via BlitzDocs and submits loan to Pool Insurer.
Lender uploads Post-Closing Loan File via BlitzDocs
Lender uploads Collateral File via BlitzDocs
MI Company/ Pool Insurer
Credit
Underwriting
Review
Pool Insurer Decision uploaded to BlitzDocs
SONYMA
Interest rates
published by SONYMA
SONYMA reviews file & purchases loan
SONYMA reviews Collateral File. File is complete.
Ongoing
Weekly
Master Servicer
Loan file transmitted to master servicer

13. Recent Major Enhancements
Improved the IRS income calculator
Completely revamped the RemodelNY maximum mortgage calculator
Added NRP as a program option
Ability to reupload applications
Added ability for lenders to update final closing amounts and compliance income immediately prior to closing
Added many edits and error messages to reduce errors

14. Upcoming Enhancements
Create Audit Trail
Addition of Short Sale as a Property Type/Construction Status (240 day lock)
Incorporate features of Lender Online into SE
Add Details of Transaction screen
Modifications to findings reports (add more fields and Details of Transaction section)
Ability to run reports

15. IMPORTANT INFORMATION

16. Lender Participation
There is a test environment where you can upload real files, in a protected, closed system to get familiar with the system.
When you go live you will still be able to have your files reviewed for compliance conditions prior to closing, until you’re ready to do compliance underwriting yourself
No additional contract to be signed
Fee - $48.95 per loan reserved
Ancillary fees can be increased to $900 for SE loan

17. Reference Materials Lender Implementation Guide
provides instructions on setting up users, credit and TRV providers
SONYMA Express® Loan Process Steps
provides step-by-step instructions on all phases of the loan process
Online Help
Submission of SONYMA Express® Post-Closing Loan Files Training Module

18. For More Information:
Bill Teague – ,
Dawn Adams – ,
Dilfia Munoz – ,
Your SONYMA Business Development Team