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Advisory Council Updates

Welcome to SONYMA Advisory Council's Updates

On May 4, 2010, SONYMA conducted the inaugural meeting of the Advisory Council. Since then, eight additional meetings have taken place bi-annually to date. All of the meetings take place at SONYMA's headquarters in New York City.

The respective meetings have addressed challenges facing SONYMA, including improvements to program guidelines, loan processing issues, and developing innovative approaches to help more New Yorkers become homeowners.

To date some of the many accomplishments the SAC has achieved are listed below:

  • Launched the Own it, Fix it New York! repair escrow option
  • Reduced the spread between DPAL & non-DPAL loans from 0.50% to 0.375%
  • Increased the maximum DPAL to $15,000
  • Recommended SONYMA publish a "Tip of the Week " for processors
  • Developed SONYMA/FHA Loan Comparison Chart
  • Eliminated Section 9C of Recapture Notification & Mortgagor's Affidavit
  • Assisting with development of SONYMA Express (AUS)
  • Recommended new Rate Lock Extension Policy
  • Worked with SONYMA marketing staff in developing a targeted marketing plan
  • Conducted a survey to over 1,000 Realtors in NYS
  • Implemented strategic advertising via multi-media outlets throughout the state

And of course, the highly successful implementation of the Welcome Home, New York! SONYMA Homeownership Event with SONYMA Program/Marketing staff and KISS-FM, on September 17, 2011 with over 350 attendees and 29 exhibitors, including all representatives of the Outreach Committee.

Thank you for taking the time and interest to see how SONYMA is working to improve its program and agency standards. Please check back with us periodically for continued updates!

If you are a SONYMA Advisory Council Member, view our council member's page.

Last updated: 01/31/14