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Download Lender Announcements for All SONYMA Programs

Announcements that are no longer relevant have been removed from this list. For a copy of an announcement not listed below, please email marie.cammarata@nyshcr.org or call SONYMA at 212-872-0401.


2018

Issue Date Description of Topic
August 15 Seller’s Guide Bulletin #4‐2018
  • Transfer of Servicing Changes
  • MERS Participation
  • Genworth Insuring SONYMA NRP Loans
  • Legal 2-4 Family Non-Conforming Properties
  • New Convential Plus Income Limits
  • Revised Pre and Post-Closing Loan File Checklist for SONYMA Express Loans
  • Post-Closing Cooperative File Checklist Addendum for SONYMA Express Loans
June 29 Seller’s Guide Bulletin #3-2018 - Revised Income and Purchase Price Limits
April 24 Seller’s Guide Bulletin #2‐2018
  • Gift Fund Policy Changes
  • Expansion of Eligibility for the Achieving the Dream Program
  • Modified Rule Regarding Part-Time/Second Job Income
  • Elimination of Duplicate Original Mortgage Requirements
  • Change in Reservation Requirements
  • MERS Participation
  • Cooperative Interest Rate Locks
April 4 Seller’s Guide Bulletin #1‐2018 – SONYMA is pleased to announce the Loan Officer “Hall of Fame” Members for 2017. As always, we are grateful for everyone’s partnership and support of the SONYMA program.

2017

Issue Date Description of Topic
December 12 Seller’s Guide Bulletin #7‐2017
  • Changes to Maximum Loan‐to‐Value Ratios for Property Types and Loan Amounts;
  • Expansion of Eligible Properties under the Neighborhood Revitalization Program;
  • Expansion of Eligible Properties under the Graduate to Homeownership Program;
  • Revised Genworth Mortgage Insurance (MI) Premiums;
  • and Implementation Dates Reminder
October 12

Seller’s Guide Bulletin #6‐2017

  • Electronic Loan Submissions;
  • SONYMA’s Post-Closing Quality Control Reviews;
  • Revised SONYMA Checklists and Recapture Notification and Mortgagor's Affidavit;
  • Revised Genworth Mortgage Insurance (MI) Premiums;
  • Expansion of Eligible Properties under the Neighborhood Revitalization Program;
  • Revised Conventional Plus Program Income Limits and Hazard and Flood Insurance Binder(s) & Paid Receipt(s)
July 10 Seller’s Guide Bulletin #5 ‐2017 - RE: Credit Report Changes
June 27 Seller’s Guide Bulletin #4 ‐2017 - RE: Loan Officer Recognition Program 2016
June 27 Seller’s Guide Bulletin #3 ‐2017 - Revised Purchase Price and Income Limits
June 13 Seller’s Guide Bulletin #2 ‐2017 - Expansion of Eligible Properties under the Neighborhood Revitalization Program; Revised RemodelNY Maximum Mortgage Worksheet; Revised Loan Extension & Rate Re-Lock Request Form; Re-Branding of the SONYMA Construction Incentive Program; Revised SONYMA Forms and Guarantors
May 5 Seller’s Guide Bulletin #1 - 2017 Graduate to Homeownership Program (GTH).

2016

Issue Date Description of Topic
December 12 Seller’s Guide Bulletin #7‐2016 -
Modification to Mortgage Insurance Requirements;
Procedure to Request Loan Extensions and Rate Re‐Lock;
New Option to Retain Original Interest Rate;
Additional Requirements for Paying a Penalty in order to Retain an Interest Rate;
Down Payment Assistance Loan (DPAL) for RemodelNY;
Mortgage Insurer and Pool Insurer for Neighborhood Revitalization Program (NRP) Loans;
Revised RemodelNY Maximum Mortgage Worksheet, Form R11/12-16;
Child Support Documentation Requirement;
and New Maximum Loan-To-Value Ratios for Property Types & Loan Amounts
December 8 Servicer Bulletin #-1-2016 - Change in Policy Regarding Loss Mitigation Underwriting
November 10 Lender Bulletin #-6-2016 - Change in Policy Regarding Unreimbursed Business Expenses
October 14 Seller’s Guide Bulletin #-6-2016 - Change in Lender Compensation on SONYMA loans
July 22 Updated Transfer of Servicing Guidance from M&T Bank (relevant for all Participating Lenders who do not service SONYMA loans)
June 29 Seller’s Guide Bulletin #4-2016
RE: Revised Purchase Price and Income Limits
June 2 Seller’s Guide Bulletin #3‐2016
RE: Loan Officer Recognition Program 2015
June 1 Seller’s Guide Bulletin #2‐2016
RE: Modification to SONYMA Rate Re‐Lock Policy for Short‐Term Lock‐ins; 20-Day Automatic Rate Lock Extensions for Existing Reservations
March 10 Seller’s Guide Bulletin #1‐2016
RE: Modified Policy for Business Use of Home and Second Kitchens; RemodelNY Loan Contingency for Vacant Properties; RemodelNY Loan Consultant Requirement; Clarification of Open-Tank Inspection Requirement for Vacant Property Cesspool Certifications; Post-Pool Approval Ratio Tolerance & Re-Submission Criteria for SONYMA Express® Loans; Changes to Grant/Subsidy Amounts; Funds Required for Closing; Revised Lender Training Modules; and Revised SONYMA Forms

2015

Issue Date Description of Topic
November 2 Seller’s Guide Bulletin #5-2015 - New Student Loan Policy; Policy on Septic/Cesspool and Well Certifications; Clarification of SONYMA Policy for DPAL with New TRID regulations; Updated Maximum LTVs for High Balance Loans
October 23 Revised SONYMA Credit and Property Underwriting Notes
SONYMA Credit and Property Notes Revised
August 14 Seller’s Guide Bulletin #4-2015 - Elimination of the 1% Lock-in Deposit; Escrow Holdbacks on Non-RemodelNY Loans; and Other Program Changes/Updates
July 24 Seller’s Guide Bulletin #3-2015 - Revised Income and Purchase Price Limits
April 14 Seller’s Guide Bulletin #2-2015 - Enhanced SONYMA RemodelNY Repair Escrow Option
February 26 Lender Letter - Loan Officer Recognition Program - 2014
January 6 Seller’s Guide Bulletin #1-2015 - Updated Targeted Area Listings Based on 2010 Census Data

2014

Issue Date Description of Topic
June 12 Seller’s Guide Bulletin #1-2014 – Revised Purchase Price and Income Limits
February 25 Lender Letter - Important Clarification on SONYMA FHA Plus Program (UPDATE)
February 4 Lender Letter - FHA Plus Lender Update Letter
January 29 Lender Letter - Loan Officer Recognition Program - 2013

2013

Issue Date Description of Topic
December 11 Lender Letter - FHA Plus Program
December 5 Lender Letter - Impact of New York State High-Cost and Subprime Loan Laws and Certain Federally-Mandated Regulations on SONYMA Mortgages
October 23 Lender Letter - Appointment of New SONYMA Business Development Officers
October 11 Lender Letter - Federal Government Shutdown and Temporary Policy Changes
May 22 Lender Letter - Progress Update on SONYMA Express
May 15 Revision to Habitat for Humanity Mortgage Program
March 4 Lender Letter - Loan Officer Recognition Program - 2012
February 7 Seller's Guide Bulletin #1-2013 - Modification to SONYMA Loan Extension and Rate Re-Lock Policy

2012

Issue Date Description of Topic
November 1 Lender Letter - Properties Affected by Hurricane Sandy
October 17 Lender Letter - Single Premium Mortgage Insurance
October 2 Lender Letter - New SONYMA program: Conventional Plus for purchase money mortgages and refinances
July 8 Lender Letter - SONYMA to offer FHA Plus and Fannie Mae Conventional Plus Programs for Purchase Money Mortgages and Refinances
May 15 Lender Letter - Loan Officer Recognition Program
April 30 Lender Letter - 2011 Lender Scorecard
January 30 Seller's Guide Bulletin #1 - 2012 Master Flood & Hazard

2011

Issue Date Description of Topic
November 16 Seller's Guide Bulletin #6: Expansion of Homes for Veterans
October 25 Seller's Guide Bulletin #5: Change to Loan Extension Policy
Note: This bulletin was revised on October 28th to replace Form 235/8-11 with the correct version.
September 15 Lender Letter - Properties Affected by Hurricane Irene and Tropical Storm Lee - Additional Counties
September 7 Lender Letter - Properties Affected by Hurricane Irene
August 24 Seller's Guide Bulletin #4: Revised Own it Fix it, New York Forms
July 6 Seller's Guide Bulletin #3: Revised Income and Purchase Price Limits
With this bulletin, SONYMA is announcing revised purchase price and income limits for all of its programs.
June 30 Lender Letter - Updates on SONYMA's Automated Underwriting and Compliance System
This lender letter details the TRV vendor as well as a security summary, both relating to the SONYMA's upcoming automated underwriting and compliance system.
May 27 Lender Letter - Requirements for Transferring Servicing to SONYMA's Master Servicer
This lender letter pertains only to participating lenders who do not service State of New York Mortgage Agency ("SONYMA") loans.
April 1 Seller's Guide Bulletin #2-2011
Updates to Own it, Fix it New York! Home Mortgage Product; Modified Recapture Notification and Mortgagor's Affidavit & Other Revised SONYMA Forms
March 14 Seller's Guide Bulletin #1-2011 - SONYMA Own it, Fix it New York! Home Mortgage
Note: This bulletin was slightly revised to correspond with the increase in the maximum Down Payment Assistance Loan from $10,000 to $15,000

2010

Issue Date Description of Topic
October 27 Lender Letter - RESPA Guidelines on SONYMA Down Payment Assistance Loans
September 28 Lender Letter - Sustainable Neighborhoods Initiative
September 1 Seller's Guide Bulletin #4-2010: Habitat for Humanity Mortgage Program - Revised Purchase Price Limits
September 1 Seller's Guide Bulletin #3-2010: Revised Purchase Price Limits
July 23 Seller's Guide Bulletin #2-2010: New Website Home Page; Pool Insurer Commitment Time frames; Approved Project Set-Aside Website List; Revised Project Set-Aside Builder/Developer/Sponsor Information Form; Hazard Insurance Coverage for Condominiums; and Revised Hazard and Flood Insurance Certificate
May 12 Lender Letter - Homebuyer Tax Credit Loan Submission Deadlines
April 26 Lender Letter - New SONYMA Project Set-Aside Program Director
January 13 Seller's Guide Bulletin #1-2010: Down Payment Assistance Loan and Tax Credit Advance Loan Updates

2009

Issue Date Description of Topic
December 9 Lender Letter - SONYMA Tax Credit Advance Loan
November 23 Lender Letter - Lender Online Program and Security Enhancements
October 30 Seller's Guide Bulletin #3-2009: Transition from Closing Cost Assistance to Down Payment Assistance
August 26 MCC Lender Letter #1 - Program Updates
July 28 SONYMA Mortgage Credit Certificates (MCCs)
July 28 Mortgage Disclosure Improvement Act of 2008 (MDIA)

2008

Issue Date Description of Topic
November 20 Sellers Guide Bulletin #12-2008: Change to Interest Rate Announcement Policy
November 14 Seller's Guide Bulletin #11-2008: Capture of Loan Officer and Loan Processor Information for LOL
July 17 Seller's Guide Bulletin #10-2008: Increase in Payment and Debt Ratios for Manually Underwritten Loans; Properties Owned by Community Land Trusts; Implementation of Monthly Closing Interest Rate Calculator; Update to Participating Lender Web Pages
July 1 Seller's Guide Bulletin #9-2008: Changes to Pre- and Post-Closing Loan File Requirements and Procedures; Revised SONYMA Forms; Other Changes
May 6 Seller's Guide Bulletin #6-2008: Changes to Pre- and Post-Closing Loan File Requirements and Procedures; Revised SONYMA Forms
April 10 Seller's Guide Bulletin #5-2008: Habitat for Humanity Mortgage Program
April 8 Seller's Guide Bulletin #4-2008: Special Offer to New York ENERGY STAR® Labeled Homes
March 14 Seller's Guide Bulletin #2-2008: Response to Credit Market Changes
January 9 Seller's Guide Bulletin #1-2008: Acceptance of Expanded Approval Automated Underwriting Decisions; Reduction of Borrower's Minimum Cash Contribution; Other Loan Underwriting Changes; Modification to Certain Program Features

2007

Issue Date Description of Topic
December 18 Seller's Guide Bulletin #7-2007: Expansion of Homes for Veterans Program; Additional Funds Available For Closing
Cost Assistance Loans and Borrower Points
August 16 Creation of SONYMA Relationship Manager Positions
July 17 Seller's Guide Bulletin #6-2007: Recapture Tax Protection for SONYMA Borrowers; Increase in Purchase Price Limits for the New York City MSA
May 17 Seller's Guide Bulletin #5-2007: Implementation of Web-based Lender Online System; Modification to the Loan Reservation Process and Timeframe; Form Changes
March 27 Seller's Guide Bulletin #2-2007: Streamlined Compliance Forms and Revised Credit Underwriting Guidelines
February 1 Seller's Guide Bulletin #1-2007: Waiver of First-Time Homebuyer Requirement for Military Veterans; Modification to SONYMA's Time-Share Policy; Lender Compliance with US Patriot Act and Bank Secrecy Act; and Other Changes

2004

Issue Date Description of Topic
November 9 New Mortgage Pool Insurance Underwriter
April 2 Recording Mortgages with a Closing Cost Assistance Loans
March 19 Seller's Guide Bulletin #1-2004: All SONYMA Programs: New Purchase Price Limits

2002

Issue Date Description of Topic
November 6 Sellers Guide Bulletin #3-2002: Various Topics

2001

Issue Date Description of Topic
November 27 Sellers Guide Bulletin #5-2001: Acceptance of Automated Underwriting Decisions and Update on Cooperative UCC Requirements
August 14 Seller's Guide Bulletin #4-2001: Various Topics
February 20 New Seller's Guide Announcement