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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 212-872-0427.


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)
March 26 Assets for Independence Downpayment Matched-Savings Program

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