The CCAL / DPAL Recapture Calculator will assist servicers in determining the amount of closing cost assistance or down payment assistance, if any, that is required to be repaid to SONYMA.
The calculator may be opened with Microsoft Excel 97 or a newer version and includes a list of instructions. Click "Yes" when prompted to open the file as "read-only". You will need to save the calculator under a different name.
The calculator does not eliminate the requirement that servicers submit to SONYMA the required documentation to support the calculated amount. SONYMA must still approve the final amount prior to allowing the mortgage to be satisfied. However, it will enable you to more accurately compute the final recapture amount. We recommend that all servicers use the calculator and submit a printed copy of the calculated worksheet to SONYMA. Please keep in mind that SONYMA reserves the right to modify, alter, or revise the final recapture amount, at its sole discretion, at any time. Do not issue a payoff letter until you have received final approval of the recapture amount from SONYMA.
If there are any questions or issues regarding the calculator, please contact: Susan Pline at (212) 872-0391.
Last updated: 6/20/2011