SONYMA Express®
Automated Underwriting and
IRS Compliance System
October 2014
What is SONYMA Express®?
• Web-Based System
• Instantaneous and comprehensive IRS
compliance and credit underwriting decisions:
– Underwrites loans in accordance with SONYMA credit
underwriting guidelines;
– Performs complete IRS compliance review including
acquisition cost and income calculations;
– Produces findings report listing all conditions of approval;
– Analyzes tax return (TRV) data
• Eliminates the need to submit hard-copy tax returns (in most
cases)
– Retrieves census tract data
• Determines target area eligibility
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What is SONYMA Express®?
• Powerful Communication Tool
– Automatic and timely generation of e-mails to Lenders
and other partners
• Automatically Creates Pre-Populated IRS
Compliance Forms
– Borrower’s and Seller’s Affidavits
– Other forms
• Seamlessly integrates with:
– Mortgage insurers
– Document management vendor
– Emphasys systems
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What is SONYMA Express®?
• Paperless Environment
– Through a document management vendor, Xerox
Mortgage Services (BlitzDocs), all files and documents
(except the original note, recorded instruments and
other collateral documents) will be delivered
electronically
• Developed with Overture Technologies, a
software provider specializing in mortgage
underwriting products, in combination with
participating lenders
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Why SONYMA Express®?
• Helps us to Achieve Strategic Goals
– Maximizes operational efficiency
– Maintains relevancy in today’s competitive market
– Creates point of sale tool for loan originators
– Eliminates paper
• Benefits Outweigh Costs
– Improved relationships with lenders, realtors, and notfor-profits
– Positive market perception
– Increased production
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Immediate Measurable Results
• Piloted with 2 Highest Producing Originators
– Started in May 2014
– 219 loans submitted to date
– Improvement of 16% and 48%, respectively, in
application to commitment turnaround time
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Resource can be Replicated by HFAs
• Adaptable for IRS compliance underwriting only
– Analyzes tax data
– Income calculator
– Performs target area determination
– Automatic pre-population of compliance forms
– Communication with lenders
• Could also be used for MCCs
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