SONYMA Launches Web-Based Lender Online System

Electronic Filing Will Streamline Access to SONYMA Mortgages

NEW YORK, NEW YORK (06/11/2007)(readMedia)-- The State of New York Mortgage Agency (SONYMA) today launched a web-based Lender Online system that will enable participating lenders to register SONYMA mortgages electronically.

Lender Online will improve access to SONYMA mortgages and allow lenders to electronically track the status of all SONYMA mortgage applications.

“By eliminating the use of paper, Lender Online will improve the efficiency of SONYMA’s application process and encourage more lenders to participate,” said Priscilla Almodovar, President and CEO of the State of New York Mortgage Agency. “That will increase the availability of SONYMA mortgages to low- and moderate-income first-time homebuyers, which is the primary mission of our agency.”

The Lender Online system will be available to all participating banks, mortgage bankers, credit unions and other lenders approved to offer SONYMA mortgages. Lenders using the new system will be able to:

  • Receive immediate confirmation that a mortgage application has been registered, which will include an assigned SONYMA loan number;
  • Immediately learn the locked-in interest rate for every mortgage application and learn for how long the interest rate will be locked in;
  • Track the loan status of every mortgage application, from reservation to SONYMA’s receipt of all final recorded documents;
  • Generate interactive versions of all SONYMA program forms with editable fields filled automatically with Lender Online data;
  • Run reports listing any outstanding loan documentation;
  • Get important program announcements and interest rate updates, as well as download program manuals and training manuals.

SONYMA has been running training sessions with participating lenders to help familiarize them with the new Lender Online system in anticipation of today’s official launch.

To become a SONYMA participating lender, visit the Lenders section of SONYMA’s website (www.nyhomes.org/home/index.asp?page=118) or email us at lender@nyhomes.org.

SONYMA was created in 1970 with the mission of helping low- and moderate-income families become homeowners. It offers a variety of low down payment mortgages that provide below-market fixed interest rates, as well as closing cost assistance through a network of participating lenders across the state.

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