What are the qualifications to become a SONYMA participating lender?
In order to be approved and continue as a SONYMA participating lender, your corporation: • Must be a corporation or organization located in New York State and must be one of the following: (i) bank or trust company, savings bank, savings and loan association, industrial bank, national banking association, federal savings and loan association, federal savings bank; (ii) a credit union or federal credit union; or (iii) a New York State licensed mortgage banker approved as a mortgage lender by Fannie Mae or Freddie Mac. • Must have a master policy with SONYMA’s Mortgage Pool Insurance Underwriter. • Can not also be a broker with another SONYMA participating lender. • Must originate mortgages as a primary component of the company’s overall business operations. • Must meet SONYMA’s fidelity insurance and errors and omissions coverage requirements. • Must pay a one-time fee ranging from $3,750 to $15,000 (depending on your institution’s mortgage originations over the past 4 quarters). • As a
