What are the qualifications to become a SONYMA Servicer?
In order to be approved and continue as a SONYMA Servicer, your corporation: • Must be a SONYMA participating lender (learn more about becoming a SONYMA participating lender by clicking here); • 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, or national banking institution; or (ii) a New York State licensed mortgage banker approved as a mortgage lender by Fannie Mae or Freddie Mac; • Must have its deposits insured by the Federal Deposit Insurance Corporation; • Must annually meet SONYMA’s financial requirements. Currently, SONYMA requires the Servicer to have a minimum net worth to assets ratio of at least 5%; • Must service mortgage loans as a normal course of business and have a satisfactory servicing record as determined by SONYMA; • Must have the ability to report monthly loan activity via electronic transfer; • Must have the ability to report delinquency inform
