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What requirements must my company comply with in order to remain in good standing as a SONYMA Participating Lender?

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What requirements must my company comply with in order to remain in good standing as a SONYMA Participating Lender?

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Participating lenders must: • Maintain in effect at all times, and at its expense, fidelity insurance and errors and omissions coverage underwritten by an insurance company authorized to do business in New York State and acceptable to Fannie Mae or Freddie Mac. The form and scope of such coverages shall also be consistent with the requirements of Fannie Mae or Freddie Mac. Coverage requirements are as follows: Coverage AmountAnnual Originations Volume*$300,000$100 million or lessPlus 0.15% of the next $400 millionPlus 0.125% of the next$500 millionPlus 0.1% of any amount over$1 billion *For all one- to four-family loans including Mortgage Loans sold to SONYMA. The maximum deductible shall be the greater of $100,000 or 5 percent of the minimum amount of insurance required above. • Annually, meet the criteria set forth below: • Financial Requirements – Maintain a net worth to assets ratio of at least 5 percent. • Performance Requirements – Originate and sell to SONYMA a minimum of 20 mor

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