1. SONYMA Express® Automated Underwriting and IRS Compliance System
October 2014

2. 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

3. What is SONYMA Express®?
Powerful Communication Tool
Automatic and timely generation of s 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

4. 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

5. 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 not- for-profits
Positive market perception
Increased production

6. 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

7. 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