SONYMA Own it, Fix it New York! Home Mortgage Repair Escrow Option. Agenda. Introduction Review of Product Features including: Available Programs Eligible Renovations Contingency Reserve and Allowable Costs Contractor Requirements Reserving and Processing Loans
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Except as stated in the Product Term Sheet, all other standard eligibility and underwriting program requirements must be met.
Lenders are fully responsible for ensuring that contractors are reputable, insured, and can perform the work specified in the home improvement contract.
Lender Due Diligence
SONYMA recommends the following:
New York State law requires that the home improvement contractor provide the consumer with a complete, legible copy of the contract at the time it is signed by all parties, and before any work is started. A written, signed, and dated home improvement contract is required before any work is started and BEFORE SONYMA approves the application for mortgage financing. The following items must be written into the contract:
Recapture Notification and Mortgagor’s Affidavit (Form 211/3-11)Line 7 cannot exceed SONYMA’s Purchase Price Limits for the Program applied for.
To reserve a loan with an Own it, Fix it New York! Home Mortgage repair escrow option, Lenders must select one of the available programs and enter the following in the Lender Online New Reservation screen:
For Lenders who do not service for SONYMA (other than the Own it, Fix it New York! Home Mortgage escrow):
Note: Use of this form is optional. Lenders are permitted to use their standard form of escrow agreement.
Within 30 days from the work completion date, Lenders must submit toSONYMA, the MI company, the pool insurer,and the servicer (if not the same as the Lender), a photocopy of the following documents:
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