SONYMAState of New York Mortgage Agency
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The increase in risk is attributable to the recent increase in demand for SONYMA loans which is reflective of low interest rates and low housing prices.
MIF's main source of revenue is mortgage surtax receipts, which were estimated by SONYMA to be about $85 million as of fiscal year ending March 31, 2012.
FDIC and NYSBD examiners found that the bank offered various flexible lending products with low down payment options that are attractive to first-time home buyers, including loans guaranteed by the FHA, the Veterans Administration and SONYMA.
The increased volume over the past several years is a reflection of the interest rate environment and continued relatively low property values, which has caused a greater demand for SONYMA loans, more commitments to become PIF, and fewer cancellations of commitments.
Fitch expects to issue a full rating report on the SONYMA MIF within the next week.
The program also brings Key Bank together with AHC and SONYMA, and we are pleased to be working with such organizations who provide alternative and flexible financing for homebuyers.
M&T Mortgage Corporation's servicing platform has developed expertise in servicing prime conforming loans, GNMA Early Buyouts, SONYMA loans and Alt-A loans over its twelve years of operation.
The bank noted that participating in the SONYMA program is part of an ongoing effort to expand the ways in which it meets the credit needs of its communities.
Please see Fitch's press release entitled, 'Fitch Upgrades SONYMA MIF Project Act to 'AA-'; Affirms SF Act at 'AA+', dated July 9, 2003 and available on the Fitch Ratings web site at 'www.
We are now SONYMA lenders and are planning a number of first-time homebuyers' seminars.
Reinhardt, president and CEO of Fillmore Real Estate, credits his team's ability to inform buyers about a myriad of homeownership options, such as FHA and SONYMA loans.