News and Updates
Enhancing
Mortgage Underwriting Standards Seminar – 13-17 October
2003
The Eastern Caribbean Home Mortgage Bank (ECHMB) in collaboration
with the Canada Mortgage and Housing Corporation (CMHC) through
the Real Estate Institute of Canada (REIC), will be hosting
a Mortgage Underwriting Seminar, Module 1,
in Basseterre, St Kitts, during the period 13 – 17 October
2003.
The Seminar will address the major issues that are likely
to impact on the efficiency of the mortgage underwriting process
and servicing practice including tittles, development planning,
land use, structural integrity, property valuation and credit
assessment. The seminar will also demonstrate how primary
lenders can generate increased financial value, while minimising
risk, by undertaking business in the secondary mortgage market.
The target participants are those officers who are involved
in the mortgage lending decisions and administration of mortgages
in their institutions, and those who are expected to be so
involved.
The Seminar will equip participants with a level of training,
in partial fulfillment of the eligibility requirements for
accreditation as a Certified Residential Underwriter.
The programme is undertaken in three (3) modules over a period
of eighteen (18) months. The Certified Residential Underwriter
(CRU), designation represents a professional standard recognised
throughout the mortgage finance industry. It signifies an
individual’s superior knowledge, understanding and expertise
in mortgage business and stands out as a mark of professionalism.
The underlying rational for the programme is to equip primary
lenders with the personnel trainer in origination and underwriting
so that residential mortgages which will be sold in the secondary
mortgage market will be of a high quality. This process will
ultimately improve the standards of mortgages and help build
a strong secondary residential mortgage market in the OECS.
ECHMB
August 2003
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Report on Home Ownership Day
held in St. Vincent and the Grenadines, on 7 June 2003
On Saturday, 7 June 2003 the Eastern Caribbean Home Mortgage
Bank held its 5th Home Ownership Day Event at the Methodist
Conference Centre in Kingstown, St. Vincent and The Grenadines.
Prospective home owners, financiers, senior public servants,
insurance agents and building contractors, held discussion
with resource persons, on various topics related to the residential
mortgage industry and the responsibilities of home ownership.
Honourable Julian Francis, Minister of Transport, Works and
Housing, St. Vincent and the Grenadines delivered the Features
Address. He challenged the institutions in St. Vincent and
The Grenadines to give serious consideration to making mortgage
loans more affordable; he also challenged the legal practitioners
to reconsider the fees charged for the preparation of mortgage
documents, since unreasonably high fees could hinder the increasing
opportunities of home owners to refinance their mortgages
on more favourable terms and conditions.
Mr. St Bernard Sebastian, General Manager, ECHMB, noted that
high legal fees could constrain the benefits that could be
derived from the secondary mortgage market. This was a matter
deserving of consideration by governments of the OECS in an
effort to reduce the cost of home ownership.
Mr. Sebastian implored the financial institutions in St. Vincent
and The Grenadines to organise similar seminars for prospective
homeowners, targeting especially young people. Lending institutions
were invited to provide information on home ownership as part
of their contribution to promoting financial literacy.
From all accounts, the Event was a resounding success: Honourable
Julian Francis, Minister of Transport, Work and Housing participated
actively in the entire Day’s proceedings. His interventions
and contributions made during the discussions were very valuable
and informative to participants.
- The presentations by the Resources Persons were of high
standard and quality. The Resource Persons were able to
motivate participants to participate actively in the discussions.
- The Questions and Issues arising from the Presentations
were very timely and appropriate to the residential housing
environment in St Vincent and the Grenadines.
- The Eastern Caribbean Home Mortgage Bank successfully
launched its publication “Guide to Home Ownership
–2nd Edition”. This Booklet contains
valuable and important information for prospective home
owners as well as other stakeholders in the residential
mortgage industry.
The Event was supported by the following institutions: -
• St. Vincent Building
& Loan Association
• St. Vincent Union of Teachers’
Co-operative Credit Union Ltd.
• Kingstown Co-operative Credit
Union Ltd.
• The National Commercial
Bank (SVG) Ltd.
ECHMB has committed itself to prepare a documentary Video
on the Seminar and make it available to the citizens of St.
Vincent and the Grenadines through the Government Information
Service (GIS). ECHMB will also prepare a similar Booklet to
highlight the specific situation in St. Vincent and the Grenadines.
“ Home Ownership Day” has become one of the Bank’s
calendar activities. To date ECHMB has mounted “Home
Ownership Day “ in St. Lucia, Antigua and Barbuda, Dominica,
Grenada and St. Vincent and the Grenadines. The Bank is hoping
to take this Event to St. Kitts and Nevis, Anguilla and Montserrat
in the upcoming years.
ECHMB
18 June 2003
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