E-mortgage is under introduction in Azerbaijan in compliance with the Presidential Order on Some Issues of Mortgage Lending.
Under the Order, the Azerbaijan Mortgage Fund has acquired its legal competence through the approval of its Charter, a new procedure for mortgage lending, including subsidized mortgage lending, and new powers concerning the application of e-mortgage system from 1 January 2017 via E-Government portal.
In accord with the Order the e-mortgage will enable to submit e-applications for a mortgage loan and to appoint in e-form a meeting at a potential bank lender and carry out repaying on the mortgage, if it is given. It is not possible to obtain a mortgage loan in e-form through the system, although e-mortgage is already able to establish automatically the adequacy and accuracy of the documents collected by the potential borrower, calculate the cost of mortgages and the ability of the mortgage loan applicant to repay on such a loan, given the services of mediator banks, insurance and appraisal companies.
The AMF will be assisted in the e-mortgage project by the Ministry of Communications & High Technologies, the Financial Market Supervision Chamber and a number of ministries and departments.
The Cabinet Ministers should prepare within two months the Regulation on E-Mortgage, and make proposals for registration and online circulation of mortgage securities.
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Quelle/Source: Azerbaijan Business Center, 23.06.2016
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