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Manila Bulletin devider devider BSP implements simplified uniform housing loan documentation by banks

BSP implements simplified uniform housing loan documentation by banks

Published Jan 19, 2018 12:00 am
By Lee C. Chipongian The Bangko Sentral ng Pilipinas (BSP) has issued the necessary documentation process for banks’ use of the industry-proposed simplified loan mortgage agreement. In a central bank memo signed by BSP Deputy Governor Chuchi G. Fonacier yesterday, she said that for improved efficiency and in “enhancing the integrity of the financial services industry,” the BSP has prepared and released the templates for the Uniform Loan and Mortgage Agreement (ULAMA) and its Supplemental Terms and Conditions (STC) as confirmed by the Land Registration Authority (LRA). “(The ULAMA templates) are now ready for use by BSP-Supervised Financial Institutions (BSFls) for their Real Estate Mortgages (REMs),” said Fonacier. “The adoption of ULAMA and STC templates may reduce the risk of losses resulting from inadequate or failed internal processes (such as fraud, operating and system failures, legal suits, compliance costs) and uphold consumer protection by affording consumers ease in comparison of terms and conditions across the different players in the industry,” she added. The simpler version of a bank-borrower loan mortgage agreement has been on the table for some time despite support from the BSP and other concerned agencies. Banks’ real estate exposures, in the meantime, continue to expand. As of end-September 2017, property loan went up by almost 18 percent year-on-year to P2 trillion. Bank proper and trust department’s real estate loans increased to P1.709 trillion during the period from R1.45 trillion same time last year. These are mostly lending by banks alone which accounted for P1.704 trillion compared to same time in 2016 of P1.445 trillon, up almost 18 percent. Real estate exposures are both real estate loans and real estate investments or REI. REI amounted to R295.816 billion as of end-September from P250.328 billion in 2016.
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