Project Mission
Assist in the development of the Russian residential mortgage lending market, raise its efficiency, investment attractiveness and increase mortgage affordability to borrowers.
Project Goals
• improve legal and regulatory residential mortgage lending framework;
• establish and promote standards of terminology, operations, procedures and credit products;
• promote mortgage lending awareness and best practices via seminars, consultations and training for creditors and borrowers.
Project Scope
• Draft legal amendments and bills, including those related to escrow accounts and mortgage insurance;
• Assist adoption of amendments to the laws and regulations in such areas as:
• financing of housing construction;
• registration of rights to and transactions with real estate;
• advanced mortgage products and derivative securities.
• Develop products and implement standards in residential mortgage lending, including such areas as origination, underwriting and closing, servicing financial and informational flows, format of data storage and exchange, analysis of existing portfolios and risk management.
• Conduct seminars, clinics, workshops and other educational and awareness raising events for the mortgage market lenders and borrowers.
Project Activities
The Project is scheduled to continue though mid 2008, during such time it shall actively cooperate with:
• The principal representatives of the Russian mortgage industry in the framework of the Working Group SUPER in the areas of development, implementation and promotion of the market standards and legislative initiatives;
• Partner Banks, including regional banks which will receive consultations on organization of efficient process of mortgage lending and implementation of the world-class standards;
• Specialized professional market participants in the form of conferences, trainings and consultations;
• Relevant legislative and regulatory bodies.
IFC Russia Primary Mortgage Market Development Project is financed, among others, by the Governments of Switzerland and the Netherlands.
