NHT Aims to Automate Mortgage Application Process
By: , July 17, 2023
Photo: Donald De La Haye
Senior Manager for Finance at the National Housing Trust, Dwight Ebanks, speaks at a recent Jamaica Information Service (JIS) Think Tank.The Full Story
As the National Housing Trust (NHT) continues to streamline its services, the entity has signalled its intention to automate its mortgage application process.
Speaking at a recent Jamaica Information Service (JIS) Think Tank, Senior Manager for Finance at the Government’s primary housing finance institution, Dwight Ebanks, said prospective mortgagors will soon be able to access the applications virtually through the portal online.nht.gov.jm.
He further noted that individuals will also be able to communicate with the NHT and its lending partners through the platform.
“This is a key improvement that we are putting in place, which will benefit the customers as well as institutions in terms of making managing the programme administratively easier for the institution as well,” Mr. Ebanks said.
The automation is just one benefit under the External Financing Mortgage Programme (EFMP), which aims to replace the current Joint Mortgage Financing Programme on August 1.
“The NHT is undertaking what we consider one of the largest shifts in how we operate in the history of the Trust by delivering this new housing finance framework,” the Senior Manager added.
Under this arrangement, contributors will be able to access their NHT benefits from the Trust’s financial partners.
They will also have access to a wider pool of financial institutions to conduct business with, including banks, credit unions and building societies. All the institutions that are a part of the current joint financing programme and new organisations are expected to come board the EFMP.
Another component of the initiative is it will allow for easier mobility of mortgage, allowing NHT customers to transition between financial partners if they can get a better deal.
Mr. Ebanks also explained that in addition to providing greater convenience to NHT contributors, the EFMP will significantly assist the NHT in its efforts to provide more housing solutions.
The NHT has been tasked with providing 43,000 houses over the next five years.