On-Lending To Developers By JMB To Increase Supply Of Housing Solutions

For the 2022/23 financial year, the Jamaica Mortgage Bank (JMB) will continue to mobilise financial resources for on-lending to developers, so as to contribute to the overall increase in the supply of housing solutions.

This is outlined in the Public Bodies Estimates of Revenue and Expenditure for the year ending March 2023.

Accordingly, securing funding at competitive rates for on-lending in the primary mortgage market will remain a primary focus during the Budget year.

“To enhance the overall effectiveness in the fulfilment of its mandate, the JMB will seek to increase the loan portfolio by mobilising resources to fund approximately 162 housing developments for the year,” the document stated.

In addition, the JMB will be aiming to reduce its bad-debt portfolio by 10 per cent through closely monitoring the performance of new loans and pursuing the implementation of immediate strategies to dispose of and recover bad debts.

The JMB will also seek to drive growth of the Mortgage Indemnity Insurance by adding at least one new mortgage granting institution to the number of approved lenders.

The Bank expects that it will issue 180 new Mortgage Indemnity Insurance undertakings at a value of $220 million per annum.

Meanwhile, the financial institution is also seeking to develop a robust marketing plan to increase income from non-traditional sources, such as technical and project management services.