Access to Mortgage Credit Expands in Ukraine
New mortgage launches by banks and a trained cadre of industry professionals will help Ukrainians buy new, comfortable houses and improve living conditions. To be able to deliver services and satisfy the demands of their clients, mortgage lending officers at banks need to possess a variety of knowledge. Having applied to a bank participating in USAID’s Certified Mortgage Lender (CML) Program, a potential borrower can count on firsthand professional advice.
The Certified Mortgage Lender Program was launched in Ukraine in 2005 by USAID’s Access To Credit Initiative Project in cooperation with the Institute of Urban Economics (Moscow) to address this demand. The major objective of the program is to support the development of a viable and effective mortgage lending sector in Ukraine by means of training mortgage lending personnel, and to bring mortgage lending in Ukraine closer to international standards and procedures. The CML Program had been used throughout the Commonwealth of Independent States and is based on a comprehensive study of methodological, economic and legal aspects of residential mortgage lending, including insurance and appraisal, pricing problems, evaluation and management of bank risks. Special attention is given to loan origination technology, borrower underwriting, and calculation of loan payments, as well as how the emerging mortgage systems in Russia, Kazakhstan and other transitional economies work.
A trained mortgage lending officer will make all the necessary calculations, consider available financial opportunities, help with relevant documents, choose the best property insurance rate, etc. Borrowers save time and receive answers to all their questions. To date, 98 recognized professionals representing more than 40 banks working in Ukraine are certified under the CML Program.
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| An ad for a Ukrainian bank tells viewers that it is “time to live comfortably.” |
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