Mortgages are connected to electronic mortgages – Newspaper Kommersant No. 35 (7480) dated 03/01/2023
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Regulators and market participants discussed the problem of low penetration of electronic mortgages in mortgages. This tool was almost unavailable for transactions in the primary market, which accounts for about a third of all mortgage transactions. According to the players, the spread of electronic mortgages will not directly affect the final mortgage rate for borrowers, but will significantly reduce banks’ costs for working with mortgages.
As it became known to Kommersant, on February 28 a meeting was held with the participation of representatives of the Bank of Russia, Rosreestr, Dom.RF JSC and the largest banks (Sberbank, VTB, Alfa-Bank, PSB, etc.), dedicated to the use of electronic mortgages for mortgages. According to Dom.RF, the issuance of electronic mortgages in 2022 increased by 80% compared to 2021 – 212 thousand mortgages were issued for 672.5 billion rubles.
Nevertheless, the share of e-mortgage issuance remains low – about 14% of the total loan issuance, and the e-mortgage portfolio does not exceed 5% of mortgages.
The problem is that almost no e-mortgages are issued for loans for the purchase of housing in new buildings under construction, as well as for the purchase or construction of individual houses. “These segments in 2022 accounted for 43% of the total mortgage issuance (31% – apartments in new buildings, 10% – purchase of individual houses, 2% – individual housing construction),” Dom.RF specified.
According to Svetlana Nekrasova, managing director of Dom.RF, banks were reluctant to issue mortgages during the construction of the collateral due to the need to work with the borrower to amend the mortgage and order a new valuation report after the construction of the mortgage was completed. “After the change in legislation in October 2022, it became possible to change the collateral from a property under construction to a constructed property into a mortgage without the participation of the borrower and re-determination of the value of the constructed property by an independent appraiser,” she says.
As noted in VTB, the business processes of developers have not yet provided for the issuance of electronic mortgages.
The new order came into force relatively recently, and market participants still need time to adapt. Sberbank noted that they had begun issuing electronic mortgages in the primary market as part of a pilot project.
The Bank of Russia and Rosreestr did not respond to Kommersant’s requests.
According to Dom.rf experts, the use of electronic mortgages creates conditions for reducing the cost of working with mortgage assets, which “allows banks to reduce the rate for customers.” Banks are not so optimistic.
According to Managing Director of Sovcombank Artem Yazykov, mortgages are a low-margin product, the transition to electronic mortgages will not have any tangible effect on the rate for the client. He does not predict an increase in the volume of mortgages after the widespread introduction of electronic mortgages. Sergei Mikhailov, Director of the Investment and Trade Department of Absolut Bank, notes that the direct impact on the loan rate will not be significant.
At the same time, for the banks themselves, the savings are expected to be quite significant.
Thus, Sergei Mikhailov estimates the reduction in the cost of issuing and servicing an electronic mortgage by about 2–2.5 times.
He also considers the absence of material storage, collection, the risk of loss of a documentary mortgage and the possibility of remote transactions to be pluses. Artem Yazykov notes that banks will have to restructure part of their processes in order for this initiative to become widespread. “The transition to electronic mortgages can reduce the costs of the bank several times,” he notes. “Banks now have large portfolios of mortgage loans in the primary market, the possibility of their securitization as a whole can positively affect the profitability of the business.”
Elvira Nabiullina, head of the Central Bank, at a press conference on February 10, 2023:
“We…will…apply macroprudential regulation where necessary to ensure that the appropriate quality [ипотечных] loans were secured.
Experts are skeptical. “The mortgage, whether paper or electronic, is currently a redundant document; when entering information into the Rosreestr, it may be absent as a class,” says Sergey Gordeiko, chief expert at Rusipoteka. According to him, the mortgage mechanism was necessary for the creation of AHML (Dom.RF is its successor), which redeemed mortgages. However, Dom.RF, emphasizes Mr. Gordeiko, still cannot refuse this document, despite the fact that a number of banks today do not use mortgages and this document is not even mandatory for securitization.
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