For example, a letter of crit scheme, when how to handle the “how much does it cost?” objection (ask jeb) funds are transferr to an escrow account not at the time of registration of the mortgage, but the day before the house is put into operation. Until that moment, the mortgage bank uses the funds, which gives it the opportunity to give a certain discount to the borrower. In this case, the risks are borne by the bank implementing the project financing, since the funds are not transferr to the escrow account. The buyer also takes a risk, since the funds in the letter of crit are not insur, unlike escrow.
The housing and mortgage market
is becoming less and less transparent. Understanding what the real market price of housing is is disappearing, lending standards are deteriorating. We have already decid to increase the surcharges. If the schemes continue to spread, a legislative amendment will be develop that will exclude their use.
— How would you characterize the modern
mortgage market in Russia in general?
— This is a dynamically growing market. The network-by-network strategies share of bad loans does not exce 0.7%, which is very good even by international standards. If we want this asset to remain of the same quality, then we ne to continue to maintain a balance agb directory between risks and lending growth.
