NCB launches online mortgage portal
National Commercial Bank (NCB) has developed a new online portal for mortgages that is meant to move loans through the door more speedily.
It is part of the bank’s digital initiative, the Agile lab, which has now grown to 10 services since its 2017 launch.
The mortgage portal is meant to “demystify the home-buying process for the customer, simplify once-complex and time-consuming processes, and, ultimately, shorten the process to owning a home”, the bank said.
Through the website, customers can calculate the loan amount they are able to afford and get precise information on fees and monthly payments.
They can also directly engage land surveyors and valuators, pay for both reports and receive the report online, eliminating the need for the usually time-consuming process of finding the service, NCB said.
The site also helps buyers to kick-start the mortgage approval process, receiving approval for a mortgage loan within 24 hours.
Jamaica’s mortgage market is valued at $400 billion. NCB Assistant General Manager for Products and Sales Management – Consumer & SME division Stuart Reid said that while he would confirm a direct figure but that NCB’s share was lower than $40 billion. NCB is Jamaica’s largest bank.
“Based on improvements in our mortgage process and our pricing, we anticipate that we will continue to see strong portfolio growth in 2019,” Reid said.
The new portal offers step-by-step guide on the home-buying process.