UPDATED: NHT says credit bureau requirement will not affect usual mortgage loans
Following concerns from contributors, the National Housing Trust (NHT) has sought to explain that the introduction of credit reporting requirements will not result in contributors being denied access to their usual mortgage loans.
On August 2, the NHT announced the introduction of the credit report requirement.
The NHT says it will use the reports received from contributors to assist in verifying information submitted by individuals applying for mortgages in excess of the regular loan limit of $5.5 million.
The Trust also said it will use the reports to assist in designing programmes to manage and service mortgagors’ accounts such as loan rescheduling, granting moratoria or other initiatives to assist mortgagors in arrears or facing difficult times.
The NHT says the information will also be used to assist it to identify and verify contributors in need of special provisions such as grants and subsidies.
The Trust says it's committed to continuing to explore options that will better assist contributors in accessing and affording its loans.
*NOTE: Earlier this story had incorrectlty said the NHT was shelving the credit reporting requirement.