Jamaica Mortgage Bank to offer services to the diaspora

Jamaicans living abroad will soon be able to access the services of the Jamaica Mortgage Bank (JMB) when investing in housing here.

According to JMB General Manager Courtney Wynter, the bank will be launching a new service that is expected to focus on the technical aspect of construction financing.

Speaking at a JIS Think Tank on December 9, Wynter explained that the bank has, over the years, amassed significant knowledge and expertise in mortgage and construction financing, which would be useful in providing project management services to people living abroad. This would include close monitoring of construction projects by the bank to ensure optimal output.

“Many retired people want to build a house in Jamaica. We see where they have had various issues and what we want to offer is project management services to ensure that when they return home, all is in place,” Wynter said.

He explained that by entering the project management market, the JMB would be tapping into one of the strengths of the organisation, which it has developed in its over 43 years of existence in the housing financing market.

He added that the JMB would also be offering the service to other institutions that provide financing, but which are not as strong on the monitoring and technical side.

Meanwhile, director of business operations at JMB, Hecton Hemans, outlined some of the critical success factors of the institution and how the entity believes that it can assist people in this area.

“The bank carries out a rigorous project risk analysis and technical evaluation exercise during the application and decision process for mortgage and construction financing,” he said. “When projects are approved, there is continuous monitoring and risk mitigation, and control mechanisms are put in place.”

He added that these will measure the critical elements, functions and milestones in the project implementation process.

Hemans said that the bank also provides technical and financial oversight of loan origination and housing development, not currently employed elsewhere in the wider construction financing market.

“We are promoting our technical services and a partnership-type arrangement with all clients to achieve a higher project implementation success rate, engender trust, customer retention and repeat business,” he said.

– JIS

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Jamaica Mortgage Bank to offer services to the diaspora

Wells Fargo Home Mortgage to sponsor second annual Evenings of Excellence

Free inspirational seminars are targeted to Caribbean and African-American communities in South Florida and New York

NEW YORK, United States, Friday July 18, 2014 - The second annual Evenings of Excellence series, supported by Wells Fargo Home Mortgage, is being planned for the fall in South Florida and the New York metropolitan area.
Slated for October 21, 2014 (Miami/Fort Lauderdale) and November 12, 2014 (New York City) from 6 p.m. to 9 p.m., the two evenings will feature presentations from Caribbean author, economist and motivational speaker Zhivargo Laing, who delivers an inspiring message of personal empowerment and economic prosperity, as well as other well-known personalities and leaders from the media, entertainment, business and government sectors.

The overarching theme for Evenings of Excellence will be building and leveraging the intellectual, financial, spiritual and cultural strength of the Caribbean- and African-American communities.

“Wells Fargo is committed to diversity and inclusion, and we look forward to strengthening our relationship with Caribbean- and African-American communities in these two very important markets,” said Cerita Battles, senior vice president and head of retail diverse segments at Wells Fargo Home Mortgage, announcing the company’s support for the 2014 series.

These events, which are free to the public, will serve as a platform for discussing serious, topical issues, but they will also be fun-filled and enjoyable, with musical entertainment and several Caribbean destinations and hotels offering prize giveaways.

“What we started last year was very inspirational and the messages shared with participants have the potential to positively impact large communities across the country,” said Battles.

The Evenings of Excellence series is also supported by Marketplace Excellence, the Caribbean Media Exchange (CMEx) and Finn Partners.

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Wells Fargo Home Mortgage to sponsor second annual Evenings of Excellence

Jump in mortgage rates hurts new home sales

WASHINGTON, USA — Americans cut back sharply in July on their purchases of new homes, a sign that higher mortgage rates may slow the housing recovery.

US sales of newly built homes dropped 13.4 per cent to a seasonally adjusted annual rate of 394,000, the Commerce Department said Friday. That’s the lowest in nine months. And sales fell from a rate of 455,000 in June, which was revised down from a previously reported 497,000.The housing rebound that began last year has helped drive economic growth and create more construction jobs. But mortgage rates have climbed a full percentage point since May. The increase has begun to steal some momentum from the market.Sales of new homes are still up seven per cent in the 12 months ending in July. Yet the annual pace remains well below the 700,000 that is consistent with a healthy market.July’s drop “may mark an uh-oh kind of moment for the housing recovery,” said Mark Vitner, an economist at Wells Fargo Securities.Homebuilder stocks declined sharply Friday, even as overall market indexes rose. Shares of Toll Brothers Inc, DR Horton Inc and Lennar Corp. — three of the largest US builders — all fell more than three per cent in afternoon trading.And major homebuilders’ shares have been dropping steadily since late May. The slide began after Federal Reserve Chairman Ben Bernanke first signalled that the Fed might reduce its bond purchases later this year. The bond purchases have helped keep mortgage rates and other borrowing costs low.The average rate on a 30-year mortgage reached 4.58 per cent this week, according to Freddie Mac. That’s up from 3.35 per cent in early May and the highest in two years.The impact on would-be buyers’ finances is significant.Take someone who locked in the early May rate on a US$200,000 mortgage. They would have a monthly payment of around US$875. But the same mortgage at last week’s average rate would cost US$1,025 a month.The difference adds up to US$150 more each month — or US$54,000 over the lifetime of a 30-year loan. The monthly figures don’t include taxes, insurance or initial down payments.Potential buyers appear to have noticed that financing a home purchase has become more expensive. The number of Americans applying for mortgages to buy homes has plummeted 16 per cent since the end of April. And builders began work on the fewest single-family homes in eight months in July.Still, mortgage rates remain low by historical standards. The same US$200,000 loan would cost a buyer US$1,330 a month at a seven per cent rate, the average since 1985.Most economists expect the housing recovery will continue, albeit at a slower pace.

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Jump in mortgage rates hurts new home sales