Regulatory Alerts2018-11-13
Procedures for Extending Housing Loans
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 451 to enhance transparency and flexibility in housing loan processes. Banking corporations must now include a list of approved appraisers in their Approval in Principle documents and cannot unreasonably refuse appraisals from other banks if they meet specific criteria. Additionally, lenders are required to provide updated prepayment information online and issue designated approvals to borrowers to facilitate insurance adjustments upon early repayment.
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