Regulatory Alerts2023-07-19
Procedures for Extending Housing Loans
The Supervisor of Banks issued Directive 451 to streamline housing loan prepayment and refinancing processes by allowing borrowers to notify their intent online or by phone. The regulation permits borrowers to initiate refinancing through a new banking corporation or nonbank institutional lender, requiring original banks to transfer documents directly without branch visits. These measures aim to facilitate market entry for new lenders and ease early repayment execution while maintaining existing customer rights and security standards.
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