Regulatory Alerts2011-03-31
Added · Updated
Implementation of Positive Mortgage Data Sharing (PMDS)
The Hong Kong Monetary Authority mandates authorized institutions to implement Positive Mortgage Data Sharing to enhance credit risk management and financial stability. Effective 1 April 2011, institutions must obtain prescribed consent to upload pre-existing mortgage data to the Credit Reference Agency and verify applicant declarations for new loans. The directive outlines specific underwriting requirements and transitional manual checking procedures for applications where consent is withheld or discrepancies are identified.
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