The Bank of the Ecuadorian Social Security Institute (Biess) reported that the deadline for granting a mortgage loan will be reduced from 160 to less than 90 days.
Iván Tobar, general manager of Biess, said in a statement issued on Friday, March 18, 2022 that the current administration is working on strategies to simplify the formalities and speed up the processes delivery of mortgages.
As he explained, the first step was to hold tables and workshops with members, retirees, builders, real estate developers and other actors. “The result of these and other actions, undertaken since December 2021, is the reduction of times from 160 days to less than 90 days.”
One of the main requests within these meetings was materialized with a statement issued by the State Attorney General’s Office that provides for the non-compulsory drawing of notaries for mortgage loan processes.
The official pronouncement was made on March 18, 2022 by the attorney Íñigo Salvador, through official letter No. 18108. There it verbatim establishes that “the draw provided for by the Notarial Law is not mandatory for contracts that correspond to the specific line of business of the institutions of the public sector, as is the case of mutual and mortgage contracts.
The management carried out by Biess benefits affiliates and retirees. “On many occasions they had to go to notary offices that were distant from their places of residence or work, which implied problems of time and access, and even extra expenses for mobilization issues,” said Tobar.
The official indicated that, in this way, “the Biess projects greater agility in the granting of mortgage loans to reduce the placement times of this credit product, and fulfill the dream of having their own home for more Ecuadorian families.”
By 2022, the bank is scheduled to deliver $752.4 million in mortgage loans.
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