HANSON
EVERTON HANSON, general manager of Jamaica Mortgage Bank since 1997, is dedicated to the bank's mission of promoting economic growth and residential housing solutions.
"Since its inception the bank has played a very important role in facilitating home ownership for many Jamaicans, and we are continuing to do so," he affirms. "We see ourselves as the arm of Government mandated to modernise the housing finance market in the country as well as the general real estate finance market."
The 33-year-old company has been successful in providing diversified housing and general real estate financial services. The JMB's mission statement is a challenge to its 26-strong team: "to promote economic growth and environmentally acceptable residential housing solutions by mobilising financial resources for on-lending to public and private sector financial institutions and developers, to develop an active Secondary Mortgage Market and to provide Mortgage Indemnity Insurance and other real estate financial services."
HIGH LEVEL OF EXPERTISE
In order to fulfil its objectives, JMB relies heavily on its internal structure where each team member diligently performs an important role. "We have all developed a high level of expertise in the area and are able to communicate with the developer in the language that he speaks," explains Mr. Hanson.
The Jamaica Mortgage Bank combines the best qualities of a commercial bank and a development bank. "In the event interest rates go up the Jamaica Mortgage Bank rates would not be adjusted immediately because we are not a deposit taking institution," explains Mr. Hanson. "If interest rates increase and the developer is funded through a commercial bank, for example, it means that this rate would immediately go up."
Despite this window of opportunity, the majority of Jamaicans still live in sub-standard housing. The Jamaica Mortgage Bank's 2000 Annual Report states, "Jamaica requires approximately 20,000 houses annually for the next ten years if we are to satisfy our housing need."
DEDICATED
"Every developed country has a set of financial institutions that are dedicated to the area of mortgage banking," comments Mr. Hanson. "This is how important the mortgage market is to an economy. As a matter of fact, housing is probably the largest asset class in most countries. The Jamaica Mortgage Bank is the only truly mortgage banking entity in Jamaica and hence we are unique."
Everton Hanson is pleased with the JMB's progress, citing "significant improvement in general operating activities, significant increase in assets of the bank, significant improvement in customer service and the upgrading of the physical facility of the bank."
Mr. Hanson is cognisant of the concerns developers may have towards the building industry. "There have been many criticisms throughout the years about the time it takes to get the necessary statutory approvals to implement construction projects in Jamaica" he notes. "We are aware that the relevant authorities, e.g. KSAC, NEPA, Titles Office are working towards shortening the gestation period since this is a major concern in the building industry."
Developments funded by Jamaica Mortgage Bank include: Long Mountain Country Club, Cambridge Housing Development, Merrivale Apartments, Spring Valley Estate, White Water, Magil Palms and Angels Plaza. There are many more opportunities for development and Jamaica Mortgage Bank has the incentive for developers.
HOUSING DEVELOPMENT
The bank, always anxious to help with development opportunities is excited about their agreement with Victoria Mutual Building Society (VMBS). Mr. Hanson has disclosed that, "VMBS has just invested $400 million in Shelter Bonds, which will be channelled into housing development projects throughout the country, e.g. another Long Mountain style development for Montego Bay." He regards this as an indication of bigger things to come in the near future.
The facilities of this well-managed statutory body in the words of chairman, Peter Thomas, "allows developers access to a window of low cost market funding for the implementation of projects, leading to the construction of affordable housing solutions."
Taken from the Sunday Gleaner, April 17, 2005.
