The deals were sealed on Thursday.

In the last two years, the NHT has repaid some $2 billion in refunds to contributors.

Contributions are refundable seven years after they are remitted to the NHT, but repayment is not automatic and has to be requested.

Monies to be returned<p>The NHT last reported a stock of $38.2 billion of monies to be returned to its contributors over time. Its store of non-refundable contributions was last valued in March 2008 at $38.9 billion.

The housing trust is financed by employee and employer deductions, as well as mortgage income.

Essentially, the payments by employers/companies are a tax on them, since they are not eligible for refunds.

Contributions collected

Last year, the trust said contributions collected from employers and employees rose above $11.6 billion.

Within that period it returned $2.25 billion to clients, a new record for contributions.

The NHT a week ago, announced that it was amending the procedure for contribution refunds, saying it would be done entirely online, replacing the paper-based system that obtained at its head office and islandwide branches.

Refund cheques that up to now, were collectable at its offices, will, as of January 1, be handled by JN Money Transfer, a subsidiary of the mortgage company Jamaica National Building Society, and Reggae Money Express, which is owned by the Capital and Credit Financial Group.

Contributors may also stipulate that payment be sent to their banks.

The terms of the deal with the two remittance companies were not disclosed.

The NHT says the arrangements offer up to 100 locations through which its clients can collect, including all JNBS branches, JN Money Shop and JN Money Transfer locations, while Reggae Money will make payments through its outlets in credit unions, some Singer Stores and other agents.

business@gleanerjm.com