Yerevan/Mediamax/. In the nearest future the government of Armenia will receive a package of legislative changes on facilitating procedures on mortgage crediting.

Mediamax reports that the Head of Financial System Development Department of Armenian CB Anna Vardikyan said this, speaking at the annual meeting of the Mortgage Market Participants Association of Armenia (MMPAA) on May 3. “The draft laws provide for ways of solving difficulties, occurring with the State Real Estate Register, while passing property rights for real estate basing on mortgage agreements”, Anna Vardikyan stated.

The document turnover on concluding mortgage credits is planned to be transformed into electronic format, as a result of which the transaction expenses and the terms for concluding agreements will be cut down. Anna Vardikyan stated that this will become an important step along the way of securitizing mortgage agreements.

Member of CB Board Vakhtang Abramyan, speaking of the achievements on mortgage crediting market in 2009, stated that in conditions of the crisis and reduction in economy crediting, the appearance of “National Hypothec Company” (NHC) became a breakthrough. “This fact significantly stirred up the mortgage market: in the first quarter of 2010, NHC portfolio increased by 1.2bln AMD”, Vakhtang Abramyan stated, adding that another newly-established UCO “Dwelling for the Youth” also contributed to supporting activity in the market, by refinancing mortgage credits at the sum of 400mln AMD less than two months of its existence.

Executive Director of the Mortgage Market Participants Association of Armenia (MMPAA) Eduard Oremyan informed that as a result of cooperation of the Association with the Armenian CB, International Finance Corporation, German-Armenian Fund and NHC, minimum quality standards were elaborated and approved by MMPAA. According to Oremyan, the Association will continue working to increase awareness of the Armenian population on mortgage crediting.

Last year, construction companies “Elite Group”, “Avnik” “Mikshin”, “Chilingaryan Design”, “Rosgosstrakh Armenia” insurance company, as well as “National Hypothec Company” UCO joined MMPAA. During the latest session, “Armenia Realty” and “Express Value” realtor companies also became participants of the Association.