SFH put Valuation Units into the law
(SFH put Valuation Units into the law)
Jesus Alberto Cano, director of the SHF, recognized that the sector works in forced marches to arrange the valuation of real estate.
Organización Editorial Mexicana
July 22 2013 Yazmin Zaragoza / El Sol de Mexico
Mexico City.- Of the 103 registered units of valuation in the Federal Mortgage Society (SHF) at least 30 per cent could stay without registration, by incurring bad practices and fail with the information system which induced – in part – the bankruptcy of some financial companies of multiple function (Sofom and Sofoles).
In an interview, Jesus Alberto Cano, director of the SHF, manifested the predecing, and explained that the units of valuation are currently in a phase of analysis in order to know which are actually comply with the requirements and qualities of operation so that they can continue to operate through this figure in the mortgage market and also to keep the registration with the unit that is directed by himself.
He explained that the units of valuation, by not having an adequate information system, create a wrong client profiling and with this, the not fulfilment and late payments.
“If the appraisal was wrong and, in addition, there were problems from the origination of the loans, since it already had a problem from the beginning. A bad customer profiling and overvalued housing give as a result the compliance with the financial commitment and hence to emerge a important delinquency curve. “Sofoles” and “Sofomes”are those who bankrupt and suffered from many problems of these that I am commenting on, in addition to other situations,” said Cano Velez.
“Now, I agree, the SHF is working in forced marches to sort the units of valuation of real estate, already that the objective is to sort and monitor them for then accompany them in coordination with developers to strengthen the guarantee trust”.
After completing their participation in a forum organized by the Mexican Chamber of the Construction Industry, explained that in order of these units of valuation can continue to retain the registration “have to fulfill all the requirements, because only in this way may be updated”.
Considering these scenarios, the SHF is currently trying to sort again the units of valuation through regulation and constant monitoring, in addition to considering some other methods of control and regulation such as electronic signatures and other systems that will enable us to follow closely and to know if they really are complying with the law.
Also, said that the “SHF is working cooperatively with the developers in the elaboration of programs, together with them and with the banks, in order to be strengthened the guarantee trust that all we make a virtuous mechanism to improve and to give excellence to the process of origination of the mortgage loans”.
“The bad practices in the which may incur the units of valuation definitely do damage to the virtuosity of the generation of mortgage loans, it is for this reason that regulate well to these entities also means caring for housing finance in our country,” finally said, Jesus Alberto Cano.
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