Novosibirsk, July 19, 2007 — IFC,
a member of the World Bank Group, recently signed an agreement with key
partners to develop standard procedures for servicing loans and disclosing
and exchanging data in Russia’s residential mortgage finance industry.
The effort will be conducted by IFC in partnership with the Agency for
Housing Mortgage Lending, GPB-Mortgage Bank, and the Association of Mortgage
Companies of Russia.
The agreement was signed within the
framework of the First All-Russian IT Conference on the automation of the
mortgage industry, held in Novosibirsk. To ensure broad industry cooperation
and transparency in development of the standards, the institutions will
establish a working group comprised of all major residential mortgage industry
participants, primarily lenders and servicing agents.
“The introduction of standards for
mortgage loan servicing and data exchange will raise the efficiency and
scalability of the industry in a sustainable manner,” said Andrey Milyutin,
Manager for the project at IFC. “This will increase reliability and functionality
in the refinancing and servicing of mortgage portfolios, creating more
investment opportunities for all industry participants. We look forward
to working with our partners to develop and introduce these standard practices
The IFC Russia Primary Mortgage Market
Development Project is partly funded by the governments of the Netherlands
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that poor people have the opportunity to escape poverty
and improve their lives. In FY06, IFC committed $8.3 billion, including
syndications, to 284 investments in 66 developing countries. For more information,
please visit www.ifc.org.
The State Secretariat for Economic Affairs
is the Swiss Confederation's competence center for all the core issues
related to economic policy. Its aim is to create basic regulatory and economic
policy conditions to enable business to flourish and benefit all. SECO
also represents Switzerland in the large multilateral trade organizations
and international negotiations, and is involved in efforts to reduce poverty
and help developing countries with transition economies build sustainable
democratic societies and viable market economies. Each year, Switzerland
spends about 1.9 billion francs on development cooperation and transition
assistance to countries.
About the Agency for International
Business and Cooperation
The Agency for International Business
and Cooperation is part of the Dutch Ministry of Economic Affairs. It promotes
and encourages international business and cooperation. As a state agency
and a partner to both private and public sector organizations, the agency
aims to help them achieve success in their international operations.
About the Association of Mortgage
AMC is a noncommercial organization
of service agents in Russia. It was founded to coordinate its members’
activities and represent their interests to the Russian mortgage industry.
The association is active in developing the national mortgage market and
securitization practices, based on unified standards of mortgage loan origination,
refinancing, and servicing procedures.
About the Specialized Mortgage Agent
GPB-Mortgage is the former mortgage
bank AKB Sovfintrade, which is part of the Gazprombank Group. The bank
was the first to place a domestic residential mortgage-backed securities
issue in Russia, in December 2006. The issue was rated Baa2 by Moody’s
About the Agency for Housing Mortgage
The Agency for Housing Mortgage Lending
was established by the Russian government in 1997. It was modeled in part
after U.S. government-sponsored enterprises, such as the Government National
Mortgage Association and the Federal National Mortgage Association. The
agency provides nationwide market liquidity by purchasing residential mortgage
loans from lending banks. To finance such purchases, it issues corporate
bonds and domestic residential mortgage-backed securities, which may be
guaranteed in whole or in part by the federal budget. As the leading operator
in the secondary market and the basic means of state support for mortgage
lending, the agency aims to foster the development of a nationwide common
market of long-term housing mortgage loans.