Tuesday, June 19, 2018

Bank associations join initiative to educate on mortgage loans

By on December 8, 2017

SAN JUAN – The executive vice president of the Puerto Rico Bankers Association, Zoimé Álvarez, and the president of the Puerto Rico Mortgage Bankers Association, Dimas Rodríguez, have joined an educational initiative on mortgage loans announced by Sen. Eric Correa, chairman of the Banking, Commerce and Cooperatives Committee.

The Employment and Mortgage Advice and Home Protection Fair was organized to provide information on the rights and opportunities of homeowners affected by Hurricane Maria. The event will include the participation of the Puerto Rico Insurance Companies Association (Acodese by its Spanish acronym), Consumer Credit Counseling and the Small Business Administration (SBA) as collaborators of the educational conferences that will be offered.

New Progressive Party Sen. Eric Correa Rivera (Courtesy)

Correa has also said that mortgage holders of homes affected by the hurricane could even get an extension of up to six months to a year in the banking moratoriums that expire at the end of the month.

“As an industry, this type of effort gives us the opportunity to continue our mission of bringing valuable and clear information to the community and the commercial and mortgage banking clients about the tools and alternatives they have at their reach,” Álvarez said in a written statement. “This direct communication channel with the community will undoubtedly be of great benefit to clarify doubts and / or provide new information.”

The executive added that the mobilization to reach having 88% of branches opened to date as well as educate customers has been the priority of the banking sector after the natural disaster, and reiterated the commitment of the industry to continue identifying venues that allow it to expand its educational efforts.

“We thank the Senate Committee on Banking, Commerce and Cooperatives for the opportunity to join forces and bring important information to clients on issues such as property insurance and steps to submit a claim, among others,” she said.

Meanwhile, Rodriguez said, “mortgage banking joins this initiative with the purpose of collaborating in education and financial planning issues and finding options for all the owners of residences that were affected.”

Rodríguez stressed that direct communication between customers and their respective banks is crucial for an effective case-by-case evaluation, and that those who attend the event will have the opportunity to meet individually with a representative of their banking institution.

The event, which will take place Tuesday, Dec. 12, in the Capitol’s Leopoldo Figueroa Hall, is structured to offer information on topics such as moratoriums, property insurance and financial planning, in two sessions: one from 9 a.m. to 12 p.m. and another from 1:30 p.m. to 4 p.m.

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