Certified Mortgage Broker Course PDF

21-Nov-18 Certified Mortgage Broker Course Course Outline & Objectives Facilitator – Taroub Sleiman 2-day course & workshop Series of 4 modules Online multiple choice examination 1 ...

21-Nov-18 Certified Mortgage Broker Course Course Outline & Objectives Facilitator – Taroub Sleiman 2-day course & workshop Series of 4 modules Online multiple choice examination 1  21-Nov-18 Module 1 Content Real Estate Government Departments and Agencies Key Real Estate laws and Regulations in The Emirate of Dubai Ownership Types Rules on Real Estate Ownership in Dubai Credit Bureau/ Credit Score/ EIBOR 2  21-Nov-18 Dubai Land Department (DLD) DLD is a government organization, established on January 24th 1960 to oversee affairs related to lands and private properties in the emirate of Dubai, in order to register these lands and properties in a systematic and effective manner and to safeguard the rights of people. DLD vision is to be the global leading real estate environment to attract investments. DLD mission is to create a real estate environment which applies best practice international standards to guarantee all stakeholders rights and contributes to the development of society by:  Developing and applying clear and transparent real estate regulations.  Providing distinctive and efficient real estate services that help attract investment into the sector.  Increasing real estate knowledge.​ Real Estate Regulatory Agency (RERA) The Real Estate Regulatory Agency was established as a result of a law issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, in 2007. Supported by the Dubai Land Department, RERA plays a key and executive role in the regulation of Dubai’s real estate scene. Despite being a young entity and with the help of a qualified national staff, RERA has managed to register all real estate development s and brokerage companies in the emirate. RERA Role is: Licensing all real estate activities. Managing real estate developers' trust accounts. Licensing and organizing real estate agents. Regulating and registering Rental Agreements. Regulating and supervising the owners associations. Regulating real estate advertisements in the media. Regulating and licensing Real estate exhibitions. Enhancing national participation in the real estate sector. Increasing real estate awareness. 3  21-Nov-18 Dubai Real Estate Institute (DREI) DREI is the educational arm of Dubai Land Department. DREI’s vision is to become the leading international benchmark in spreading and sustaining real estate knowledge. DREI’s objectives are: Provision of advanced and high quality programs in collaboration with internationally recognized universities. Publishing researches and provision of property related consultations to the public and private sector. Enhancing communications among all stakeholders. Empowering society by disseminating real estate knowledge. Rental Dispute Settlement Center (RDC) The Rental Dispute Center, based at Dubai Land Department was moved under the umbrella of DLD through Decree No 26 of 2013. The Center employs mechanisms characterized by flexibility, speed and efficiency to facilitate accuracy, impartiality and transparency when dealing with settlement issues relating to rentals in Dubai real estate market. 4  21-Nov-18 Real Estate Investment Management and Promotion Centre The investment arm of the DLD responsible for: Supporting local and foreign real estate investment companies Development of a regulatory environment for investment Enhancing market activity through the promotion of direct and long-term investments Promoting a stable, secure and sustainable market Key Real Estate Laws and Regulations Law No. 14 of 2008 on Mortgages in the Emirate of Dubai Regulation No. 29/2011: Regulations Regarding Bank Loans & Other Services Offered to Individual Customers Notice No. 2705/2012: Amending page 14 of the above Regulation Circular No 3692/2012: General Terms and Conditions and Loan Agreement Law No. 6 of 2010: Credit Information Circular No 112/2018: Finance Companies Regulation MOF and Central Bank Websites 5  21-Nov-18 Ownership Types Freehold Freehold title of property is the most superior form of real property right and allows its owner to enjoy and occupy the land or property in perpetuity, and is evidenced by a title deed issued by the Dubai Land Department. Foreign nationals are permitted to own freehold property in “Designated areas” approved by the Ruler of Dubai from time to time. Presently, there are over 24 designated areas approved for foreign ownership. (Regulation No. 3 of 2006) Usufruct Rights When an owner of a building, unit or plot is eligible to enter into a usufruct agreement with a tenant permitting the tenant to use the leased property provided such property remains in its original condition subject to fair wear and tear. A usufruct typically terminates upon expiry of 50 years unless agreed otherwise between the parties. Destruction of the leased property or waiver by the usufructuary or termination by court order due to misuse are some of the other grounds of termination. 6  21-Nov-18 Musataha Rights Musataha rights are very similar to usufruct but grants an additional development right to the musataha holder. The maximum term of a musataha is 50 years, unless otherwise agreed, Either party has the right to terminate the musataha by two years prior notice. Unless agreed otherwise, payment default by the musataha holder for a period of two years is also considered a ground for termination. Long term lease (Leasehold) It is defined as a long term lease for a term of more than 10 years and up to 99 years. Long leases cannot exceed 99 years and must be registered in the Real Property Register in the Dubai Land Department It is important to note that the Tenancy Laws are not applicable over long term leases and the Rental Dispute Settlement Centre does not have jurisdiction over long term lease disputes. 7  21-Nov-18 Rules on R/E Ownership UAE and GCC nationals (and companies wholly owned by them) are permitted to acquire all types of real estate interests such as freehold, Usufruct, Musataha and Leasehold anywhere in Dubai Foreign nationals may own freehold and all other types of interests including Musataha, usufruct and Leasehold in the specific “Designated areas” for foreign ownership. Credit Bureau The credit bureau is an agency that collects credit information of individuals and supplies it to creditors. They collect and synthesize information about an individual's credit score Credit bureaus do not make the decision to lend. They help credit institutions make loan decisions. Banks, mortgage lenders, credit card companies, financing companies and individuals are clients. www.investopedia.com 8  21-Nov-18 Al Itihad Credit Bureau Established under the UAE Federal Law no.6 of 2010 Set up by the Federal Government in February 2012. Aims at – helping financial institutions make lending decisions – helping individuals manage credit facilities Al Itihad Credit Bureau The single source of reliable data regarding credit information relating to natural and legal persons in the UAE. The basic intention is to enable lenders to better assess the credit- worthiness of prospective borrowers, and to provide a mechanism for limiting the ability of borrowers to take on unserviceable levels of debt. Commercial banks and financial institutions in the UAE are required to provide the Credit Bureau with the credit information it requests. The Credit Bureau is entitled to specify the form in which such data is to be provided. The release of such information to the Credit Bureau in accordance with the Credit Information Law and Regulations will not be considered a breach of confidentiality. 9  21-Nov-18 Al Itihad Credit Bureau Credit information reports issued by the Credit Bureau will include financial details of the concerned person (including details of any assets burdened with any types of pledge or guarantee) information on the concerned person’s failure to pay any amount to the information provider court decisions involving the concerned person. Reports will not include the likes of: the value of mortgaged assets, details of the concerned person’s investments or amounts deposited with the information provider, the information provider’s credit rating assessment of the concerned person. Al Itihad Credit Bureau 10  21-Nov-18 Credit Score A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person. A credit score is primarily based on a credit report information typically sourced from credit bureaus. Credit Score Information used includes: Payment history(delays, Bounced cheques…) Amounts owed Length of credit history New credit Type of credit used 11  21-Nov-18 EIBOR Rates Emirates Inter Bank Offered Rate The interest rate charged by banks in the United Arab Emirates for interbank transactions. In most cases, EIBOR is the reference rate most commonly used by borrowers and lenders to conduct financial transactions in Dubai and the surrounding Emirates Similar to the London Interbank Offered Rate (LIBOR), EIBOR futures contracts are available for trade and there are various EIBOR offered rates depending on the life of the loan 11 Banks used to calculate rates http://www.centralbank.ae/en/index.php?option=com_jumi&fileid=20&Itemid=59& EIBOR Bank Panel 1. Abu Dhabi Commercial Bank 2. Commercial Bank Of Dubai 3. EmiratesNBD 4. First Gulf Bank 5. HSBC Bank Middle East 6. Mashreq Bank 7. National Bank Of Abu Dhabi 8. National Bank Of Fujairah 9. RAK Bank 10. Standard Chartered Bank 11. Union National Bank 12  21-Nov-18 Module 2 Content History of UAE Mortgage Market Independent Mortgage Advisors Licensing Sales Process Case Study 1 – Fact Finding Processing 13  21-Nov-18 History of UAE Mortgages Expatriate lending market started in 2000 Government backed lenders (not banks) International banks Local banks US sub-prime credit crisis Start of Expatriate Market Up to 95% lending No credit bureau Average rates of 8% Under construction market No Escrow Account Regulation Freehold & Leasehold properties 4 major developers – Emaar – Nakheel – Dubai Properties – Union Properties 14  21-Nov-18 UAE Mortgages 2016 Mortgage Cap Average rates of 4% Interest only Conventional & Islamic offerings Al Etihad Credit Bureau https://www.aecb.gov.ae/ Independent Mortgage Advisors Consultancy & Broker licenses Increasing regulation Choice Policy as well as product Protecting client interests 15  21-Nov-18 Mortgage Consultants Includes firms specialized in offering advisory on how to mortgage property to get loans from financial institutions, select a financial institution , release a mortgaged property , prepare and submit documents , explain the implications of breaking financing and mortgaging in midterm refinance and mortgage fully paid properties re-mortgage and transfer to another financer Evaluate financing rates Such firms are not allowed to seek or carry out any mortgaging for themselves. Mortgage Broker. ​Includes personal and corporate brokers who advise and assist borrowers in obtaining the best borrowing conditions from lenders and commercial banks to acquire or build properties. Such service is against commission without exercising direct lending to borrowers. 16  21-Nov-18 Licensing Requirements (applies to Consultants and brokers) Licensed by Real Estate Regulatory Agency UAE or GCC nationals- – Certified Mortgage Broker course – Bachelors degree in Economics, Finance or Accounting – 2 years experience in Real Estate – Certificate of good conduct from Dubai Police Licensing Requirements Licensed by Real Estate Regulatory Agency Expatriates- – Certified Mortgage Broker course – Bachelors degree in Economics, Finance or Accounting – 3 years experience in Real Estate – Residency under same company – Certificate of good conduct from Dubai Police 17  21-Nov-18 Foreign Company Branch Copy of trade license Parent must be in business for more than 2 years Corporate Articles of Organization Board resolution to open branch and name branch manager Branch manager must meet license requirements Local service agent required Branch activity must be similar to parent RERA License All documents should be notarized by the UAE embassy overseas, ministry of foreign affairs in Dubai and should be translated into Arabic Activity fee of AED 5000 per annum 18  21-Nov-18 Licensing Issued by Dubai Government, Department of Economic Development (DED) Renewed annually Regulated by RERA Increasing regulation Must have own business premises Staff must have work visas Being truly Independent Broad range of banks & products Understanding the whole mortgage market Following “best advice” principles Full product disclosure Impartial and not bank or real estate biased Client suitability, not commission biased 19  21-Nov-18 Knowledge of Banks & Products Understand bank policy, products & product parameters Qualification criteria - Income, LTVs & restrictions Documentation requirements Package requirements - originals, email scans Turnaround times Individual bank quirks Drill down on top 3-4 banks – 90% of your business Knowledge of the whole market Create a bank & product matrix Potential Business Sources Website Advertising - Internet, Events, Media & Flyers Public Relations Referral Sources - Real Estate Agencies, Developers & IFAs Customer get Customer Word of Mouth 20  21-Nov-18 Follow up Marketing Email Thank you/closing gifts Ask for feedback & referrals Become their “go-to” person Get testimonials Act upon negative feedback Lead Management Introduction Prequalification & KYC Research Clear communication (verbal & written) Contracting Agree next action & contact Gaining commitment to meet Send a proposal 21  21-Nov-18 Case Study 1a - Fact Finding Mr Barlow Emirates Airline Captain of 4 years Aged 40 and single No liabilities, earns 30k per month Buying in Shoreline for 2.8m Has 25% deposit + fees Case Study 1a – Mr Barlow Profile 1. Has credit card with 200k limit (can reduce) 2. Thinks rates are going up (wants fixed rate) 3. Wary of banks with non-EIBOR linked rates (wants EIBOR linked) 4. Has Zurich Life policy (wants to assign) 22  21-Nov-18 Case Study 1b - Fact Finding Mr & Mrs Sharma Buying completed family home for 4m Aged 58 & 40, employed at AIG & DLD, with income of 20k & 70k Case Study 1b – Mr & Mrs Sharma 1. Aged 58 and 40 (buy in Mrs Sharma name only) 2. Buying at Green Community East (Leasehold) 3. Only have 10% deposit 4. Mrs Sharma owns Springs with no mortgage (release equity) 23  21-Nov-18 Case Study 1c - Fact Finding Mr Khan Buying in Dubai Marina for 2.5m Works for MAF, receives 50k per month and is leaving No liabilities Case Study 1c – Mr Khan 1. Leaving employer at month end to study 2. Has deposit but no fees 3. Wife works at Emaar and earns 80k (can still buy in joint names) 4. Wife has diabetes (insurance cost) 24  21-Nov-18 Case Study 1d - Fact Finding Ms Shamsi Age 25, buying in Sports City for 2m, works at NBAD and earns 30k per month Has car loan of 2k and only 20% deposit Case Study 1d – Ms Shamsi 1. Only has 20% deposit but is a UAE National 2. Islamic mortgage only 3. Has had negative health history 4. Cannot transfer salary 25  21-Nov-18 Client Meetings Be flexible Call ahead to reconfirm Prepare your pitch Introduce yourself & provide business card Review your fact-find & check your understanding Present Answer questions Probe & overcome objections Ask for the business Managing Expectations Review client documentation thoroughly Explain any potential obstacles or deviations Provide accurate timelines – what next? Be realistic - build in buffers Do not over-promise - it will bite you Agree communication plan 26  21-Nov-18 Processing Protect client information Use bank stacking order & submission forms Do not submit incomplete cases Submit package to bank & agree action Send copies of your TOB & application to client Stick to your client contact plan Perform regular follow ups with bank React punctually to requests for documentation Module 1 End 27  21-Nov-18 Module 2 Ethics & Mortgage Fraud Module 2 Content Ethics Introduction to Mortgage Fraud Defining the Parties in Mortgage Fraud Data Protection 1  21-Nov-18 Ethics Defined Ethics (derives from the Ancient Greek "moral philosophy", also "custom, habit"), is a major branch of philosophy, the study of values and customs of a person or group. It covers the analysis and employment of concepts such as right and wrong, good and evil, and responsibility. (Wikipedia, June 18, 2007) Ethics Business Ethics can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular, it involves examining appropriate constraints on the pursuit of self-interest, or (for firms) profits, when the actions of individuals or firms affects others." (Chris MacDonald, Ph.D) The core issue is: “How do we live our lives?” 2  21-Nov-18 So how do you live your life? Do you follow your gut instincts? Do you follow the letter of the law and the rules that apply to your own business? Do you adhere to the methods and practices that are acceptable to your industry and community? Ethics are NOT feelings 3  21-Nov-18 Ethics are NOT compliance Does Ethics = Values? Ethics are similar to but NOT the same as values Ethics refer to honesty, fairness and justice Values refer to what’s important to you 4  21-Nov-18 Ethics is… The study of principles which indicate: how we should behave our moral duties and virtues ability to discern right from wrong Professional Conduct Avoid using others for profit through coercion or deception Use your business practices to contribute to the development of rational and moral capabilities Are you willing to put your career on the line to ‘do the right thing’? Sometimes being ethical means taking a calculated risk 5  21-Nov-18 Parting Thoughts on Ethics… There is no “right” way to do the wrong thing! What is Mortgage Fraud? Mortgage fraud is: The misrepresentation or concealment of material facts to improperly influence mortgage loan underwriting Concealment of material facts could include: Material misstatement Misrepresentation Omission 12 6  21-Nov-18 Borrower’s Role in Mortgage Fraud Schemes Knowingly supply false information on the loan application Partnering with industry professionals Altering or falsifying income and employment information Hiding debt Misrepresenting sources of down payment 13 Module 1: SAFE Ethics - Introduction to Mortgage Fraud Attributes of Fraud for Property Borrower misrepresentations Intends for loan application to appear strong Borrower usually does not qualify Borrower intends to pay Purpose is to obtain loan 14 7  21-Nov-18 Mortgage Advisors Falsify documents to secure client loans Knowingly assist fraudulent applicants Actively encourage clients to omit or misrepresent Influence bank personnel and appraisers Fraud for profit Can be the biggest initiators of mortgage fraud 15 Banks Falsifying applications and documents “Turning a blind eye” Influencing appraisers Taking bribes Assisting borrowers in taking advantage of loop-holes in policy or processing Deceiving clients by misrepresentation of product 16 8  21-Nov-18 Appraisers/Valuers Overvalue properties to allow cash-out deals Adjust sales price to equal appraised value Commit fraud for the promise of additional work Substantiate reports that improvements were made 17 Inflated Appraisals/Appraisal Fraud Intentionally appraised with a higher-than-market value Appraisers, brokers and borrowers may act in collusion Brokers & Banks use only one appraiser 18 9  21-Nov-18 Accountants Falsify documents required by lenders to qualify loans Rewarded with profits or promised continued business 19 Real Estate Brokers Falsifying documents Creating multiple sales contracts Hiding charges and commissions Paying POAs Influencing appraisers 20 10  21-Nov-18 Key Indicators of Mortgage Fraud Higher-than-typical commissions and bonuses paid to mortgage brokers and appraisers Fraudulent loan applications & documentation Higher than market appraisals 21 Mortgage Fraud Fraud for property - where the borrower commits fraud to obtain a property they might not otherwise qualify for - Borrower intends to make the payments Fraud for profit usually involves more than one industry insider. Goal is profit from artificially high price by selling for more than it is worth 11  21-Nov-18 Data Protection Laws in “infancy” stage Legislation only enacted in DIFC (based on UK) A number of Government initiatives aimed at developing greater regulation Statutory offence for: – Publication of private matters – Disclosure of private information Various sectors, such as telecoms implementing data protection methods Misuse of Data Buying or selling company data Downloading and taking data from your company Passing client details without their consent Cold calling Email-blasting Discussing client information with third parties 12  21-Nov-18 Module 2 End 13  21-Nov-18 Module 3 Mortgage Products & Bank Policy Module 3 Content UAE Mortgage Products Interest Rate Options Bank Policy Debt Burden Ratio (DBR) Restricted Segments Mortgage Documents & Process Insurance 1  21-Nov-18 UAE Mortgage Products Mainly “Vanilla” mortgage products Capital & Interest Interest Only Banks & Lenders offering: – Islamic Finance – Conventional Mortgages – Both New Purchase Secondary Market Purchases Primary Market Purchases – Valuation may not be required Completed Properties Under Construction Properties 2  21-Nov-18 Commercial Mortgages Limited number of properties Retail, Office & Warehouses Higher rates Higher costs Maximum tenure of 10-18 years Offered in personal or company name Under Construction Properties Financing stopped in 2009 (post correction) Banks have re-opened this segment Mainly Emaar and other Master Developers Payment Plans Buyer has to pay first 50% Banks offer interest-only plans during construction 3  21-Nov-18 Refinance (Buy-outs) Dominating the mortgage market from 2013 Reasons Why: – Interest rate decline- encourage refinance – More lenders – Slower property sales – Increased value of properties from 2010 – Lenders can see a borrowers track-record – Credit history (AL-Ittihad Bureau) – Central Bank Mortgage Regulation Equity Release Release gains made since 2010 Make capital work harder Use equity to upgrade Business expansion Buy investment property Not all banks willing to provide Equity Release 4  21-Nov-18 Interest Rate Options Bank Variable EIBOR-Linked Variable Fixed Rates – vary from 1-5 years Conventional & Islamic versions Bank Policy All Banks have different lending policies Greater alignment since CB Mortgage Regulation Policy influenced by bank strategy & appetite to lend Banks do not share full policy details Innovation is key 5  21-Nov-18 Policy Factors Target Segments Restricted Segments Qualifying Criteria Documentation Process Properties Type of loans Risk Management Pricing Interpretation of Regulations Banks interpretation of regulations differ: – % of income used for eligibility calculations – % of rent used for eligibility calculations – Variable pay – Stress-test rate – Early Settlement Fees – Use of Credit Bureau – Providing loans for fees 6  21-Nov-18 Debt Burden Ratio (DBR) Rates Banks use different rates to calculate affordability Some use offer or headline rate Others build in margin of 2% This will effect the amount your client can borrow Central Bank Regulation states: – In arriving at DBR lenders must stress test the rate by 2-4% above current rate, depending at what level interest rates are in the cycle Case Study 2 - Employed Calculating DBR & Affordability Guaranteed Monthly Income: Basic salary Fixed Allowances (paid) Rental income (in UAE) 2 applicants? Fixed Liabilities (Equated monthly installments EMI): Car loans Personal loans Mortgages Credit Cards 7  21-Nov-18 Restricted Segments Nationalities Countries Non-Residents Real Estate Construction related Commission based employees Self-Employed Non-Resident Financing 50-75% LTV Higher interest rates Higher costs Lengthy documentation Credit Bureau Report Need to visit UAE 8  21-Nov-18 Most Important Features? What are the most important features of a mortgage product: – Costs – Rates (initial and revert) & how they are calculated – LTV – Insurance – Bank Reputation & History – Process & Service – Other Banking Services – Commission paid to Broker Important Factors Interest Rates (at start & future calculation) Costs (up-front & exit) Early settlement options Lender flexibility & decision making Processing & service Intended period of holding the property Product innovation Insurance options Bank reputation & history 9  21-Nov-18 Bank Turnaround Times (TAT) TAT’s vary from bank to bank Ask for an SLA TAT is important in cases where client is committed to a property Vital to agree an action plan before committing a client Be realistic Bank delays & inefficiency will damage your business Full documentation is paramount Employed Documents Passport, Visa & Emirates ID (front & back) Salary Letter 6 month’s Pay Slips 6 month’s Bank Statements Last Credit Card Statement Cheque Book Other Documents: – Liability Documents (Car/Personal/Mortgage Loans) – Property Documents – Proof of deposit 10  21-Nov-18 Self-Employed Documents Passport, Visa & Emirates ID (front & back) 6 month’s Bank Statements for Company & Personal Last Credit Card Statement Audited Accounts for 2 years Cheque Book Company Documents – Trade License – MOA – Service Agreement Other Documents: – Liability Documents (Personal & Company) – Property Documents – Proof of deposit Mortgage Pre Approval 3-5 working days for Employed 10 working days for Self Employed Conditional Pre Approvals Validity period of Pre Approval – 30, 45, 60 or 90 days Some Banks accept scanned documents Not a guarantee of finance Issued by letter and/or email 11  21-Nov-18 Arranging Valuations Collect: – Valuation cheque, addressed to bank – Signed copy of Form F/SPA – Copy of Title Deed or ownership documents – Floor Plan – Seller passport(s) Send cheque & documents to bank Provide contact and details for access Valuation should be completed within 48 hours Some banks send Valuation Report, others don’t Chase bank in case of a delay Insurance Property & Life Insurance Mandatory Lenders offer Group schemes Some are now selling Independent Life Insurance Independent Life Insurance needs to be assigned to bank – this can hold-up a mortgage disbursal Property Insurance is completed through Group Schemes – some Lenders offer this for free Usually only main applicant would require Life cover Consider options for applicants with poor health Do not encourage clients to omit key information Medical requirements & criteria 12  21-Nov-18 Mortgage Final Offer Letters (FOL) Issued after valuation Bank Account should be opened Some Lenders require Liability Letter first FOL is usually valid for 30-60 days Processing fees & deposit are required at signing Mortgage Broker should be present Security Cheques required Copy of documents usually given to client Islamic FOL’s – greater documentation Seller mortgage settlement is made after 48 hours Security Cheques Taken at Final Offer Letter Historically Lenders required 30-100 cheques Today, 1-5 are sufficient, depending on Lender All banks take security cheques These are undated Usually for full loan amount but may also include interest These are taken as extra security re Foreclosure Reassure your client - this is normal in UAE 13  21-Nov-18 Module 3 End 14  21-Nov-18 Module 4 Regulation & Process Module 4 Content Introduction of Mortgage Regulations UAE Central Bank Regulation Dubai Land Department Fees Types of Purchase & Sale Transactions Types of Property Transactions 1  21-Nov-18 Introduction of Mortgage Regulations UAE Central Bank circular dated 28th October 2013 Superseded a communication from December 2012 Regulation to apply 1 month after publication in Official Gazette Implementation date 28th December 2013 Key Objectives of Mortgage Regulations Protecting the financial sector Fostering consumer protection Enhancing financial stability 2  21-Nov-18 Why UAE Central Bank Mortgage Regulation? Slow down market (prevent overheating) Greater regulation of mortgage market Provide a framework to banks & lenders to lend more conservatively Implementation of effective business standards Risk management, disclosure & transparency Create a level playing field Protect consumers UAE Central Bank Mortgage Regulations UAE Nationals – 85% LTV for Government Housing Programs