Source: Tinkoff Bank
The Agency for Housing Mortgage Lending («AHML») and Tinkoff Bank have signed an agreement to set up a joint venture to offer mortgage lending on a special electronic platform.
The agreement was signed by Alexander Plutnik, CEO of AHML, and Oleg Tinkov, Chairman of the Board of Directors of Tinkoff Bank.
The platform was designed to enable online acquisition of mortgage customers using Tinkoff Bank’s technology platform. It will support automated mortgage approvals based on AHML standards, execute loan documentation and issue mortgage loans, enable online registration of property transactions with the Federal Service for State Registration, Cadastre and Cartography, and can be integrated with the systems of other Russian mortgage lenders.
This online mortgage lending platform will also enable borrowers to service mortgage loans, including making monthly payments. Customers will be able to request bank statements and other mortgage documents, including insurance contacts, and seek mortgage servicing advice.
In this joint effort, AHML will focus on creating mortgage products, underwriting, online registration of property transactions and loan origination by the agency’s bank. Tinkoff Bank, in turn, will be responsible for setting up the platform, promoting the service and providing 24/7 customer support.
"An increasing number of Russians are looking to use mortgage loans to buy a home. We need to put in place an up-to-date solution to make this process as user-friendly and easy-to-use as possible. Tinkoff Bank is a fintech leader with an extensive track record in developing innovative online services. Together, we will build a platform to propel mortgage origination in Russia to a whole new level," commented Alexander Plutnik.
"We are delighted to combine AHML’s e-transaction experience and Tinkoff Bank’s customer acquisition expertise to harness this synergy and bring a new, promising mortgage player to the Russian market. This is a huge step forward for Tinkoff Bank. While in the past Tinkoff Mortgage served as a platform to partner with banks for a better customer experience, we will now be able to make a difference across the entire mortgage origination process," said Oleg Tinkov.
Contributed | what does this mean?