2 July 2018, Tyumen – Sberbank has created its first electronic mortgage certificate and sent it to Rosreestr. Electronic mortgage certificates can be issued starting from 1 July due to amendments to Federal Law No. 102-FZ ‘On real estate mortgages’ dd. 16 July 1998.
This is possible thanks to achievements made by Rosreestr in the application of digital technology and the integration of Sberbank’s services in the area of real estate and mortgage lending.
The changes to the law mean that now it is possible to issue mortgage certificates on paper and in electronic format. Electronic certificates must be certified by a secure qualified electronic signature of the borrower (pledger) and the bank (pledgee).
The depository of Sberbank Group stores, maintains a record of, and confirms the rights under electronic mortgage certificates.
“The option of creating electronic mortgage certificates speeds up the collateral registration process for clients who are applying for mortgage lending and doesn’t require that they perform any additional actions. Electronic mortgage certificates is a vital stage in the digitalisation of mortgage lending,” commented Nikolay Vasyov, Director of Sberbank’s DomClick Division.