The Jamaica Mortgage Bank was established in 1971, as a private limited company under the Companies Act of 1965 with an authorized share capital of $5 million. On June 5, 1973, under Act of Parliament No. 16 of 1973, the Bank was converted to a statutory corporation. The authorized, issued and fully paid-up share capital of the Bank is at present $500 million. [ Read More ]
The JMB, a statutory organization under the Ministry of Transport Works and Housing (MTWH), operates in three business areas:
- Primary Market Financing which deals with construction financing through mobilization of loan funds for on-lending to public and private sector housing developers and other lending institutions.
- Secondary Mortgage Market through which partnerships are established with mortgage-lending institutions to facilitate the JMB purchasing mortgages originated by the institutions.
- Mortgage Indemnity Insurance which the JMB administers on behalf of the government of Jamaica and involves insuring the upper portion of mortgage loans made by approved financial institutions to purchasers of residential dwellings, residential lots and agricultural properties.