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.
The Jamaica Mortgage Bank (JMB) was established with the mandate to finance safe and affordable housing so that all Jamaicans will have access to home ownership. The JMB seeks to mobilize financial resources for on-lending to private and public sector developers and financial institutions, developing an active secondary mortgage market and providing mortgage indemnity insurance.
To finance safe and affordable housing so that all Jamaicans will have access to home ownership.
To be a profitable organization, mobilizing financial resources for on-lending to private and public sector developers and financial institutions, developing an active secondary mortgage market and providing mortgage indemnity insurance in support of the national settlement goal.
The main functions of the Bank are:
- The mobilization of loan funds for on-lending to public and private sector housing developers and other lending institutions
- The operation of a secondary mortgage market facility
- The provision of mortgage insurance services as set out in the mortgage insurance law no. 26 of 1960, whereby loans made to purchasers of residential dwellings can be insured.
In order to carry out its mandate the JMB may:
- Guarantee loans made from private investment sources for building development
- Sell investments of whatever kind belonging to the bank as and when appropriate
- Lend money for the construction of premises for private residential purposes or of a commercial or industrial nature using the real estate as security
- Lend money on mortgage and carry out any other transactions involving mortgages
- Provide financial advice and or assist in obtaining managerial, technical and administrative services for persons engaged in building development in Jamaica
Finance & Accounts
- Financial and Management Accounting
- Treasury and Cash Management
- Budgeting and Control
Primary Market Financing
- Project Financing
- Mortgage-backed Securities
- Project Appraisal and Monitoring
- Risk Analysis
Secondary Mortgage Market & Mortgage Indemnity Insurance
- Evaluating proposals for insurance coverage for housing schemes
- Claims Processing
- Issuing of Undertaking-to-insure
- Preparation of mortgage insurance policies
- Promotion of mortgage insurance facilities
- Development of promotion of the Secondary Mortgage Market
Human Resource, Administration & Corporate Services
- Human Resource Management
- Policy Development & Administration
- Management Information Systems
- General Administration
- Public Relations
- Legal Conveyancing including title registration
- Corporate Secretarial activities including corporate governance and Board of Directors issues
- General Legal Services