{"id":22,"date":"2017-11-11T15:46:30","date_gmt":"2017-11-11T20:46:30","guid":{"rendered":"http:\/\/jmb.gov.jm\/?page_id=22"},"modified":"2021-12-17T15:23:35","modified_gmt":"2021-12-17T20:23:35","slug":"about-us","status":"publish","type":"page","link":"https:\/\/www.jmb.gov.jm\/html\/who-we-are\/about-us\/","title":{"rendered":"About Us"},"content":{"rendered":"

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About Us<\/h1><\/div>

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.\u00a0 The authorized, issued and fully paid-up share capital of the Bank is at present $500 million.<\/h3><\/div>

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.<\/p>\n

Vision<\/h3>\n

To finance safe and affordable housing so that all Jamaicans will have access to home ownership.<\/p>\n

Mission<\/h3>\n

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.<\/p>\n

Core Values<\/h3>\n
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  • Accountability<\/li>\n
  • Respect<\/li>\n
  • Integrity<\/li>\n
  • Self-oriented<\/li>\n
  • Excellence<\/li>\n<\/ul>\n

    Core Functions<\/h3>\n

    The main functions of the Bank are:<\/p>\n

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    • The mobilization of loan funds for on-lending to public and private sector housing developers and other lending institutions<\/li>\n
    • The operation of a secondary mortgage market facility<\/li>\n
    • 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.<\/li>\n<\/ul>\n

      In order to carry out its mandate the JMB may:<\/p>\n

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      • Guarantee loans made from private investment sources for building development<\/li>\n
      • Sell investments of whatever kind belonging to the bank as and when appropriate<\/li>\n
      • Lend money for the construction of premises for private residential purposes or of a commercial or industrial nature using the real estate as security<\/li>\n
      • Lend money on mortgage and carry out any other transactions involving mortgages<\/li>\n
      • Provide financial advice and or assist in obtaining managerial, technical and administrative services for persons engaged in building development in Jamaica<\/li>\n<\/ul>\n<\/div>

        Our Departments<\/h3><\/div>

        Finance & Accounts<\/h4>\n
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        • Financial & Management Accounting<\/li>\n
        • Treasury and cash Management<\/li>\n
        • Budgeting and Control<\/li>\n<\/ul>\n

          Business Operations<\/h4>\n

          Primary Market Financing<\/h5>\n
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          • Project Financing<\/li>\n
          • Project Appraisal and Monitoring<\/li>\n
          • Project Risk Analysis<\/li>\n
          • Technical Support Services<\/li>\n
          • Diaspora Project Management Services<\/li>\n<\/ul>\n
            Secondary Mortgage Market<\/h5>\n
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            • Mortgage-backed Securities<\/li>\n<\/ul>\n
              Mortgage Insurance<\/h5>\n
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              • Evaluation of proposals for insurance for housing schemes<\/li>\n
              • Claims processing<\/li>\n
              • Issuing of Undertakings-to-insure<\/li>\n
              • Preparation of Mortgage Insurance policies<\/li>\n
              • Promotion of Mortgage Insurance facilities<\/li>\n<\/ul>\n<\/div>
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                Corporate Secretarial\/Legal<\/h4>\n
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                • Corporate Secretarial activities, including Corporate Governance and Board of Directors\u2019 Issues<\/li>\n
                • Legal Conveyancing, and title registration<\/li>\n
                • General Legal Services<\/li>\n<\/ul>\n

                  Human Resource and Administration<\/h4>\n
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                  • Human Resource Management<\/li>\n
                  • Policy Development and Administration<\/li>\n
                  • Office Administration<\/li>\n<\/ul>\n

                    General Manager\u2019s Office<\/h4>\n
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                    • Strategy Development, Implementation and Execution<\/li>\n
                    • Information and Communication Technology<\/li>\n
                    • Public Relations and Marketing<\/li>\n<\/ul>\n<\/div>
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