CAIRO: The Mortgage Finance Authority (MFA), established in 2001, has seen an increase in the total profit of the mortgage finance market from LE 15 million in 2005 to over several billion in 2007, said Ashraf El Kady, deputy chairman of MFA at a press conference on the fringe of the 14th Inter-Build conference.
MFA is a government body that helps finance homes and commercial property as well as protects consumer rights and other elements of the mortgage market.
We provide the investor with the privileges of choosing any mortgage anywhere and allow them the longest period to pay off their mortgage, said El Kady.
He added that once they have verified the existence of the property and that it is registered at the Notary Public, then the investor is immediately considered the owner of the property.
MFA must also ensure the availability of opportunities in the market and guarantee its competitiveness and transparency. As a means of supporting the development of the market, MFA has implemented an observatory system that assures its effectiveness.
El Kady mentioned other ways of achieving an effective market through creating the “One Stop Shop, where investors can hand in their applications and requests and get help with issues related to their investment. MFA has also hired evaluation experts who assess the options available in the market and guarantee its quality.
According to El Kady, MFA has faced a number of challenges since it opened and has tried to deal with them through a number of methods.
Some of these challenges include spreading awareness about MFA and its role and communicating with the market. To address this, they have created a website with information about the market, the investors and how the organization works. They have also set up a helpline for consumers to call with their questions.
Other problems they faced include the high cost of registering property, and in 2006 they managed to decrease the maximum price to LE 2,000. They have also signed a protocol with the Ministry of Housing, Utilities and Urban Communities in order to ease the registration process as well as training mortgage agents who help consumers through it.
