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Mexican banking association signs accord to increase transparency in mortgage loans

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Mexican banking association signs accord to increase transparency in mortgage loans

Mexico'shousing information platform, Registro Únicode Vivienda or RUV, and the country's banking association, ABM, have signedan agreement to increase transparency and offer better mortgage conditions to homebuyers,Milenio reported July 19.

Mexico's16 banks that offer mortgages will provide information to the RUV including thenumber of mortgages approved, financing conditions and locations of the loans, thereport said.

MexicanFinance Minister Luis Videgaray reportedly said the agreement would help to increasetransparency and competition in the mortgages sector, thereby lowering borrowingcosts.

For hispart, the head of the ABM, Luis Robles Miaja, said mortgages have grown at doubledigits in the last three years due to historically low interest rates, competitionamong banks and the relatively stable economy.