MKB increased mortgage origination by more than 2.5 times in 6 months of 2021

Credit Bank of Moscow (MKB) has analysed its mortgage portfolio's performance in the first half of 2021.

Originations in that period soared by more than 2.5 times yoy, and the number of applications more than doubled. The number of issued loans doubled compared to 1H2020.

The average mortgage loan amount grew compared to 1H2020 to 6.4 mln roubles per applicant.

The down payment increased by 35% in 1H2021, and the share of newly-built houses in the mortgage portfolio expanded by more than 1.5 times yoy to 70%. The growth is due to the development of state-supported mortgage programmes and the recovery of housing construction and commissioning.

MKB optimised its business processes and automated the process of accreditation of development projects. Now 50% of applications are reviewed within one minute, and the decision to issue a mortgage loan is taken 60% faster. The Bank also made it possible to close a mortgage loan transaction within one business day.

"Our mortgage portfolio expanded due to multiple factors: positive market developments, the extension of subsidised mortgage programmes, and improved internal processes. MKB offers mortgage programmes in every segment of real estate and approaches individually each customer's needs. We are focusing on further development of partnership programmes with leading national developers, and implementing new services and products using the latest information technologies in this business area," underlined Igor Seleznev, Head of Mortgage Lending.