While many U.S. lenders are still reluctant to embrace e-mortgage technology, the Central Bank of Azerbaijan is going full-throttle with this solution.
The Trend News Agency reports that the Azerbaijan Mortgage Fund (AMF), operated by the nation's central bank, is launching an e-mortgage program in September. Banks will be required to pay a one-time fee of approximately $1,270 to participate in the program. Currently, 27 banks are linked to the AMF.
The central bank may expand the program to other companies in the national mortgage market, including insurance companies and appraisal companies.