Objectives and Roles

Roles

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The MFA's objectives are to:

Regulate mortgage financing activities.
Oversee the proper implementation of the mortgage Finance Law.
Develop a competitive and transparent mortgage finance market.
Implement procedures and measures that ensure the efficiency of the mortgage financing market.
Safeguard the rights of market participants and consumers.
Educate consumers about mortgage finance.

Role of the MFA:

Article three of the presidential decree #277 of 2001 concerning the Mortgage Finance Authority stipulates the MFA shall undertake the following mandates in order to achieve its objectives:

Sets the general policies required for directing real estate financing activity in accordance with the provisions of real estate financing law.
Prepares and maintains registers for listing appraisers, as indicated in the real estate financing law and supervise their work.
Prepares and maintains registers for listing real estate agents as indicated in the real estate financing law and supervise their work.
Prepares and maintains registers for listing mortgage finance brokers as indicated in the real estate financing law and supervise their work.
Licenses mortgage finance companies; follows up and controls their activities.
Reviews and makes decisions about mortgage finance companies' applications to merge, liquidate assets or cease operations.
Prepares the forms covering the essential conditions for real estate financing.
Enables relevant parties to access the registers, reports, documents and other papers for real estate financing available at the MFA, or obtains official extracts of those documents. This is should be done without violation to the provisions of the laws regulating confidentiality of information and according to the rules and procedures specified by the executive regulations of the real estate financing law and for the fees specified by these regulations.
Provides and disseminates information on mortgage financing.
Sets standards for mortgage documentation and consumer disclosure.
Develops regulations for predatory lending and consumer fraud.