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Mortgage Finance Authority

By: EconomyWatch Date: 30 June 2010

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Mortgage Finance Authority (MFA), a government body, is the regulatory body of mortgages in Egypt which is created by the Presidential Decree #277 of 2001.New Mexico Mortgage Finance Authority (NMMFA) is also called the Mortgage Finance Authority or simply MFA. It is New Mexico's largest housing finance provider.

But in the present article henceforth we would use MFA for Mortgage Finance Authority of Egypt only.

Mortgage Finance Authority's mission is to create an efficient mortgage financing market in Egypt in order to accomplish the following :-

Sustenance of the economic growth of Egypt.
Safeguarding the rights of debtors, lenders and all participants of the mortgage market.
Helping the residents of Egypt to own residential and commercial properties.

The main focus areas of MFA are:-

1. Give encouragement to the development of the mortgage market in order to meet the increasing need for the residential and commercial properties.
2. Protection of consumer rights through imposing of regulations and proper monitoring of the mortgage market.
3. Ensuring transparency and competitiveness of the mortgage market along with ready accessibility of capital for funding mortgages.
4. Ensuring the presence of well educated, trained and certified professionals in the mortgage market through proper collaborations with the key players for efficient functioning of the same.

Objectives of Mortgage Finance Authority are:-

1. Regulation of mortgage financing activities.
2. Development of a transparent and competitive mortgage finance market.
3. Educating the consumers, professionals, and all the participants of the mortgage finance market.
4. Implementation of measures and procedures for efficient functioning of the mortgage finance market.
5. Safeguarding the rights of debtors, lenders and all participants of the mortgage market.
6. Overseeing that the Mortgage Finance Law of the land is properly implemented.

Roles of Mortgage Finance Authority (MFA) in accordance with the Presidential Decree 277/2001 are :-

MFA is responsible for setting the general policies, in accordance with the provisions of the financing law of the real estate, for directing the proper financing of the real estate.
In accordance to the real estate financing law, MFA prepares and maintains the registers of the agents and brokers of real estate. It also supervises their works.
MFA is responsible for making the mortgage finance market transparent. For this is is entitled to develop rules and regulations for predatory lending practices and consumer fraud.
Mortgage Finance Authority issues licenses to the mortgage financing companies. It also follows up their activities and controls them.
It develops the forms mentioning the essential conditions for financing of real estates.
MFA reviews and makes decisions on the applications submitted by the mortgage financing companies for mergers, liquidation of assets, or cessation of operations.
MFA is responsible for providing and disseminating information on financing of mortgages to the general public and the concerned entities of the mortgage finance market.
MFA makes the reports, registers, documents and other relevant papers required for financing real estates. This is done without violating the provisions of the laws for the regulation of information confidentiality. It is done in accordance with the rules and regulations of the real estate financing law.