Banco del Instituto Ecuatoriano de Seguridad Social (BEISS) Says it is processing more mortgage applications and taking less time to do it.
The home lending wing of Ecuador’s Social Security system says it has processed 7,449 mortage applications, amounting to more than $286 million since early December and has reduced the time required to handle each applications from 75 to 60 days.
BIESS general manager Eduardo Moreno says the reduction in processing time is the result of new computer software and the fact that his agency is now handling applications in-house. Before December 2013, much of the work was handled by contractors hired by IESS.
“We continue to streamline the process and to improve communications between staff and clients,” Moreno says. “Our new call center gives clients a direct line to our work.” Currently, he says, BIESS has 16,000 applications pending and hopes to improve on its 60 day processing schedule.
Moreno says his office is also considering lowering mortage interests rates that are currently 1.5% to 2% below those offered by commercial banks.
Low interest mortgage loans are available to all members of Ecuador’s Social Security system.