BMC To Tackle Arrears and Application Backlog

Clearing up a backlog of applications and addressing mortgage arrears are at the top of The Bahamas Mortgage Corporation’s agenda under the Davis Administration.

The Bahamas Mortgage Corporation chief says a June 2022 target date has been see how many application and arrears cases can be tackled.

When it comes to arrears, she says they have set up new policies.

Mortgage arrears at BMC been a longstanding issue.

Back in 2020, then Minister of Housing and the Environment Romauld Ferreira said nearly half of the mortgages at the Bahamas Mortgage Corporation were in arrears. He said the arrears ratio at the time stood at 47.2 percent.

So just how many mortgages are currently in arrears, Cartwright declined to say.

But she did say the pandemic has not helped.

As it relates to the application backlog, Cartwright says nearly 200 applicants have been waiting for a response.

To date, more than 5,000 Bahamians have built their homes through the BMC.