Earl Jarrett (left), general manager of Jamaica National Building Society (JNBS), Dave Pitter (centre), vice-chairman First Mortgage Brokers (FMB), and Lorraine Finlayson, president of the Realtors Association of Jamaica, at the launch on First Mortgage Brokers, at the Hilton Kingston Hotel. (Photo: Joseph Wellington)

A new mortgage broking company, First Mortgage Brokers Limited (FMB), has entered the Jamaican real estate landscape to essentially save home purchasers the leg work and offer them a central point in dealing with mortgage-related issues.

"Many purchasers, despite the best efforts of the major players in the industry, are still not very knowledgeable about the details of accessing a mortgage and therefore find the process difficult and confusing," said Dave Pitter, vice-chairman of FMB at the launch of his company on Thursday at the Hilton Kingston Hotel.

He added that the concept of mortgage broking was relatively new to Jamaica. First Mortgage Brokers is formed primarily by the principals of chartered surveying company Allison Pitter & Co and is headed by Pitter, a mortgage broker who has returned to Jamaica from Florida. According to Pitter, FMB was established with a mandate to satisfy the need and demand for a central entity to co-ordinate the many facets of the mortgage process on behalf of prospective purchasers.

"Our main objective is to be a one-stop, full service facility for all real estate acquisitions and financing, making the process hassle-free for our clients," said Pitter. Earl Jarrett, general manager of Jamaica National Building Society, the largest in the island, said he welcomed the establishment of the company.

"First Mortgage's role as a central organisation co-ordinating all aspects of the mortgage origination process, such as the application, approval and access of financing, on behalf of prospective purchasers is certainly good news for our sector and perhaps long overdue," said Jarrett in his keynote address at the launch.

In effect, FMB will act as pre-qualifiers for persons seeking mortgages then refer these customers to a building society for the processing of the loan, an arrangement which has so far been finalised with JNBS.

"We have established a collaborative partnership arrangement with JNBS and are finalising agreements with other major housing finance actors, including First Caribbean International Bank and Victoria Mutual Building Society with a view to increasing the number of partnerships," Pitter said.

"We have approvals from both First Caribbean International Bank and Victoria Mutual Building Society, but a contract has not yet been signed," director Karl Allison explained. "We shop around to get the best rate for the client for the loan that they are seeking. "People who qualify for NHT (National Housing Trust) loans and need additional funds can also come to us," said Allison.