Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Zeti Akhtar Aziz
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Carmen Chu
Alan Au
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
515.5995

Press Releases

Widespread Adoption of the Model Mortgage Origination Documents

The Hong Kong Mortgage Corporation Limited (the HKMC), the convener of the Steering Committee for Standardisation of Mortgage Origination Documents, has recently conducted a survey of 34 mortgage lending institutions in Hong Kong. The HKMC is pleased to announce that 22 banks have confirmed their intention to adopt the Model Mortgage Origination Documents for their mortgage transactions (see Annex A) and another 8 institutions are giving serious consideration to adoption.

The two Model Documents are the products of a project launched by the HKMC in 2000 that aims to raise the industry standards in mortgage origination by developing a set of model mortgage origination documents that represent the best market practice. The project has two main objectives:

  1. to develop a set of model documents that clearly prescribe balanced rights and obligations between the banks and the homebuyers and are easily understood by the contracting parties through the use of user-friendly language in drafting the documents; and
  2. to reduce the lead time and cost for the issuance of mortgage-backed securities by removing the need for investors and credit rating agencies to conduct due diligence on the mortgage origination documents.

The Model Mortgage Origination Documents were introduced by the Steering Committee in 2001 after extensive consultation with the banking industry and the legal profession. Dah Sing Bank, Hang Seng Bank Group, HSBC, Orix Asia Limited and Standard Chartered Bank have already adopted the Model Mortgage Deed since March 2002. The survey findings show that the majority of banks will soon adopt the Model Documents for the benefit of mortgage borrowers. In addition to raising industry standards in mortgage origination, a widespread adoption of the Model Documents will also facilitate the development of an efficient MBS Market in Hong Kong.

The Hong Kong Mortgage Corporation Limited
24 May 2002

 

Annex A

 

Banks that have adopted the Model Mortgage Documents

Dah Sing Bank, Limited

Hang Seng Bank Limited

Hang Seng Credit Limited

Hang Seng Finance Limited

The Hongkong and Shanghai Banking Corporation Limited

Orix Asia Limited

Standard Chartered Bank

Banks that intend to adopt the Model Mortgage Documents

ABN AMRO Bank N.V.

AIG Finance (Hong Kong) Limited

American Express Bank Ltd.

Asia Commercial Bank Limited

Bank of China (Hong Kong) Limited

Bank of Communications

Chekiang First Bank Limited

Chiyu Banking Corporation Limited

The Bank of East Asia, Limited

Dao Heng Bank Limited

DBS Kwong On Bank Limited

First Pacific Bank Limited (merged with BEA on 1 April 2002)

Overseas Trust Bank, Limited

Shanghai Commercial Bank Limited

Wing Hang Bank, Limited

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Information in Other Languages (Bahasa Indonesia, हिन्दी, नेपाली, ਪੰਜਾਬੀ, Tagalog, ไทย, اردو)
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery