Memorandum of Understanding Signed between National Mortgage Company and Korea Housing Finance Corporation
Yerevan, March 14
National Mortgage Company RCO CJSC and Korea Housing Finance Corporation have signed a memorandum of understanding (MoU) today, with a purpose of joint development of Armenia’s and Korea’s housing finance markets. MoU was signed by Executive Director of the National Mortgage Company Edmond Vardumyan and President and Executive Director of Korea Housing Finance Corporation Jung Hwan Lee.
The main purpose of the MoU is to commence a cooperation in the areas of housing finance and mortgage market, based on joint research and exchange of knowledge developed on the topics of general concern.
The National Mortgage Company has been consistently developing its product inventory to comply with the growing standards of the industry and world’s best practices, Company’s Executive Director Edmond Vardumyan said at the official signing ceremony that took place at the Central Bank of Armenia. Republic of Korea is incomparably far in the lead in use and application of financial instruments in the field of mortgage market and cooperation shall help to learn from the successful model. According to Korea Housing Finance Corporation Executive Director Jung Hwan Lee, no country has been able to manage all its issues on its own and the exchange of knowledge will facilitate the implementation of companies’ mission, national welfare and economic development of both nations.
Korea Housing Finance Corporation was established in 2004 by the government with the aim to support Korea republic’s housing welfare. The Corporation implements 4 main functions – mortgage finance, securitization, credit guarantees for the housing finance and support through reverse guarantees for senior citizens.
National Mortgage Company was established in 2009 by the Central Bank of Armenia to support the development of mortgage market and broaden the access to housing finance in Armenia. The Company refinances acquisition, renovation and construction of residential housing. The Company presently cooperates with German KfW bank group, French Development Agency, Black Sea and Development Bank and other international institutions.