Posted On 21 Apr 2014
The financial institution of the Ecuadorian Social Security Institute recognized that credit delivery takes an average of six months. However, explains that this figure refers to the `scheme and previous system, i.e., the one the Tata company used to manage´.
On February 17, Biess began to be in charge of the management of mortgage loans. Before this, the entity announced that is expected that mortgage applications will be resolved in an average of 90 days.
The Organization has also targeted that delays have been generated by external entities to Biess, such as `law firms, registration of property, municipalities, notaries and users who do not deliver full documentation or do not deliver it in time´.
For this reason, the number of law firms that work with the institution has doubled. In Pichincha went from 6 to 13; in Guayas, from 2 to 5; Azuay, from 1 to 4; and in Manabi, 3 to 5, according to the entity.
Despite the announced improvements, users who began the process of credit last year are still concerned about delays. Jaime Rumbea, Director of the Association of housing promoters of Ecuador, says that times were deteriorating over 100 days in the 2009 to six-month in 2013.