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UBF CEOs Advisory Council Meeting Explored Initiatives to Promote the Country's Real Estate Sector and Boost ...

Identifying the real estate sector, which accounted for 6.9% of the UAE’s gross domestic product (GDP) in 2017, as a critical sector in the country’s economy, the CEOs Advisory Council commended UBF’s initiatives aimed at supporting the local mortgage market. The council also put forth a set of recommendations to streamline mortgage regulations to encourage residential mortgage lending.

Among the topics of CEOs Advisory Council’s agenda was the review of the progress made by UBF in its efforts to promote financing for SMEs, which contribute more than 60% of GDP of the UAE. The federation continues to hold consultative meetings with the Central Bank of the UAE and other stakeholders to enhance SMEs access to finance. In the past, UBF has introduced several measures to the support the SMEs sector, including the ‘Modus Operandi’ rescue initiative for firms experiencing repayment difficulties.

The meeting also commended the federation’s member banks for having achieved the Emiratization targets stipulated in the UAE’s federal nationalization strategy. The council acknowledged that the outstanding achievement was a result of the banks’ unrelenting commitment towards realizing the vision of the country’s leadership.

Former Treasury Secretary Jack Lew to advise mortgage start-up Blend

"Blend is transforming home finance, which is critical to our nation's economy," said Lew, who also was director of the Office of Management and Budget in the Clinton and Obama administrations. "The company is uniquely positioned to simplify more areas of consumer lending in partnership with banks, lenders, and other technology providers."

Fintech newcomers like Blend have made serious inroads in the mortgage business, which plagued banks during the financial crisis a decade ago.

In 2008, lenders got caught up in offering easy access to money and high-risk loans, with little to no documentation. The Dodd–Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, banned risky loan products and now requires way more documentation. Lenders also need to disclose all the costs involved in each loan and verify someone's ability to repay.

What would have been added paperwork required by Dodd-Frank has largely gone online and replaced with data.

Companies like Blend still need to collect private information like a W-2 and payslips. But having it stored online means verification in fewer steps, and "less friction," when assessing someone's creditworthiness, according to CEO Nima Ghamsari.

Can a single mother with one child get a mortgage?

I split from my partner 5 months ago due to his infidelity now i am living with parents, can i apply for a mortgage by myself with an income of £1000 per month or do i need a guarantor?

Being a single mother should not be a serious problem. Having an income of 1000 GBP/month could be. I am not familiar with the cost of living in the UK, but the US equivalent is not very much to live on.