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Banks have a bigger role to play in new mortgage payment option

Law, S. ORCID: https://orcid.org/0000-0002-5231-2845 and Wu, E. (2022) Banks have a bigger role to play in new mortgage payment option. Banking Today (127).

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Abstract/Summary

The pilot-launch of Payment Arrangements for Property Transactions (PAPT) scheme means that banks will be able to play a more active role in effecting mortgage fund transfers to relevant institutions and parties, which previously were the responsibility of a solicitor. With authorised banks now able to electronically pay the mortgage loan secured by a homebuyer directly into the bank account of the seller, PAPT is designed to facilitate the development of digital finance while strengthening the protection of mortgage customers.

Item Type:Article
Refereed:No
Divisions:Arts, Humanities and Social Science > School of Law
ID Code:114971
Publisher:Hong Kong Institute of Bankers

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