The National, Friday January 22nd, 2016
THE online registration of personal securities will reduce the cost to Government and improve services to lenders and borrowers, the Bank of South Pacific says.
Chief executive officer Robin Fleming said this would be so when lenders access the different types of lending securities they have but with the exception of mortgages over land securities.
Fleming said the functions of the Lands Department and the registration process of the banks interest on land titles remained unchanged.
He said the lenders would experience a much more efficient and streamlined registration process that would no longer require their staff to go to different government offices for the registration of securities.
“The lenders will also be able to undertake online searches for any encumbrances on personal assets offered as a security in support of a loan application.” he said.