MORCSA the independent body established to organize and represent the bond origination industry are in talks to figure out which authority should regulate the industry and how. To fund their operations, they will charge a small fee on every registered home loan, starting from January 1, 2024.
MORCSA, which stands for the Mortgage Origination Regulatory Council of South Africa, is an organization established to oversee and regulate the bond origination industry within South Africa.
Their primary objective is to ensure the sustainability and credibility of the mortgage origination industry. They aim to achieve this by regulating the conduct and practices of mortgage origination industry participants, including origination consultants and companies.
MORCSA has since announced a new membership fee for participants in the mortgage origination industry. The fee is set at 0.003% of all registered bank-confirmed home loans and will be implemented starting from January 1, 2024.
For Example:
Registered Bonds: R10 000 000
Membership Fee 0.003%
Contribution for the month R300 (exclusive of VAT, if any)
All bond originator consultants, companies, and their management will be required to register with MORCSA and pay the monthly membership fee.
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