Panel discussion on a stage with four speakers in business attire; a Jamaican flag and a blue conference backdrop are visible behind them, microphones in hand.

Digital Solutions Making Home Ownership More Accessible for Diaspora Jamaicans

4 min read

Dave Hanson (right), senior manager and chief product officer, mortgages, JN Bank, discusses how advances in technology is facilitating persons in the diaspora to access mortgage financing in Jamaica during a panel discussion at the 11th Biennial Jamaica Diaspora Conference, held at the Montego Bay Convention Centre, on June 15. At left is Lisa Rutty, moderator and member of the Global Jamaica Diaspora Council (Canada); Dwayne Berbick, assistant general manager, corporate communications and public affairs at the National Housing Trust; and Leighton Smith, vice president, VM Building Society Overseas Offices and chief executive officer of VM Finance Limited.

Advances in technology are reducing barriers that previously made it challenging for Jamaicans living overseas to access mortgage financing in Jamaica according to Dave Hanson, senior manager and chief product officer, mortgages, JN Bank.

He was speaking during a panel discussion titled “Investing in Jamaica’s Property Market: Opportunities for the Diaspora” at the 11th Biennial Jamaica Diaspora Conference, held at the Montego Bay Convention Centre, on June 15, under the theme “Diaspora Partnerships: Rebuilding a More Resilient Jamaica.”

The session, moderated by Lisa Rutty, member of the Global Jamaica Diaspora Council (Canada), included presentations from Dwayne Berbick, assistant general manager, corporate communications and public affairs at the National Housing Trust and Leighton Smith, vice president, VM Building Society Overseas Offices and chief executive officer of VM Finance Limited.

Mr Hanson outlined that JN Bank has streamlined its mortgage process to create a more seamless experience that benefits clients in the diaspora.

“At JN Bank, we understand that home ownership continues to be an elusive commodity for many aspiring Jamaicans living here and abroad, and we try to simplify our processes in that regard,” he said.

Mr Hanson explained that the bank’s digital platforms allow prospective homeowners to begin the mortgage process remotely, eliminating the need for repeated visits to Jamaica.

“We have created digital footprints in terms of your ability to get a remote pre-approval online,” he shared, adding that applicants can visit the bank’s website, where an interface directs them to an online portal through which they can apply for pre-approval.

“Customers can also open accounts remotely through the ONE JN Passport app, enabling them to complete key steps in the mortgage process from anywhere in the world,” he pointed out.

He added that the institution’s digital systems enable applications to be processed efficiently, with the goal of helping customers move into their homes as quickly as possible.

“Our endeavor in the entire process is to have you within the confines of your new home within 30 days,” he stressed.

The senior manager further highlighted the role of technology in transforming access to mortgage financing for Jamaicans overseas, noting that JN Bank has embraced a range of digital tools that allow clients to interact with the institution remotely.

“Digital mortgage applications is one way that we have leveraged technology, also providing enhanced customer support through video conferencing and online chat.”

He noted that secure digital platforms are also being used to facilitate electronic document submission, reducing paperwork and improving convenience for customers abroad.

“We’re looking at cloud-based solutions or secure digital platforms that provide opportunities for you to upload your personal documentations,” he said, adding that data privacy is being preserved in this regard.

Mr Hanson pointed out that additional customer support is provided through JN Properties, the real estate arm of the JN Group, which assists clients in identifying suitable real estate opportunities and offers services for clients who purchase property as an investment rather than a primary residence.

“If you decide that you don’t necessarily want to come to Jamaica to stay, we can also provide property management services. If you want to rent a property, we’ll work out the dynamics as it relates to getting tenants for you, we’ll collect the rent, and we’ll remit the funds to you,” he explained.

Organised by the Ministry of Foreign Affairs and Foreign Trade, in collaboration with the conference chair, The Jamaica National Group, and supported by legacy partners, government ministries, departments and agencies, as well as diaspora stakeholders, the diaspora conference stands as Jamaica’s premier platform for engaging its global community and encouraging active participation in the country’s development agenda.

The conference, which culminates on June 18, brings together Jamaicans living abroad, along with government officials, private sector representatives, academics and civil society persons, to examine opportunities for advancing national development and strengthening resilience.