ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019
30. Loan review function of a mortgage refinance company
Edition: 2022-12-31 · In force
30. Loan review function of a mortgage refinance company
(1)Every mortgage refinance company's loan review function shall ensure that —(a)the loan portfolio and lending function conforms to a sound written lending policy, which has been approved and adopted by the board;(b)management and the board are adequately informed regarding credit risk, among other risks and risk management control effectiveness;(c)problem accounts are identified properly and on a timely basis and internally classified in accordance with the classification criteria in these Regulations; and(d)appropriate and adequate level of provisions for potential loss are made and maintained at all times.(2)A mortgage refinance company that contravenes sub-regulation (1) shall be liable to any of the sanctions provided for under in regulation 57.