Question & AnswerQ&A (BSP MEMORANDUM NO. M-2011-059)
The EPEB entry/reference number serves as evidence of registration or cancellation of mortgage instruments, encumbrances, or liens during the interim period of the Land Registration Authority's computerization project.
The Official Receipt (OR) and the supporting Assessment Form and Payment Order (AFPO) issued by the Land Registration Authority that bear the same EPEB entry/reference number are considered acceptable and sufficient documentation.
The memorandum aims to provide a temporary measure to acknowledge OR and AFPO documents with the same EPEB entry/reference number as valid proof of registration/cancellation of mortgage instruments while the Land Registration Authority completes its computerization project.
Mortgage loans supported by original copies of OR and AFPO bearing the same EPEB Entry/Ref. No. shall be considered free from technical defects or documentation deficiencies and compliant with the registration requirements of the registry of deeds.
The acceptance remains effective until the Land Registration Authority completes its computerization project, after which a subsequent advisory will be issued.
The project involves digitizing titles to modernize and streamline land registration processes, which will eventually replace the temporary acceptance of documents based on EPEB numbers.
These documents serve as official proofs of payment and processing for the registration or cancellation of mortgage instruments, encumbrances, or liens, especially during the interim period stipulated in the memorandum.
Yes, it temporarily recognizes mortgage loans supported by OR and AFPO with matching EPEB numbers as legally compliant with registry of deeds requirements, thus considered free of technical defects.
Banks are advised to consider OR and AFPO bearing the same EPEB entry/reference number as valid documentary evidence for classification and setting up allowances for probable losses on mortgage loans during the LRA's computerization project.