Acceptable Documentation Under the Memo
- Official Receipt (OR) issued by the LRA.
- Supporting Assessment Form and Payment Order (AFPO) issued by the LRA.
- Both documents must bear the same Electronic Primary Entry Book (EPEB) entry/reference number.
Legal Effect and Usage
- OR and AFPO bearing identical EPEB numbers are accepted proof of registration or cancellation of mortgage-related instruments.
- Such documentation is sufficient to classify and set up allowance for probable losses on mortgage loans.
- Mortgage loans supported by these documents are deemed free from technical defects or documentation deficiencies.
- Regarded as full compliance with the registration requirements of the local registry of deeds.
Temporary Nature and Effectivity
- This arrangement is only effective until the LRA completes its computerization project.
- A follow-up advisory will be issued to inform the public of the LRA's project completion and the termination of this temporary measure.
Administrative Authority and Implementation
- This memorandum is promulgated under the authority of the Deputy Governor of BSP.
- Banks and relevant financial institutions are directed to adopt and comply with these provisions for mortgage loan classification and documentation.
- It ensures uniformity and efficiency in handling mortgage registrations pending LRA’s full digital system deployment.