Submit the scheme: the Central Bank announced complaints about banks' violation of the mortgage standard

The central bank has already begun receiving complaints from borrowers about banks that do not comply with the mortgage standard (it came into force on January 1 and imposed a ban on high-risk schemes), but so far they are isolated, the regulator's press service told Izvestia. They clarified: citizens, for example, reported that a credit institution charges a developer for a reduced rate, but at the same time he overestimates the value of real estate. The Central Bank recalled that from April 1, another supervisory standard will come into effect, and banks will be responsible for tricks. However, experts noted that the punishment for violations is too lenient and believe that it should be tightened up to the revocation of the license.

What do Russians complain about when getting a mortgage?

The mortgage standard was adopted last year and became effective on January 1, 2025. The Central Bank lobbied for this measure and thereby introduced elements of a self-regulatory organization (SRO) into the activities of banks, which they had not agreed to create for many years.

The mortgage standard has fixed the rules for issuing housing loans and limited risky schemes. Thus, banks are recommended to have uniform mortgage terms: a term of no more than 30 years and an initial payment of at least 20% of the cost of housing. It is also supposed to limit high-risk schemes: a reduction in interest due to an increase in the cost of housing, a mortgage with cashback, payment through a letter of credit (not covered by the insurance system) under DDA contracts bypassing escrow accounts (they guarantee that the shareholder will not lose money if the developer is unable to rent the house). Banks are also required to describe in detail to the borrower all the risks and conditions associated with the transaction before signing the agreement.

— In the mortgage standard, we described high-risk mortgage schemes and the consequences for consumers that these schemes can lead to. If a person is not satisfied with the conditions that the bank offers him, and he sees in them a violation of his rights, he can complain to the Bank of Russia, the regulator's press service reminded Izvestia.

And they reported that since the beginning of the mortgage standard, the Central Bank has already received complaints on this topic — they are isolated.

"In particular, citizens reported that the bank charges a fee from the seller (developer) for setting a reduced interest rate under a mortgage loan agreement, despite the fact that this leads to an increase in the cost of housing," the regulator said.

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His press service explained that the mortgage standard, with the exception of its individual provisions, which are formulated as recommendations, is mandatory for banks. In particular, it is prohibited to receive remuneration from developers for reducing the loan rate, if this leads to an increase in the cost of purchased real estate, to charge remuneration from the borrower for reducing the loan rate.

"Those banks that do not comply with the mandatory provisions of the mortgage standard will be subject to the measures provided for in the supervisory standard, which comes into force on April 1," the Central Bank stressed. — These measures include posting information about violators on the regulator's website. This way, borrowers will be able to take this information into account when choosing a bank for a mortgage.

A complaint can be filed with the Bank of Russia, which will assess whether there are signs of a violation of the standard and, if so, send it to the committee for consideration and action, said Denis Lipaev, Vice President of the Association of Banks of Russia.

Experts explained the small number of complaints about violations of the mortgage standard

According to him, the mortgage standard has been in effect since January 1 and applies only to new transactions, so it's too early to assess how effectively it works in March. All the experts interviewed by Izvestia agree with this opinion. They are sure that the small number of requests does not indicate the discipline of banks, but indicates the lack of information of citizens. For example, Gennady Fofanov, president of the Invoicafe investment platform, said this. He believes that the isolated nature of the complaints is most likely due to the fact that people have not yet realized the requirements of the standard and the mechanisms for protecting their rights.

— Citizens often do not have sufficient financial literacy and are not aware of their ability to file a complaint with the Central Bank. In addition, many mortgage schemes and violations have a long—term and delayed effect: the borrower does not always immediately notice or understand that he has become a victim of incorrect credit conditions," he said.

According to Gennady Fofanov, the entry into force of the supervisory standard is likely to contribute to an increase in the number of complaints, since from the moment of the beginning of real supervision over the implementation of mortgage standards and the first precedents of punishing banks, citizens will be more informed about their rights, where and how to complain.

Alla Khrapunova, an expert at the Popular Front project For Borrowers' Rights, also believes that the low number of complaints is not due to the absence of violations, but to consumers' ignorance of the existence of the mortgage standard.

— Banks and developers bypassed all the "corners", rules and conditions. Many consumers are outraged, discuss injustice in a narrow circle, publish angry messages on social networks and on specialized portals, but do nothing further," the expert noted.

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She believes that the number of complaints will not increase significantly with the entry into force of the supervisory standard. In order for this to happen, a broad information campaign is required from the Central Bank, the media and financial education volunteers.

Also, Alla Khrapunova is sure that the too lenient form of punishment for violators, including "repeat offenders," remains a big problem:

— There is no doubt that banks will find new ways to circumvent the standards, invent schemes, since these are commercial organizations and their main goal is to maximize income.

The expert gave an example that many developers, when buying a home by a client using a preferential mortgage, openly declare to him the margin, which differs depending on the lender bank. At the same time, the latter do not disclose to borrowers that such a scheme clearly contradicts good practices.

Punishment for banks for mortgage schemes may be tightened

Lawyers interviewed by Izvestia also speak about the leniency of punishment. As the strongest measure of influence, they single out a publication about the violation with an indication of the culprit on the regulator's website.

"For banks with a stable reputation and a stable customer base, such soft measures may not be effective enough and will not lead to a significant change in behavior," commented Olga Sulim, Chairman of the Sulim and Partners Bar Association. — Big banks will really rather try to avoid public condemnation. And small ones, especially in the regions, may continue to ignore the regulations, assessing reputational risks as acceptable.

If we assume that the current measures of influence may have limited effectiveness, then it is worth considering tougher sanctions from the Central Bank, the lawyer believes.

— As a rule, banks are attentive to the regulator's comments, since they have no desire to provoke an audit. At the same time, they will try to avoid obvious violations, disguising them as additional conditions that are difficult for citizens to perceive," said Alexei Nekrasov, an adviser to the Legicon—Pravo law firm.

Therefore, he believes, if a bank receives a large number of complaints, especially after receiving requests for removal, the Central Bank should initiate an audit. If it does not take effect, then more substantial penalties should be applied, ranging from negotiable fines to revocation of the license. By the way, violation of standards within the framework of SRO (which is not currently available on the banking market) threatens licensing risk.

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If soft measures prove ineffective, the Central Bank may lobby for tougher sanctions for violating the mortgage standard, said Yuri Mirzoev, CEO of Mitra National Law Company. In his opinion, these could include significant fines for each violation, temporary restrictions on certain operations, stricter supervision (more frequent inspections), and, in extreme cases, revocation of licenses for systematic and gross violations.

Denis Lipaev, a representative of the banking community, has no doubt that credit institutions will make every effort to comply with the provisions of the mortgage standard. He believes it is reasonable to return to discussing the number of complaints later, when the standard of supervision is in place. Moreover, this tool is flexible, and, of course, taking into account the practice of application, it will require adjustments.

A possible tightening will require legislative changes. As Anatoly Aksakov, head of the State Duma Committee on the Financial Market, recalled, if banks fail to comply with standards and do not show the necessary self-discipline, the Bank of Russia expressed its readiness to transfer the issue to the regulatory plane.

"If it comes to such an option, we, as legislators, will obviously support the regulator and take the necessary legislative measures, since we are talking about protecting the rights of consumers of financial services," the deputy told Izvestia.

But he still expects the banks to comply with the standards.