'Internal testing among employees underway'... Toss Bank nearing home mortgage launch

[Financial News] Toss Bank is conducting internal testing among its employees ahead of the launch of its home mortgage loan product. The bank is assessing the product's viability by expanding eligible collateral beyond apartments to include row houses and multi-family homes.
According to sources in the financial industry on the 21st, Toss Bank has been conducting internal testing of its home mortgage loan product among employees since last week.
The test covers not only apartments but also villas, including row houses and multi-family homes. Unlike apartments, villas lack sufficient standardized market-price data. If individual appraisals are required, each property must undergo a separate valuation process. Toss Bank is reportedly using an automated valuation model (AVM) to automatically estimate market prices for row houses and multi-family homes.
Toss Bank plans to launch the home mortgage loan product by the end of this year after completing the internal testing. Eunmi Rhee, CEO of Toss Bank, said at an earnings presentation in the first half of last year, "Last year was a year in which we soundly reshaped our lending portfolio in line with market conditions and the regulatory environment, and confirmed the stability of our earnings trend." She added, "This year, we will introduce a diverse range of new services, including home mortgage loans and fund sales."
[email protected] Lee Hyun-jung Reporter