Jamaica National Building Society's (JNBS) general manager Earl Jarrett said his company recorded loan origination of J$800 million in one four-week period, following the lowering of rates to 9.4 per cent in early March.
JNBS is the largest private lender with a J$41-billion portfolio as at December 31, 2011, but it was not the leader in the mortgage wars.
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The rivalry was truly ignited in early March when the largest bank in Jamaica, National Commercial Bank, entered the residential market as a low-price leader with a mortgage rate of 9.5 per cent."
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