The Board of Directors approved a new organisational chart for HFF in its meeting earlier this morning, Wednesday 25th of May 2016. After the organisational changes, the operation of the HFF will be under two income departments: Finance and Corporate, and one support department: Operations. The Director of Finance will be Sigurður Jón Björnsson and the Director of Corporate will be Guðrún Soffía Guðmundsdóttir. The position of the Director of Operations will be advertised.
The goal of the organisational changes is to adjust the HFF to a new operational surrounding, increase its profitability and make it better equipped to take care of its social role and increase its ability to serve its customers and the public. The HFF´s role in the market for mortgage loans has changed the last years as can be seen by the fact that during the years 2013 – 2015 only about 10% of new mortgage loans were issued by HFF. The HFF´s share of mortgage loans outside the capital area and to lower income families is on the other hand higher.
The organisational changes will have a positive effect on the operation of the HFF and it is estimated that these changes will lead to operational costs being around ISK 324 million lower when they have fully taken affect in 2017. They will be in addition to other arrangements that have been introduced to increase the profitability of the HFF as for instance the sales of properties, including the sale of The Klettur Property Management ehf, reduction of operational costs and increased yield of its liquid assets. As a result of all these measures HFF´s long term forecasts predict that the HFF will show a positive balance and that the Icelandic government will not have to subsidize HFF´s equity.