The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Number of firms originating and funding mortgage loans242327
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A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks20.11% of total20.83% of total19.2% of total
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A.1.2.1
Other depository institutions (savings and loans/mutual savings and credit institutions).53% of total.12% of total0% of total
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A.1.2.2
Non-depository financial institutions specialized in housing finance  .15% of total
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A.1.2.3
Others (e.g. insurance co, pension funds, labor tax funds)79.36% of total79.05% of total80.6% of total
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A.1.2.5
Identify the 3 largest loan originating lendersInfonavit, FOVISSSTE, BBVA-BancomerInfonavit, FOVISSSTE, BBVA-Bancomer Infonavit, FOVISSSTE, BBVA-Bancomer
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A.1.3
Are there (quasi) public mortgage lenders:YesYesYes
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A.1.4
Universal/ commercial banksYesYesYes
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A.1.4.1
Other depository institutions (savings and loans/mutual savings and credit institutions)NoNoNo
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A.1.4.2
Non-depository financial institutions specialized in housing financeYesYesYes
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A.1.4.3
General non-depository financial institutionsNoNoNo
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A.1.4.4
Others (e.g. insurance co, pension funds, labor tax funds)YesYesYes
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A.1.4.5
Typical lending spreads for mortgages2.6%2.6%2.6%
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A.1.5
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
as a % of # of loans  Not available
 
A.1.6.1
as a % of outstanding loan amount8.7%9.25%11.84%
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A.1.6.2
Average 1997-2007 A.1.7
as a % of # of loans Not availableNot availableNot available
 
A.1.7.1
as a % of outstanding loan amount Not availableNot availableNot available
 
A.1.7.2
Lowest decile of the income distribution served by the dominant mortgage lenders3 decile3 decile3 decile
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A.1.8
A.2 Size of Mortgage Finance Sector
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:102,739.21 USD (millions)114,184.21 USD (millions)85,164.03 USD (millions)
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A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)9.92%9.92%8.22%
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A.2.1.1
and as % of all credits outstanding35.95%36.51%26.4%
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A.2.1.2
Total # of home mortgage loans outstanding at the end of year  Not available
 
A.2.2
Total amount of home mortgages made in calender year in millions of USD14,952.96 USD (millions)16,314.5 USD (millions)17,986.16 USD (millions)
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A.2.3
and as % of GDP (current) 1.45%1.43%1.39%
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A.2.3.1
and as % of all credits originated in calender year  Not available
 
A.2.3.2
Total # of home mortgage originations made in calender year544,855 thousand572,855 thousand496,695 thousand
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A.2.4
What % of total new mortgages is refinance?  Not available
 
A.2.5
A.3 Housing Finance Products
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
Fixed rate for life of loan100%100%100%
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A.3.1.1
Variable rate/discretionaryNot availableNot availableNot available
 
A.3.1.3
Other fully amortizing loans (e.g. Rollover)Not availableNot availableNot available
 
A.3.1.4
Non-fully amoritizing loans (e.g. Price level adjusted/Interest only) Not availableNot availableNot available
 
A.3.1.5
Loans based on foreign currency as % of all mortgage productsNot availableNot availableNot available
 
A.3.2
Most prevalent type of foreign currency mortgage used:A.3.3
Fixed rate for life of loanNot availableNot availableNot available
 
A.3.3.1
Variable rate/indexed Not availableNot availableNot available
 
A.3.3.2
Variable rate/discretionaryNot availableNot availableNot available
 
A.3.3.3
Other (describe in the Notes section)Not availableNot availableNot available
 
A.3.3.4
Most frequent interest rates on fully amortizing:A.3.4
10 year fixed rate mortgageNot availableNot availableNot available
 
A.3.4.1
most common indexed ARM/10 year termNot availableNot availableNot available
 
A.3.4.2
discretionary ARM/10 year termNot availableNot availableNot available
 
A.3.4.3
5 year roll-over/10 year termNot availableNot availableNot available
 
A.3.4.4
foreign currency based 10 year FRMNot availableNot availableNot available
 
A.3.4.5
Most frequent rate on interest only 10 yr FRMNot availableNot availableNot available
 
A.3.5
Typical lender fees associated with mortgage origination: A.3.6
Fixed in amount Not availableNot availableNot available
 
A.3.6.1
as % of loan amountNot availableNot availableNot available
 
A.3.6.2
Typical third party fees associated with mortgage origination:A.3.7
Appraisal fees720 USD 720 USD 720 USD
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A.3.7.1
Title related feesNot availableNot availableNot available
 
A.3.7.2
Legal fees4,149 USD 4,149 USD 4,149 USD
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A.3.7.3
Search feesNot availableNot availableNot available
 
A.3.7.4
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV959595
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A.3.8.1
Typical LTV at origination808080
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A.3.8.2
Maximum term over which pmt is calculated? 20 years20 years20 years
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A.3.9
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (HH income)33%33%33%
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A.3.10.1
Maximum pmt-to-income ratio (Individual income)Not availableNot availableNot available
 
A.3.10.2
Typical pmt-to-income ratio (HH income)33%33%33%
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A.3.10.3
Typical pmt-to-income ratio (Individual income)Not availableNot availableNot available
 
A.3.10.4
A.4 Lending and Servicing Process
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
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A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceNoNoNo
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A.4.2.1
Secondary market facilityNoNoNo
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A.4.2.2
Major LenderYesYesYes
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A.4.2.3
OtherYesYesYes
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A.4.2.4
Are loan originations conducted by others than employees of lenders?NoNoNo
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A.4.3
% of Originations done by brokersNot availableNot availableNot available
 
A.4.3.1
% of Originations done on the internetNot availableNot availableNot available
 
A.4.3.2
Others (Specify in Notes)Not availableNot availableNot available
 
A.4.3.3
% of appraisals done by employees of lendersNot availableNot availableNot available
 
A.4.4
Do third party servicing institutions exist? NoNoNo
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A.4.5
% of loans serviced by originators/lenders100%100%100%
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A.4.6
A.5 Credit Risk Assessment
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Do credit bureaus exist? YesYesYes
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A.5.2
Are there legal/regulatory constraints to gaining access to credit information?YesYesYes
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A.5.2.1
What percentage of mortgage originations use credit scoring?  100%
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A.5.1
Is mortgage default insurance available?YesYesYes
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A.5.3
When did it begin operating?20092009Since 2009
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A.5.3.1
What is the typical MI product?Guarantee on non-fulfilment of payment. The financial intermediary is secured in case borrower stops paying. Guarantee on non-fulfilment of payment. The financial intermediary is secured in case borrower stops paying. Guarantee on non-fulfillment of payment. The financial intermediary is secured in case borrower stops paying.
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A.5.3.2
Number of private mortgage insurers111
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A.5.3.3
Are credit guarantee systems used? YesYesYes
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A.5.4
Is there public sponsored MI / guarantee?YesYesYes
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A.5.5
What % of the market does public MI / guarantee serve?10%10%10%
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A.5.6
What share of total annual mortgage production is insured/guaranteed? Not availableNot availableNot available
 
A.5.7
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)secondarysecondarysecondary
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B.1.1
Wholesale funding: loans from other banks or corporationsquaternaryquaternaryquaternary
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B.1.2
Funding through mortgage bonds Non-applicableNon-applicableNon-applicable
 
B.1.3
Funding through securitization of mortgagestertiarytertiarytertiary
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B.1.4
Other primaryprimaryprimary
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B.1.5
What % of Residential Mortgage Backed Securities is issued by centralized conduit or liquidity facility? Not availableNot availableNot available
 
B.2
Who are the investors in RMBS?Pension funds, SHF, hedge funds, insurance companiesPension funds, SHF, hedge funds, insurance companiesPension funds, SHF, hedge funds, insurance companies
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B.3
What is the proportion of RMBS in the overall private securities market?Not availableNot availableNot available
 
B.4
C. Housing Microfinance
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Are non-collateralized housing micro-finance loans offered? YesYesYes
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C.1
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Commercial banksYesYesYes
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C.2.1
Specialized non-depository MFIs YesYesYes
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C.2.2
NGOsYesYesYes
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C.2.3
OthersYesYesYes
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C.2.4
NoneNo No
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C.2.5
Typical lending spreads in HMFNot availableNot availableNot available
 
C.3
Level of NPLs (>90 days past due) in HMFC.4
as a % of loansNot availableNot availableNot available
 
C.4.1
as a % of outstanding loan amountNot availableNot available22%
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C.4.2
Are non-collateralized but secured housing finance products offered (e.g. secured by pension or insurance savings)YesYesYes
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C.5
Lowest income decile served with all non-collateralized housing lending products  2 decile
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C.6
back to top | Country Data:
Notes: 15 years pesos loan; average loan size $2 million.
Notes: close to 100
Notes: Credits cofinanced between Infonavit and other FI
Notes: Credits cofinanced between Infonavit and other FI
Notes: Most common ARM are indexed on Minimum wages (Infonavit)
Notes: 12.6%
Notes: 15 years pesos loan; average loan size $2 million.
Notes: 15 years pesos loan; average loan size $2 million.
Notes: 15 years pesos loan; average loan size $2 million.
Notes: 16.5%
Notes: 20.10%
Notes: 20.60%
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2nd and 3 deciles.
Notes: 4.9%, As percentage of the dwelling value.
Notes: 4.9%, As percentage of the dwelling value.
Notes: 5.2%, As percentage of the dwelling value.
Notes: 5.3%, As percentage of the dwelling value.
Notes: 5.3%, As percentage of the dwelling value.
Notes: 5.40%
Notes: According to Infonavit, this is the lowest decile they reach; only 14% of households in this bracket can obtain a loan.
Notes: According to Infonavit, this is the lowest decile they reach; only 14% of households in this bracket can obtain a loan.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: Annual average % change in median house prices. From 2005 to the updating year.
Notes: As in 1.4.1, and also includes borrowed dwellings, Intetstate/ disputed properties and other situations (eg Invaded).
Notes: As in 1.4.2 includes: borrowed dwellings; Intestate properties or in dispute and Other situations (eg Invaded).
Notes: Average dwelling unit size-existing housing.
Notes: Between 1%-5% depending on credit methodology
Notes: close to 100
Notes: close to 100
Notes: close to 100
Notes: Credit Cooperatives offered them, but not currently.
Notes: Credit Cooperatives offered them, but not currently.
Notes: Credit Cooperatives offered them,but not currently.
Notes: Credit Cooperatives offered them,but not currently.
Notes: Credits cofinanced between Infonavit and other FI
Notes: Credits cofinanced between Infonavit and other FI
Notes: Differs by each state.
Notes: Differs by each state.
Notes: Differs by each state.
Notes: Differs by each state.
Notes: Financial institution funded by SHF
Notes: Financial institutions use their own credit scoring methods.
Notes: Financial institutions use their own credit scoring methods.
Notes: For loans on udis, 25 years and average loan of $377,000
Notes: For loans on udis, 25 years and average loan of $377,000
Notes: For the product called “Credimil” the subsidy includes a reward for savings, up to 8 times the minimum general wage.
Notes: For the product called “Credimil” the subsidy includes a reward for savings, up to 8 times the minimum general wage.
Notes: IMF annual average principal exchange rate for 2007 (10.93 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2008 (11.14 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2008 (11.14 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2009 (10.93 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2009 (13.50 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2009 (13.50 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2009 (13.50 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2010 (12.63 pesos = 1 USD)
Notes: IMF annual average principal exchange rate for 2010 (12.63 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2010 (12.63 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2011 (12.44 pesos = 1 USD)
Notes: IMF annual average principal exchange rate for 2011 (12.44 pesos = 1 USD).
Notes: IMF annual average principal exchange rate for 2011 (12.44 pesos = 1 USD).
Notes: IMF annual average principal rate for 2007 (10.93 pesos = 1 USD)
Notes: IMF annual average principal rate for 2007 (10.93 pesos = 1 USD)
Notes: IMF annual average principal rate for 2008 (11.14 pesos = 1 USD)
Notes: IMF annual average principal rate for 2008 (11.14 pesos = 1 USD)
Notes: IMF annual average principal rate for 2009 (13.50 pesos = 1 USD)
Notes: IMF annual average principal rate for 2009 (13.50 pesos = 1 USD)
Notes: IMF annual average principal rate for 2010 (12.63 pesos = 1 USD)
Notes: IMF annual average principal rate for 2010 (12.63 pesos = 1 USD)
Notes: IMF annual average principal rate for 2011 (12.44 pesos = 1 USD)
Notes: IMF annual average principal rate for 2011 (12.44 pesos = 1 USD)
Notes: IMF end of period principal exchange rate for December 2007 (10.92 pesos = 1 USD).
Notes: IMF end of period principal exchange rate for December 2008 (13.83 pesos = 1 USD).
Notes: IMF end of period principal exchange rate for December 2009 (13.07 pesos = 1 USD).
Notes: IMF end of period principal exchange rate for December 2010 (12.37 pesos = 1 USD)
Notes: IMF end of period principal exchange rate for December 2011 (13.29 pesos = 1 USD)
Notes: IMF end of period principal exchange rate for December 2011 (13.85 pesos = 1 USD)
Notes: In 2008 they were mostly provided by SHF and only to Sofoles. For infonavit, government is the back up and they have a special program of "helping" people pay their credit in case of default.
Notes: In theory but there is no housing up for sale with a price low enough for this decile to buy.
Notes: Includes Infonavit, Fovissste, Banjercito, commercial banks, Sofoles and Sofomes; excludes cajas.
Notes: Includes Infonavit, Fovissste, Banjercito, commercial banks, Sofoles and Sofomes; excludes cajas.
Notes: Includes: banks, sofoles, sofomes, infonavit and fovissste. IMF annual average principal rate for 2007 (10.93 pesos = 1 USD)
Notes: Includes: banks, sofoles, sofomes, infonavit and fovissste. IMF annual average principal rate for 2008 (11.14 pesos = 1 USD)
Notes: Indexed on minimum wage.
Notes: Infonavit, Fovissste
Notes: Infonavit, Fovissste
Notes: It changes according to the income decile, 59% for the first three, 25% for deciles IV to VII and 15% for the last three.
Notes: It does not have the transactions paid in cash to the previous owner neither does it have the units not paid but transferred in property, summarizing it only counts housing acquisition with a mortgage.
Notes: It does not have the transactions paid in cash to the previous owner niether does it have the units not paid but transfered in property, summarizing it only counts housing acquisition with a mortgage.
Notes: It does not have the transactions paid in cash to the previous owner niether does it have the units not paid but transfered in property, summarizing it only counts housing acquisition with a mortgage.
Notes: It does not have the transactions paid in cash to the previous owner niether does it have the units not paid but transfered in property, summarizing it only counts housing acquisition with a mortgage.
Notes: It does not include the transactions paid in cash to the previous owner neither does it have the units not paid but transferred in property. This measure only counts housing acquisition with a mortgage.
Notes: It includes transactions by federal and regional entities, banks, and other financial institutions.
Notes: It includes transactions by federal and regional entities, banks, and other financial institutions.
Notes: It is not urban but national transactions. It only counts housing acquisitions.
Notes: It is not urban but national transactions. It only counts housing acquisitions.
Notes: It is not urban but national transactions. It only counts housing acquisitions.
Notes: It is not urban but national transactions. It only counts housing acquisitions.
Notes: It is not urban but national transactions. It only counts housing acquisitions.
Notes: It used to be but Credimil is not longer on operation.
Notes: Labor taxes: 58.00%
Notes: Labor taxes: 58.20%.
Notes: Market share using total amount of home mortgage loans in Mexican pesos.
Notes: Microcredit and long-term credit lines.
Notes: Microcredit and long-term credit lines.
Notes: Microcredit and long-term credit lines.
Notes: Microcredit and long-term credit lines.
Notes: Most common ARM are indexed on Minimum wages (Infonavit)
Notes: Most common ARM are indexed on Minimum wages (Infonavit)
Notes: Most common ARM are indexed on Minimum wages (Infonavit)
Notes: National income.
Notes: National Percentage.
Notes: National Percentage.
Notes: National Percentage.
Notes: National Percentage. Preliminary data
Notes: National Percentage. The number can be obtained every two years with the Income and Spending National Survey; this one is an estimate for 2009.
Notes: Non-payment guarantee and Mortgage Credit Insurance.
Notes: Non-payment guarantee and Mortgage Credit Insurance.
Notes: Non-payment guarantee and Mortgage Credit Insurance.
Notes: Non-payment guarantee and Mortgage Credit Insurance.
Notes: Only the loans made by banks and sofoles,.
Notes: Only the loans made by banks and sofoles.
Notes: Only the loans made by banks and sofoles.
Notes: Only the ones of banks and Sofoles.
Notes: People with incomes up to 5 times the minimum general wage; 94% of subsidies linked to credit are used by the 3 or 4 minimum general wage group, 0.22% by by the 2 minimum general wage group.
Notes: People with incomes up to 5 times the minimum general wage; 94% of subsidies linked to credit are used by the 3 or 4 minimum general wage group, 0.22% by the 2 minimum general wage group.
Notes: People with incomes up to 5 times the minimum general wage; 94% of subsidies linked to credit are used by the 3 or 4 minimum general wage group, 0.22% by the 2 minimum general wage group.
Notes: People with incomes up to 5 times the minimum general wage; 94% of subsidies linked to credit are used by the 3 or 4 minimum general wage group, 0.22% by the 2 minimum general wage group.
Notes: Please visit the Research Center or download the full data sets for 2006 data.
Notes: Please visit the Research Center or download the full data sets for 2006 data.
Notes: Please visit the Research Center or download the full data sets for 2006 data.
Notes: Please visit the Research Center or download the full data sets for 2006 data.
Notes: Preliminary data
Notes: preliminary data
Notes: preliminary data
Notes: Preliminary data
Notes: Preliminary data
Notes: Preliminary data
Notes: Preliminary data
Notes: Premium PMT for mortgage insurance.
Notes: Premium PMT for mortgage insurance.
Notes: Provident funds: Infonavit and Fovisste
Notes: Provident funds: Infonavit and Fovisste
Notes: Provident funds: Infonavit and Fovisste
Notes: Provident funds: Infonavit and Fovisste
Notes: Provident funds: Infonavit and Fovisste
Notes: Provident funds: Infonavit and Fovisste
Notes: Provident funds: Infonavit and Fovisste
Notes: Reference rate with a maximum and minimum rate
Notes: Reference rate with a maximum and minimum rate
Notes: Residents in Mexico: 85% of interests over any investment instrument and 4.9% for those living outside Mexico.
Notes: Residents in Mexico: 85% of interests over any investment instrument and 4.9% for those living outside Mexico.
Notes: Residents in Mexico: 85% of interests over any investment instrument and 4.9% for those living outside Mexico.
Notes: Residents in Mexico: 85% of interests over any investment instrument and 4.9% for those living outside Mexico.
Notes: SHF
Notes: SHF Estimate, but there are more without regulation,
Notes: SHF Estimate.
Notes: SHF estimate.
Notes: Sofoles y Sofomes all use MI with SHF in order to reduce the capital requirements; Banks mainly when producing RMBS.
Notes: Sofoles y Sofomes all use MI with SHF in order to reduce the capital requirements; Banks mainly when producing RMBS.
Notes: The number can be obtained every two years with the Income and Spending National Survey, this one is an estimate for 2009.
Notes: The number can be obtained every two years with the Income and Spending National Survey, this one is an estimate for 2009.
Notes: The previous guarantee became Mortgage Insurance.
Notes: The previous guarantee became Mortgage Insurance.
Notes: The previous guarantee became Mortgage Insurance.
Notes: The previous guarantee became Mortgage Insurance.
Notes: The previous guarantee became Mortgage Insurance.
Notes: The previous guarantee became Mortgage Insurance.
Notes: The previous guarantee became Mortgage Insurance.
Notes: There is no public housing in Mexico.
Notes: There is no public housing in Mexico.
Notes: There is no public housing in Mexico.
Notes: There is no public housing in Mexico.
Notes: There is no public housing in Mexico.
Notes: There is no public housing in Mexico.
Notes: There is no public housing in Mexico.
Notes: This is a flat rate.
Notes: This is a flat rate.
Notes: This percent is typical for Sofomes / Sofoles
Notes: This percent is typical for Sofomes / Sofoles
Notes: This percent is typical for Sofomes / Sofoles
Notes: This percent is typical for Sofomes / Sofoles
Notes: Unoccupied of total stock=30.5 mill. National percentage. Only available for census year 2010
Notes: Usually not a fixed amount, but as a % of the loan.
Notes: Usually not a fixed amount, but as a % of the loan.
Notes: Usually not a fixed amount, but as a % of the loan.
Notes: Usually not a fixed amount, but as a % of the loan.
Notes: Various rent free arrangements
Notes: With the exclusion of the interest rate subsidies through Infonavit and Fovissste (bringing the total closer to 80%).
Notes: With the exclusion of the interest rate subsidies through Infonavit and Fovissste (bringing the total closer to 80%).