The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Types of originating lenders/market share:A.1.2
Universal/ commercial banks67% of total 62% of totalA.1.2.1
Non-depository financial institutions specialized in housing finance13% of total 22% of totalA.1.2.3
Others (e.g. insurance co, pension funds, labor tax funds)9% of total  A.1.2.5
Are there (quasi) public mortgage lenders:YesYesYes
Trinidad and Tobago Mortgage Finance Company
A.1.4
Non-depository financial institutions specialized in housing financeYesYesYes
Trinidad and Tobago Mortgage Finance Company
A.1.4.3
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
as a % of # of loans1.7%1.7%1.7%A.1.6.1
Average 1997-2007 A.1.7
A.2 Size of Mortgage Finance Sector
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:3,245.61 USD (millions)3,047.67 USD (millions)2,777.09 USD (millions)A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)13.22%11.18%10.5%A.2.1.1
and as % of all credits outstanding39.89%39.62%39.18%A.2.1.2
Total # of home mortgage originations made in calender year  4.01 thousand
CBTT and TMFF
A.2.4
A.3 Housing Finance Products
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
Variable rate/indexed90%  A.3.1.2
Most prevalent type of foreign currency mortgage used:A.3.3
Most frequent interest rates on fully amortizing:A.3.4
Typical lender fees associated with mortgage origination: A.3.6
Typical third party fees associated with mortgage origination:A.3.7
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV95  A.3.8.1
Typical LTV at origination759090A.3.8.2
Maximum term over which pmt is calculated? 30 years30 years30 yearsA.3.9
Mortgage pmt-to-income ratio A.3.10
A.4 Lending and Servicing Process
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYes A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceYesYes A.4.2.1
A.5 Credit Risk Assessment
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Do credit bureaus exist? YesYesYes
A.V. Knowles, Co.
A.5.2
Is mortgage default insurance available?YesYesYesA.5.3
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimary B.1.1
Wholesale funding: loans from other banks or corporationstertiarytertiary B.1.2
Funding through mortgage bonds quaternaryquaternary B.1.3
Other secondarysecondary B.1.5
C. Housing Microfinance
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Level of NPLs (>90 days past due) in HMFC.4
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Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "Stamp Duty" must be paid when buying real estate or a home, or seeking a mortgage.
Notes: "The District Revenue Officer in valuing any rented building for the purposes of this Act may in his discretion make such deductions or allowances, but in respect of voids and loss of rent only, as he may think proper."
Notes: "The District Revenue Officer in valuing any rented building for the purposes of this Act may in his discretion make such deductions or allowances, but in respect of voids and loss of rent only, as he may think proper."
Notes: Average NPL % of 2010-2015.
Notes: Average NPL % of 2010-2015.
Notes: Average NPL % of 2010-2015.
Notes: Average NPL % of 2010-2015.
Notes: Average NPL % of 2010-2015.
Notes: Average NPL % of 2010-2015.
Notes: Base Year
Notes: Based on the Mortgage Market Reference Rate (MMRR).
Notes: Home Mortgage Bank is privately managed secondary mortgage market maker who possesses a small (6%) of mortgages outstanding in bond value.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Includes commercial real estate loans as well as residential. Central Bank Trinidad and Tobago does not differentiate the two mortgage balances.
Notes: Land Regularization of Tenure Act 25 of 1998 designed to address nationwide issue of informal squatting.
Notes: Legal limitations set by Central Bank on maximum fluctuation on variable rate mortgages within 3-year period.
Notes: Legal limitations set by Central Bank on maximum fluctuation on variable rate mortgages within 3-year period.
Notes: Legal limitations set by Central Bank on maximum fluctuation on variable rate mortgages within 3-year period.
Notes: Majority of mortgage lending (67%) done by commercial banks funded by deposits.
Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
Notes: Only on sale of assets within 12 months of acquisition does capital gains tax of 25% apply.
Notes: Tax Exemptions for Housing Developers
Notes: Tax Exemptions for Housing Developers
Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
Notes: The First Home Purchase (FHP) Subsidy is for people who want to buy their first home, but cannot due to limited financial means. It is an upfront subsidy to help reduce the cost of a mortgage.
Notes: Third largest lending category is that of insurance companies, whose mortgage arm "borrows" from funds of parent company.
Notes: Trinidad and Tobago Mortgage Finance Company is second leading lender by balance--funded by the government.
Notes: Trinidad and Tobago Mortgage Finance Corporation has operated as the mortgage lending vehicle for the government since 2002.
Notes: Trinidad and Tobago Mortgage Finance Corporation has operated as the mortgage lending vehicle for the government since 2002.
Notes: Trinidad and Tobago Mortgage Finance Corporation has operated as the mortgage lending vehicle for the government since 2002.
Notes: TTMFC offers up to 95% financing for a home.