The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2013End of 2012End of 2011SourcesVar ID
Types of originating lenders/market share:A.1.2
Other depository institutions (savings and loans/mutual savings and credit institutions)50% of total50% of total 
BHU ( National Housing Bank of Uruguay)
A.1.2.2
Are there (quasi) public mortgage lenders:YesYes 
BHU (National Housing Bank of Uruguay)
A.1.4
Other depository institutions (savings and loans/mutual savings and credit institutions)YesYes 
BHU(National Housing Bank of Uruguay)
A.1.4.2
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
Average 1997-2007 A.1.7
A.2 Size of Mortgage Finance Sector
A.3 Housing Finance Products
VariableEnd of 2013End of 2012End of 2011SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
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 LTV90%90% 
BHU(National Housing Bank of Uruguay)
A.3.8.1
Maximum term over which pmt is calculated? 25 years25 years 
BHU and Banco Republica
A.3.9
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (HH income)35%35% 
Agencia Nacional De Vivienda
A.3.10.1
A.4 Lending and Servicing Process
VariableEnd of 2013End of 2012End of 2011SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYes 
BHU (National Housing Bank of Uruguay)
A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceYesYes 
BHU(National Housing Bank of Uruguay)
A.4.2.1
A.5 Credit Risk Assessment
VariableEnd of 2013End of 2012End of 2011SourcesVar ID
Do credit bureaus exist? YesYesYes
Equifax Credit Bureau
A.5.2
Are there legal/regulatory constraints to gaining access to credit information?YesYesYes
Credit and Loan Reporting Systems in Uruguay
A.5.2.1
Are credit guarantee systems used? YesYes 
MVOTMA(Ministry of Housing Uruguay)
A.5.4
Is there public sponsored MI / guarantee?Yes  
MVOTMA(Ministry of Housing Uruguay)
A.5.5
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2013End of 2012End of 2011SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimary 
BROU and BHU Annual Report
B.1.1
C. Housing Microfinance
VariableEnd of 2013End of 2012End of 2011SourcesVar 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:
Notes:
Notes:
Notes: BHU is a government supported institution, that promotes savings towards housing loans. It has around 50% share in the mortgage market.
Notes: BHU is a government supported institution, that promotes savings towards housing loans. It has around 50% share in the mortgage market.
Notes: Central Bank
Notes: Central Bank
Notes: Figure is a national statistic, not confined to urban areas.
Notes: It was required by the national housing bank(BHU) to have a minimum 30% built up savings to be qualified for a loan. Now,from 2013, the government is offering guarantee so that loans can be provided to families with 10-15% of savings.
Notes: Law No.s 17.596,12.314,18.574 deal with mortgages.
Notes: Law No.s 17.596,12.314,18.574 deal with mortgages.
Notes: Law No.s 17.596,12.314,18.574 deal with mortgages.
Notes: Lending Rate: 118.38
Notes: The Central Bank regulates the operations of the credit bureau.
Notes: The Central Bank regulates the operations of the credit bureau.
Notes: The Central Bank regulates the operations of the credit bureau.
Notes: The Central Bank regulates the operations of the credit bureau.
Notes: The Ministry can provide support to up to 50% of the monthly payments, under its subsidy quota.
Notes: The Ministry can provide support to upto 50% of the monthly payments, under its subsidy quota.