The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2014End of 2013End of 2012SourcesVar ID
Types of originating lenders/market share:A.1.2
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
VariableEnd of 2014End of 2013End of 2012SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD: 9,521.09 USD (millions)8,380.93 USD (millions)A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) 2.59%2.48%A.2.1.1
A.3 Housing Finance Products
VariableEnd of 2014End of 2013End of 2012SourcesVar 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
Typical LTV at origination  75A.3.8.2
Maximum term over which pmt is calculated?  30 years30 yearsA.3.9
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (HH income) 35%35%A.3.10.1
Typical pmt-to-income ratio (Individual income)  25%A.3.10.4
A.4 Lending and Servicing Process
VariableEnd of 2014End of 2013End of 2012SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYesA.4.1
Which institutions define underwriting rules? A.4.2
OtherYesYesYes
Venezuela Government Official Gazette - Venezuela Government Official Gazette - http://docs.venezuela.justia.com/federales/leyes/ley-de-proteccion-al-deudor-hipotecario.pdf
A.4.2.4
A.5 Credit Risk Assessment
VariableEnd of 2014End of 2013End of 2012SourcesVar ID
Do credit bureaus exist? YesYesYesA.5.2
Is mortgage default insurance available?YesYesYesA.5.3
Is there public sponsored MI / guarantee?YesYesYesA.5.5
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2014End of 2013End of 2012SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other) primaryprimary
Banco Mercantil, Banesco banks Annual Report
B.1.1
C. Housing Microfinance
VariableEnd of 2014End of 2013End of 2012SourcesVar 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: Base Year
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Figure listed is information of mortgage loans from banking system but not limited to housing sector.
Notes: Government can help low-income households with a one-time or gradual disbursement of money to own a house, under Direct Subsidy scheme.
Notes: Government can help low-income households with a one-time or gradual disbursement of money to own a house, under Direct Subsidy scheme.
Notes: Government sponsored Mortgage Guarantee.
Notes: Government sponsored Mortgage Guarantee.
Notes: Interest rates are capped at 4.33%,10.66% and 16.4% for low, medium and high income individuals respectively.
Notes: Interest rates are capped at 4.33%,10.66% and 16.4% for low, medium and high income individuals respectively.
Notes: Interest rates are capped by law and are called Social Interest rates.
Notes: Interest rates are capped by law and are called Social Interest rates.
Notes: Lending institutions are mandated to lend 20% of their portfolio towards mortgages.
Notes: Lending institutions are mandated to lend 20% of their portfolio towards mortgages.
Notes: National Percentage
Notes: The Congress of the Republic of Venezuela passes laws on mortgages and regulates the industry.
Notes: The Congress of the Republic of Venezuela passes laws on mortgages and regulates the industry.
Notes: The Congress of the Republic of Venezuela passes laws on mortgages and regulates the industry.