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
    Other depository institutions (savings and loans/mutual savings and credit institutions)  50% of total
    BHU ( National Housing Bank of Uruguay)
    		A.1.2.2
    Are there (quasi) public mortgage lenders:YesYesYes
    BHU (National Housing Bank of Uruguay)
    		A.1.4
    Universal/ commercial banksYesYesYesA.1.4.1
    Other depository institutions (savings and loans/mutual savings and credit institutions)YesYesYes
    BHU (National Housing Bank of Uruguay): http://www.bhu.com.uy/historia.php
    		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
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:2,132.69 USD (millions)2,223.77 USD (millions)2,192.94 USD (millions)A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)3.96%3.87%3.81%
    IMF and WEO
    		A.2.1.1
    and as % of all credits outstanding14.51%15.02%15.29%A.2.1.2
    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
    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%90%
    BHU (National Housing Bank of Uruguay)
    		A.3.8.1
    Maximum term over which pmt is calculated? 25 years25 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%
    Agencia Nacional De Vivienda
    		A.3.10.1
    A.4 Lending and Servicing Process
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
    BHU (National Housing Bank of Uruguay)
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    Central Bank/Ministry of FinanceYesYesYes
    BHU (National Housing Bank of Uruguay)
    		A.4.2.1
    A.5 Credit Risk Assessment
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Do credit bureaus exist? YesYesYesA.5.2
    Are there legal/regulatory constraints to gaining access to credit information?  Yes
    Credit and Loan Reporting Systems in Uruguay
    		A.5.2.1
    Are credit guarantee systems used? YesYesYes
    Law No 18, 795
    		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 2015End of 2014End of 2013SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other)primaryprimaryprimaryB.1.1
    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: 110.58
    Notes: 118.38
    Notes: 143.56
    Notes: 163.81
    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: 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: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lender that is 100% government-owned. It was founded in 1892.
    Notes: BHU is a mortgage lener that is 100% government-owned. It was founded in 1892.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: BROU is a state-owned bank that was founded in 1896.
    Notes: Capital gains are taxed at a rate of 12%. Capital gains is defined as the difference between sales price and acquisition costs.
    Notes: Figure is a national statistic, not confined to urban areas.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Law No.s 17.596, 12.314, 18.574, 18.795 deal with mortgages.
    Notes: Real estate tax is levied on properties at rates that range from 0.15-0.30%. The tax rate depends on the value of the home.
    Notes: Rental income is taxed at a rate of 12%.
    Notes: Taxable rental income is calculated as income minus deductions; allowed deductions include real estate taxes, property tax for basic education, lease contract fees, administration costs, and other costs associated with rental properties.
    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.
    Notes: The Subsidio a la Cutoa del Credito Hipotecario (Subsidy to the Mortgage Credit) by MVOTMA helps people with their monthly payments.
    Notes: The Subsidio a la Cutoa del Credito Hipotecario (Subsidy to the Mortgage Credit) by MVOTMA helps people with their monthly payments.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Uruguayan Civil Code was originated in 1868.
    Notes: The Yo Ahorro (I Save) is a subsidy program that gives incentives for people between the ages of 18 to 29 to open up a savings account. The amount of bonus granted ranges from UI 2,700 to UI 10,800, depending on the number of deposits made and the amount deposited. The program also provides additional benefits such as lower interest rates and the ability to finance a greater percentage of the house that they are buying.
    Notes: The Yo Ahorro (I Save) is a subsidy program that gives incentives for people between the ages of 18 to 29 to open up a savings account. The amount of bonus granted ranges from UI 2,700 to UI 10,800, depending on the number of deposits made and the amount deposited. The program also provides additional benefits such as lower interest rates and the ability to finance a greater percentage of the house that they are buying.
    Notes: The Yo Ahorro (I Save) is a subsidy program that gives incentives for people between the ages of 18 to 29 to open up a savings account. The amount of bonus granted ranges from UI 2,700 to UI 10,800, depending on the number of deposits made and the amount deposited. The program also provides additional benefits such as lower interest rates and the ability to finance a greater percentage of the house that they are buying.
    Notes: There is a transfer tax of 4%. This tax is split between the buyer and seller.