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Europe and Central Asia

The Housing Finance System

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A. Primary Housing Finance Market
B. Funding Sources for Mortgages and the Secondary Mortgage Market
C. Housing Microfinance

A. Primary Housing Finance Market

A.1 Industry Structure and Performance

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Number of firms originating and funding mortgage loans	179			IMF	A.1.1
Types of originating lenders/market share:					A.1.2
Universal/ commercial banks			75% of total	International Union for Housing Finance	A.1.2.1
Other depository institutions (savings and loans/mutual savings and credit institutions)			19% of total	International Union for Housing Finance	A.1.2.2
Others (e.g. insurance co, pension funds, labor tax funds)			6% of total	International Union for Housing Finance	A.1.2.5
Are there (quasi) public mortgage lenders:	Yes	Yes	Yes	Research	A.1.4
Universal/ commercial banks	No	No	No	IMF	A.1.4.1
Other depository institutions (savings and loans/mutual savings and credit institutions)	Yes	Yes	Yes	IMF	A.1.4.2
Non-depository financial institutions specialized in housing finance	Yes			Deutsche Bundesbank	A.1.4.3
Typical lending spreads for mortgages	2.42%			European Central Bank	A.1.5
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

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:	1,655,655.12 USD (millions)	1,381,330.95 USD (millions)	1,174,385.46 USD (millions)	European Mortgage Federation	A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)	41.09%	37.49%	33.75%	European Mortgage Federation	A.2.1.1
Total amount of home mortgages made in calendar year in millions of USD	269,021.44 USD (millions)	241,492.7 USD (millions)	220,421.05 USD (millions)	European Mortgage Federation	A.2.3
and as % of GDP (current)	6.68%	6.53%	6.62%	European Mortgage Federation	A.2.3.1

A.3 Housing Finance Products

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Mortgage products as % of all mortgages (approx.) in local currency:					A.3.1
Fixed rate for life of loan	45.33%	44.25%	43.73%	European Mortgage Federation	A.3.1.1
Variable rate/discretionary	11.73%	11.43%	11.77%	European Mortgage Federation	A.3.1.3
Most prevalent type of foreign currency mortgage used:					A.3.3
Most frequent interest rates on fully amortizing:					A.3.4
10 year fixed rate mortgage	1.96%			Deutsche Bank	A.3.4.1
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 LTV	80	80	80	IMF	A.3.8.1
Typical LTV at origination	70	70	70	Housing Finance Network	A.3.8.2
Maximum term over which pmt is calculated?	30 years	30 years	30 years	IMF	A.3.9
Mortgage pmt-to-income ratio					A.3.10

A.4 Lending and Servicing Process

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Does the mortgage industry use standard principles/guidelines for underwriting?	Yes	Yes	Yes	Research	A.4.1
Which institutions define underwriting rules?					A.4.2
Major Lender	Yes	Yes	Yes	Research	A.4.2.3
Other	Yes			BaFin	A.4.2.4

A.5 Credit Risk Assessment

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Do credit bureaus exist?	Yes	Yes	Yes	SCHUFA	A.5.2
Is mortgage default insurance available?	Yes	Yes		Journal: HOUSING FINANCE INTERNATIONAL	A.5.3
When did it begin operating?	1907	1907		[J] Housing Finance International, Vol. XXI No. 4, June 2007	A.5.3.1
Is there public sponsored MI / guarantee?	No			International Comparison of Mortgage Product Offerings	A.5.5

B. Funding Sources for Mortgages and the Secondary Mortgage Market

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
What are the main funding sources for mortgages?					B.1
Retail funding (deposits/other)	Primary	Primary	primary	Hypostat 2019	B.1.1
Funding through mortgage bonds	secondary	secondary	secondary	Hypostat 2019	B.1.3
Funding through securitization of mortgages	Not available	Not available	tertiary	IMF	B.1.4

C. Housing Microfinance

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Types of lenders operating in the housing micro-finance (HMF) sector:					C.2
Level of NPLs (>90 days past due) in HMF					C.4

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