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
    Are there (quasi) public mortgage lenders:YesYesYesA.1.4
    Universal/ commercial banksYesYesYesA.1.4.1
    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:214.49 USD (millions)227.02 USD (millions)242.88 USD (millions)A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)22.48%24.89%28.81%A.2.1.1
    and as % of all credits outstanding37.3%37.98%38.57%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 LTV100100100A.3.8.1
    Typical LTV at origination909090A.3.8.2
    Maximum term over which pmt is calculated? 35 years35 years35 yearsA.3.9
    Mortgage pmt-to-income ratio A.3.10
    Maximum pmt-to-income ratio (HH income)45%45%45%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?YesYesYesA.4.1
    Which institutions define underwriting rules? A.4.2
    Secondary market facilityYesYesYesA.4.2.2
    A.5 Credit Risk Assessment
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Do credit bureaus exist? NoNoNoA.5.2
    Is mortgage default insurance available?YesYesYes
    Scotiabank
    		A.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)primaryprimaryprimaryB.1.1
    Funding through securitization of mortgages tertiarytertiaryB.1.4
    Other secondarysecondarysecondaryB.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
    back to top | Country Data:
    Notes: 94% of the poor live in owner-occupied housing. This number is used instead of the 88% non-poor owner-occupied value because more than 40% of the country lives in homes unfit for humans according to the IMF.
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Acquisition of Property = House & Land Purchases + Home Construction & Renovation
    Notes: Assumption made that typical LTV corresponds to requirements set by ECHMB that must be met in order to be eligible for major lenders to sell their mortgages.
    Notes: Assumption made that typical LTV corresponds to requirements set by ECHMB that must be met in order to be eligible for major lenders to sell their mortgages.
    Notes: Assumption made that typical LTV corresponds to requirements set by ECHMB that must be met in order to be eligible for major lenders to sell their mortgages.
    Notes: Assumption made that typical LTV corresponds to requirements set by ECHMB that must be met in order to be eligible for major lenders to sell their mortgages.
    Notes: Government funds--small portion of total mortgage lending when compared to total commercial bank lending.
    Notes: Government funds--small portion of total mortgage lending when compared to total commercial bank lending.
    Notes: Government funds--small portion of total mortgage lending when compared to total commercial bank lending.
    Notes: Government funds--small portion of total mortgage lending when compared to total commercial bank lending.
    Notes: Government funds--small portion of total mortgage lending when compared to total commercial bank lending.
    Notes: Government funds--small portion of total mortgage lending when compared to total commercial bank lending.
    Notes: Grenada Development Bank is a non-depository, government-owned bank that offers a wide range of loans that promote business development, home ownership, education, etc. It has been in existence since 1965.
    Notes: Tax of 0.2% on land value and 0.3% on structure value.
    Notes: Tax of 0.2% on land value and 0.3% on structure value.
    Notes: Tax of 0.2% on land value and 0.3% on structure value.
    Notes: Tax of 0.2% on land value and 0.3% on structure value.
    Notes: Tax of 0.2% on land value and 0.3% on structure value.
    Notes: Tax of 0.2% on land value and 0.3% on structure value.
    Notes: Tax of 5% on value of property for citizens selling property.
    Notes: Tax of 5% on value of property for citizens selling property.
    Notes: Tax of 5% on value of property for citizens selling property.
    Notes: Tax of 5% on value of property for citizens selling property.
    Notes: Tax of 5% on value of property for citizens selling property.
    Notes: Tax of 5% on value of property for citizens selling property.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB, while it possesses no legal mandate for underwriting standards, serves as a de facto standard-setter. That is, they have specific underwriting requirements that need to be met in order to be eligible for purchase by the ECHMB.
    Notes: The ECHMB's mission is to "provide maximum liquidity to the mortgage market" by purchasing and selling mortage loans from primary lenders in order to facilitate the secondary mortgage market. This functions as a cash flow guarantee to primary lenders.
    Notes: The ECHMB's mission is to "provide maximum liquidity to the mortgage market" by purchasing and selling mortage loans from primary lenders in order to facilitate the secondary mortgage market. This functions as a cash flow guarantee to primary lenders.
    Notes: The ECHMB's mission is to "provide maximum liquidity to the mortgage market" by purchasing and selling mortage loans from primary lenders in order to facilitate the secondary mortgage market. This functions as a cash flow guarantee to primary lenders.
    Notes: The ECHMB's mission is to "provide maximum liquidity to the mortgage market" by purchasing and selling mortage loans from primary lenders in order to facilitate the secondary mortgage market. This functions as a cash flow guarantee to primary lenders.
    Notes: The ECHMB's mission is to "provide maximum liquidity to the mortgage market" by purchasing and selling mortage loans from primary lenders in order to facilitate the secondary mortgage market. This functions as a cash flow guarantee to primary lenders.
    Notes: The ECHMB's mission is to "provide maximum liquidity to the mortgage market" by purchasing and selling mortage loans from primary lenders in order to facilitate the secondary mortgage market. This functions as a cash flow guarantee to primary lenders.
    Notes: Values from 2007-2015 include commercial bank totals along with totals from Grenada's Development Bank. Years before then only include commercial bank data from the ECCB.
    Notes: Values from 2007-2015 include commercial bank totals along with totals from Grenada's Development Bank. Years before then only include commercial bank data from the ECCB.
    Notes: Values from 2007-2015 include commercial bank totals along with totals from Grenada's Development Bank. Years before then only include commercial bank data from the ECCB.