A. Primary Housing Finance Market
A.1 Industry Structure and Performance
| Variable | End of 2018 | End of 2017 | End of 2016 | Sources | Var ID |
|---|---|---|---|---|---|
| Types of originating lenders/market share: | A.1.2 | ||||
| Are there (quasi) public mortgage lenders: | Yes | Research | A.1.4 | ||
| Universal/ commercial banks | Yes | Yes | Yes | Industrial Bank of Korea | A.1.4.1 |
| Non-depository financial institutions specialized in housing finance | Yes | Yes | Yes | Korean Housing Finance Corporation | A.1.4.3 |
| 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: | 549,254.65 USD (millions) | 540,226.9 USD (millions) | 451,966.22 USD (millions) | Economic Statistic System of Bank of Korea | A.2.1 |
| Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) | 33.18% | 35.07% | 31.95% | Economic Statistic System of Bank of Korea | A.2.1.1 |
| and as % of all credits outstanding | 41.79% | 42.22% | 42.99% | Economic Statistic System of Bank of Korea | A.2.1.2 |
| Total amount of home mortgages made in calendar year in millions of USD | 23,005.52 USD (millions) | A.2.3 | |||
| and as % of GDP (current) | 4.56% | A.2.3.1 | |||
| Total # of home mortgage originations made in calendar year | 587,000 thousand | Korea Housing Finance Corporation | A.2.4 |
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 | 44.5% | 43% | A.3.1.1 | ||
| 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 | ||||
| Legal fees | Not available | Global Property Guide | A.3.7.3 | ||
| Search fees | Not available | Global Property Guide | A.3.7.4 | ||
| Loan-to-Value (LTV) on first mortgage: | A.3.8 | ||||
| Maximum LTV | 70% | A.3.8.1 | |||
| Typical LTV at origination | 56.0% | Korea Housing Finance Corporation | A.3.8.2 | ||
| 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 | Research | A.4.1 | ||
| Which institutions define underwriting rules? | A.4.2 | ||||
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 | Doing Business | A.5.2 |
| Are there legal/regulatory constraints to gaining access to credit information? | Yes | Country Editor | A.5.2.1 | ||
| Is mortgage default insurance available? | Yes | Yes | Yes | SGIC, sm=1 | A.5.3 |
| When did it begin operating? | 2007 | A.5.3.1 | |||
| Is there public sponsored MI / guarantee? | Yes | No | 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 | Korea Housing Finance Corporation Annual Report | B.1.1 |
| Funding through securitization of mortgages | secondary | secondary | secondary | Korea Housing Finance Corporation and Center for American Progress | B.1.4 |
| Other | tertiary | Ministry of Strategy and Finance, fileSn=2 | B.1.5 | ||
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 | ||||