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 | 7 | Central Bank of Ireland | A.1.1 | ||
| Types of originating lenders/market share: | A.1.2 | ||||
| Universal/ commercial banks | 88% of total | Central Bank of Ireland | A.1.2.1 | ||
| Other depository institutions (savings and loans/mutual savings and credit institutions) | 8.1% of total | Central Bank of Ireland | A.1.2.2 | ||
| Others (e.g. insurance co, pension funds, labor tax funds) | 3.5% of total | Central Bank of Ireland | A.1.2.5 | ||
| Identify the 3 largest loan originating lenders | Allied Irish Banks, Bank of Ireland, and Ulster Bank | Allied Irish Banks, Bank of Ireland, and Ulster Bank | Allied Irish Banks, Bank of Ireland and Ulster Bank | Central Bank of Ireland | A.1.3 |
| 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: | 112,775.86 USD (millions) | 89,943.37 USD (millions) | 77,335.79 USD (millions) | Central Bank of Ireland | A.2.1 |
| Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) | 29.46% | 26.83% | 27.8% | Central Bank of Ireland and WEO | A.2.1.1 |
| and as % of all credits outstanding | 57.74% | 42.76% | 40.69% | Central Bank of Ireland | A.2.1.2 |
| Total # of home mortgage loans outstanding at the end of year | 749.54 thousand | 730.86 thousand | 737.8 thousand | Central Bank of Ireland | A.2.2 |
| Total amount of home mortgages made in calendar year in millions of USD | 10,463.53 USD (millions) | Not available | 6,333.33 USD (millions) | Central Bank of Ireland | A.2.3 |
| and as % of GDP (current) | 2.73% | Not available | 2.11% | Central Bank of Ireland | A.2.3.1 |
| Total # of home mortgage originations made in calendar year | 39.5 thousand | 35.47 thousand | 25.15 thousand | Central Bank of Ireland | 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 | 2.27% | 1.89% | 2.12% | Central Bank of Ireland | A.3.1.1 |
| Variable rate/indexed | 30.42% | 30.95% | 44.15% | Central Bank of Ireland | A.3.1.2 |
| Variable rate/discretionary | 29.35% | 33.85% | 41.26% | Central Bank of Ireland | A.3.1.3 |
| Other fully amortizing loans (e.g. Rollover) | 23.95% | 17.17% | 12.48% | Central Bank of Ireland | A.3.1.4 |
| 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 | 3.2% | Allied Irish Banks | 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 | ||||
| Appraisal fees | 176.47 USD | Allied Irish Banks | A.3.7.1 | ||
| Loan-to-Value (LTV) on first mortgage: | A.3.8 | ||||
| Maximum LTV | 90 | 90 | Central Bank of Ireland | A.3.8.1 | |
| Typical LTV at origination | 80.00 | 79.90 | Not available | Central Bank of Ireland | A.3.8.2 |
| Maximum term over which pmt is calculated? | 35 years | 35 years | 35 years | Central Bank of Ireland | 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 | Central Bank of Ireland | A.4.1 |
| Which institutions define underwriting rules? | A.4.2 | ||||
| Central Bank/Ministry of Finance | Yes | Yes | Yes | Central Bank of Ireland | A.4.2.1 |
| Major Lender | Not available | Not available | Yes | A.4.2.3 | |
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 | Irish Credit Bureau | A.5.2 |
| Are there legal/regulatory constraints to gaining access to credit information? | No | No | No | Research | A.5.2.1 |
| Is mortgage default insurance available? | Yes | No | No | Competition and Consumer Protection Commission | A.5.3 |
| What is the typical MI product? | As an example, one of the major lenders, AIB, offers Mortgage Life Insurance. Its protection products are offered by Irish Life Assurance plc. | Allied Irish Banks | A.5.3.2 | ||
| Are credit guarantee systems used? | Yes | Yes | Yes | Department of Business, Enterprise and Innovation | A.5.4 |
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 | IMF | B.1.1 |
| Funding through mortgage bonds | tertiary | tertiary | tertiary | IMF | B.1.3 |
| Funding through securitization of mortgages | secondary | secondary | secondary | IMF | B.1.4 |
| Other | Not available | Not available | Not available | B.1.5 | |
C. Housing Microfinance
| Variable | End of 2018 | End of 2017 | End of 2016 | Sources | Var ID |
|---|---|---|---|---|---|
| Are non-collateralized housing micro-finance loans offered? | Yes | Habitat for Humanity Ireland | C.1 | ||
| Types of lenders operating in the housing micro-finance (HMF) sector: | C.2 | ||||
| NGOs | Yes | Habitat for Humanity Ireland | C.2.3 | ||
| Level of NPLs (>90 days past due) in HMF | C.4 | ||||