A. Primary Housing Finance Market
A.1 Industry Structure and Performance
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Number of firms originating and funding mortgage loans | 26 | 35 | SUPERFINANCIERA | A.1.1 | |
| Types of originating lenders/market share: | A.1.2 | ||||
| Universal/ commercial banks | 90.3% of total | 90.43% of total | SUPERFINANCIERA | A.1.2.1 | |
| Other depository institutions (savings and loans/mutual savings and credit institutions) | 9.7% of total | 9.57% of total | SUPERFINANCIERA | A.1.2.2 | |
| Non-depository financial institutions specialized in housing finance | Not available | Superintendencia Financiera de Colombia | A.1.2.3 | ||
| General non-depository financial institutions | Not available | A.1.2.4 | |||
| Others (e.g. insurance co, pension funds, labor tax funds) | Not available | A.1.2.5 | |||
| Identify the 3 largest loan originating lenders | Davivienda, Bancolombia & BBVA | Davivienda, Bancolombia & BBVA | Country Editor | A.1.3 | |
| Are there (quasi) public mortgage lenders: | Yes | Yes | Country Editor | A.1.4 | |
| Universal/ commercial banks | No | No | Country Editor | A.1.4.1 | |
| Other depository institutions (savings and loans/mutual savings and credit institutions) | yes | Yes | Country Editor | A.1.4.2 | |
| Non-depository financial institutions specialized in housing finance | No | No | Country Editor | A.1.4.3 | |
| General non-depository financial institutions | No | No | Country Editor | A.1.4.4 | |
| Others (e.g. insurance co, pension funds, labor tax funds) | No | No | Country Editor | A.1.4.5 | |
| Typical lending spreads for mortgages | 5.24% | 5.48% | BANREP | A.1.5 | |
| Level of Non-Performing Mortgage Loans (90 days or more past due): | A.1.6 | ||||
| as a % of outstanding loan amount | 2.29% | Editor | A.1.6.2 | ||
| Average 1997-2007 | A.1.7 | ||||
| as a % of # of loans | Not available | A.1.7.1 | |||
| as a % of outstanding loan amount | Not available | A.1.7.2 | |||
| Lowest decile of the income distribution served by the dominant mortgage lenders | 4 decile | Editor | A.1.8 | ||
A.2 Size of Mortgage Finance Sector
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Total amount of home mortgage loans outstanding at the end of year in millions of USD: | 19,743.39 USD (millions) | 16,823.32 USD (millions) | SUPERFINANCIERA | A.2.1 | |
| Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) | 7.32% | 7% | Country Editor | A.2.1.1 | |
| and as % of all credits outstanding | 13.6% | 13.1% | Country Editor | A.2.1.2 | |
| Total # of home mortgage loans outstanding at the end of year | 1,062.22 thousand | 1,007.31 thousand | DANE | A.2.2 | |
| Total amount of home mortgages made in calendar year in millions of USD | 4,822.9 USD (millions) | 4,393.6 USD (millions) | Superintendencia Financiera de Colombia | A.2.3 | |
| and as % of GDP (current) | 1.7% | 1.7% | Country Editor | A.2.3.1 | |
| and as % of all credits originated in calender year | 4.1% | 4% | Country Editor | A.2.3.2 | |
| Total # of home mortgage originations made in calendar year | 128,208 thousand | 113,582 thousand | Country Editor | A.2.4 | |
| What % of total new mortgages is refinance? | Not available | A.2.5 |
A.3 Housing Finance Products
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Mortgage products as % of all mortgages (approx.) in local currency: | A.3.1 | ||||
| Fixed rate for life of loan | 88% | 89% | Country Editor | A.3.1.1 | |
| Variable rate/indexed | 12% | 11% | Country Editor | A.3.1.2 | |
| Variable rate/discretionary | Not available | A.3.1.3 | |||
| Other fully amortizing loans (e.g. Rollover) | Not available | A.3.1.4 | |||
| Non-fully amoritizing loans (e.g. Price level adjusted/Interest only) | Not available | A.3.1.5 | |||
| Loans based on foreign currency as % of all mortgage products | Not available | A.3.2 | |||
| 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 | 12.06% | 10.92% | Banrep | A.3.4.1 | |
| most common indexed ARM/10 year term | 8.03% | 7.8% | Country Editor | A.3.4.2 | |
| Typical lender fees associated with mortgage origination: | A.3.6 | ||||
| as % of loan amount | .21% | .12% | .12% | Country Editor | A.3.6.2 |
| Typical third party fees associated with mortgage origination: | A.3.7 | ||||
| Appraisal fees | 70.98 USD | Country Editor | A.3.7.1 | ||
| Title related fees | 87.9 USD | Country Editor | A.3.7.2 | ||
| Loan-to-Value (LTV) on first mortgage: | A.3.8 | ||||
| Maximum LTV | 70% | 70% | Country Editor | A.3.8.1 | |
| Typical LTV at origination | 52% | 51% | Country Editor | A.3.8.2 | |
| Maximum term over which pmt is calculated? | 30 years | 30 years | Country Editor | A.3.9 | |
| Mortgage pmt-to-income ratio | A.3.10 | ||||
| Maximum pmt-to-income ratio (HH income) | 30% | 30% | Country Editor | A.3.10.1 | |
| Maximum pmt-to-income ratio (Individual income) | 70% | Country Editor | A.3.10.2 | ||
| Typical pmt-to-income ratio (HH income) | 35.04% | Country Editor | A.3.10.3 | ||
| Typical pmt-to-income ratio (Individual income) | Not available | A.3.10.4 | |||
A.4 Lending and Servicing Process
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Does the mortgage industry use standard principles/guidelines for underwriting? | Yes | Yes | Country Editor | A.4.1 | |
| Which institutions define underwriting rules? | A.4.2 | ||||
| Central Bank/Ministry of Finance | no | No | Country Editor | A.4.2.1 | |
| Secondary market facility | no | No | Country Editor | A.4.2.2 | |
| Major Lender | no | No | Country Editor | A.4.2.3 | |
| Other | Yes | Yes | Country Editor | A.4.2.4 | |
| Are loan originations conducted by others than employees of lenders? | no | No | Country Editor | A.4.3 | |
| % of appraisals done by employees of lenders | Not available | Country Editor | A.4.4 | ||
| Do third party servicing institutions exist? | No | No | Country Editor | A.4.5 | |
| % of loans serviced by originators/lenders | 100% | 100% | Country Editor | A.4.6 | |
A.5 Credit Risk Assessment
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Do credit bureaus exist? | Yes | Yes | Country Editor | A.5.2 | |
| Are there legal/regulatory constraints to gaining access to credit information? | Yes | Yes | Country Editor | A.5.2.1 | |
| What percentage of mortgage originations use credit scoring? | 100% | 100% | Country Editor | A.5.1 | |
| Is mortgage default insurance available? | No | No | Country Editor | A.5.3 | |
| When did it begin operating? | No | No | Country Editor | A.5.3.1 | |
| What is the typical MI product? | No | Country Editor | A.5.3.2 | ||
| Number of private mortgage insurers | 0 | 0 | Country Editor | A.5.3.3 | |
| Are credit guarantee systems used? | Yes | Yes | Country Editor | A.5.4 | |
| Is there public sponsored MI / guarantee? | Yes | Yes | Country Editor | A.5.5 |
B. Funding Sources for Mortgages and the Secondary Mortgage Market
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| What are the main funding sources for mortgages? | B.1 | ||||
| Retail funding (deposits/other) | primary | primary | Country Editor | B.1.1 | |
| Wholesale funding: loans from other banks or corporations | Not available | Country Editor | B.1.2 | ||
| Funding through mortgage bonds | Not available | Country Editor | B.1.3 | ||
| Funding through securitization of mortgages | secondary | secondary | Country Editor | B.1.4 | |
| What % of Residential Mortgage Backed Securities is issued by centralized conduit or liquidity facility? | 100% | 100% | Country Editor | B.2 | |
| Who are the investors in RMBS? | Pension Funds Commercial Banks Stockbrokers Investment Funds Insurance Companies | Pension Funds, Commercial Banks, Stockbrokers, Investment Funds, Insurance Companies | Country Editor | B.3 | |
| What is the proportion of RMBS in the overall private securities market? | 9.4% | 10.8% | Country Editor | B.4 | |
C. Housing Microfinance
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Are non-collateralized housing micro-finance loans offered? | No | No | Country Editor | C.1 | |
| Types of lenders operating in the housing micro-finance (HMF) sector: | C.2 | ||||
| Commercial banks | No | No | Country Editor | C.2.1 | |
| Specialized non-depository MFIs | No | No | Country Editor | C.2.2 | |
| NGOs | No | No | Country Editor | C.2.3 | |
| Others | No | No | Country Editor | C.2.4 | |
| None | No | No | Country Editor | C.2.5 | |
| Typical lending spreads in HMF | Not available | Country Editor | C.3 | ||
| Level of NPLs (>90 days past due) in HMF | C.4 | ||||
| as a % of loans | Not available | Country Editor | C.4.1 | ||
| as a % of outstanding loan amount | Not available | Country Editor | C.4.2 | ||
| Are non-collateralized but secured housing finance products offered (e.g. secured by pension or insurance savings) | Not available | Country Editor | C.5 | ||
| Lowest income decile served with all non-collateralized housing lending products | Not available | Country Editor | C.6 | ||