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 | ||||
| Level of Non-Performing Mortgage Loans (90 days or more past due): | A.1.6 | ||||
| as a % of outstanding loan amount | 2.34% | BSP | A.1.6.2 | ||
| 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: | 12,828.82 USD (millions) | 16,002.55 USD (millions) | 14,186.7 USD (millions) | BSP | A.2.1 |
| Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) | 3.87% | 5.1% | 4.65% | BSP | A.2.1.1 |
| and as % of all credits outstanding | 6.71% | 9.01% | 9.28% | BSP | A.2.1.2 |
| Total amount of home mortgages made in calendar year in millions of USD | 2,053.56 USD (millions) | Country's Editor | A.2.3 | ||
| and as % of GDP (current) | .67% | Country's Editor | A.2.3.1 | ||
| and as % of all credits originated in calender year | 1.28% | Country's Editor | A.2.3.2 |
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 | ||||
| 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 LTV | 95% | 60% | Pag-IBIG Fund | A.3.8.1 | |
| Typical LTV at origination | 80% | 80% | BSP | A.3.8.2 | |
| Maximum term over which pmt is calculated? | 30 years | Pag-IBIG Fund | A.3.9 | ||
| Mortgage pmt-to-income ratio | A.3.10 | ||||
| Maximum pmt-to-income ratio (Individual income) | 40% | PAG IBIG Guildeline | A.3.10.2 | ||
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 | Securities Regulation Code, Insurance Code of the Philippines | A.4.1 |
| Which institutions define underwriting rules? | A.4.2 | ||||
| Central Bank/Ministry of Finance | Yes | Yes | Yes | Country Editor | A.4.2.1 |
| Secondary market facility | Yes | Yes | Yes | Country Editor | A.4.2.2 |
| Major Lender | Yes | Yes | Yes | Country Editor | A.4.2.3 |
| Other | Yes | Yes | Yes | Country Editor | A.4.2.4 |
| Are loan originations conducted by others than employees of lenders? | Yes | Yes | Yes | Country Editor | A.4.3 |
| Do third party servicing institutions exist? | Yes | Country Editor | A.4.5 | ||
| % of loans serviced by originators/lenders | 32.2% | Country Editor | A.4.6 | ||
A.5 Credit Risk Assessment
| Variable | End of 2018 | End of 2017 | End of 2016 | Sources | Var ID |
|---|---|---|---|---|---|
| Do credit bureaus exist? | Yes | Yes | CIC | A.5.2 | |
| Are there legal/regulatory constraints to gaining access to credit information? | Yes | Yes | Country's Editor | A.5.2.1 | |
| What percentage of mortgage originations use credit scoring? | 100% | 100% | Country's Editor | A.5.1 | |
| Is mortgage default insurance available? | Yes | Yes | Country's Editor | A.5.3 | |
| When did it begin operating? | 1950 | Country's Editor | A.5.3.1 | ||
| What is the typical MI product? | Mortgage Redemption Insurance (Life); Fire, Lightning and allied perils | Mortgage Redemption Insurance (Life); Fire, Lightning and allied perils | Country's Editor | A.5.3.2 | |
| Are credit guarantee systems used? | Yes | Yes | CISA | A.5.4 | |
| Is there public sponsored MI / guarantee? | Yes | Yes | Country's Editor | 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) | Secondary | Primary | Research | B.1.1 | |
| Wholesale funding: loans from other banks or corporations | Non-applicable | Non-applicable | B.1.2 | ||
| Funding through mortgage bonds | Non-applicable | B.1.3 | |||
| Funding through securitization of mortgages | Tertiary | Tertiary | NMHFC | B.1.4 | |
| Other | Primary | Secondary | Pag-IBIG Fund | B.1.5 | |
| What % of Residential Mortgage Backed Securities is issued by centralized conduit or liquidity facility? | 100% | 100% | 100% | Research | B.2 |
| Who are the investors in RMBS? | Retail and Institutional Investors | Retail and Institutional Investors | Retail and Institutional Investors | Country Editor | B.3 |
| What is the proportion of RMBS in the overall private securities market? | Not available | Not available | .32% | B.4 | |
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 | Various Banks | C.1 | ||
| Types of lenders operating in the housing micro-finance (HMF) sector: | C.2 | ||||
| Specialized non-depository MFIs | Yes | People's Credit and Finance Corporation | C.2.2 | ||
| NGOs | Yes | Various Banks | C.2.3 | ||
| Others | Yes | Various Banks | C.2.4 | ||
| Level of NPLs (>90 days past due) in HMF | C.4 | ||||