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
    Non-depository financial institutions specialized in housing financeYesYesYesA.1.4.3
    General non-depository financial institutionsYesYesYesA.1.4.4
    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:374.24 USD (millions)377.27 USD (millions)338.42 USD (millions)A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)26.43%26.87%25.37%A.2.1.1
    and as % of all credits outstanding28.68%26.96%22.55%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 LTV959595
    First Caribbean Bank, Scotia Bank, Bank of St. Lucia
    		A.3.8.1
    Maximum term over which pmt is calculated? 35 years35 years35 years
    First Caribbean Bank, Scotia Bank, Bank of St. Lucia
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    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
    A.5 Credit Risk Assessment
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Do credit bureaus exist? YesYesYesA.5.2
    Are there legal/regulatory constraints to gaining access to credit information?YesYesYesA.5.2.1
    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)primaryprimaryprimary
    Various commercial banks
    		B.1.1
    Other secondarysecondarysecondaryB.1.5
    C. Housing Microfinance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Are non-collateralized housing micro-finance loans offered? YesYesYesC.1
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Specialized non-depository MFIs YesYesYesC.2.2
    Level of NPLs (>90 days past due) in HMFC.4
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    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: 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: As of the end of May 2010. Represents a 23.9% increase in housing stock since 2001.
    Notes: Axcel Finance is a micro-finance company whose "personal loans for education, home improvement,… are a a significant proportion of Axcel Finance's loan portfolio."
    Notes: Axcel Finance is a micro-finance company whose "personal loans for education, home improvement,… are a a significant proportion of Axcel Finance's loan portfolio."
    Notes: Calculated as (USD converted) median of range defined as "basic home costs between EC$110,000 to 190,000 depending on the material used" (Page 9).
    Notes: Commercial banks, which possess the vast majority of residential mortgages, all use standard underwriting principles such as max term, and qualifying income.
    Notes: Second largest source of mortgage funding is from the government through the SLMFC and SLDB.
    Notes: St. Lucia has scored a total score of 0, the lowest score possible, in the World Bank's "Depth of credit information index." This rating, along with the knowledge that there is a presence of a credit bureau in St. Lucia, shows that there are substantial roadblocks to transparent and readily available credit information.
    Notes: St. Lucia Mortgage Finance Company was established in 1968 and operates under an agreement with the Gov't of St. Lucia to provide loans for housing.
    Notes: St. Lucia Mortgage Finance Company was established in 1968 and operates under an agreement with the Gov't of St. Lucia to provide loans for housing.
    Notes: Stamp tax of 2% issued on transactions of property based on market value of the property at the time of the sale or else the selling price.
    Notes: The current property tax system provides a tax free allowance of (ECD) $200,000 on the market value of rental properties.
    Notes: The current property tax system provides a tax free allowance of (ECD) $200,000 on the market value of rental properties.
    Notes: The St. Lucia Times reports on the Chairman of the NHC declaring that the NHC is insolvent. It had not released any audited financial statements since 2011, when the company is expected to have entered its dire situation. Thus while the NHC had previously offered down-payment subsidies to potential home-buyers, since 2011 it can be assumed to have not served this function.
    Notes: The St. Lucia Times reports on the Chairman of the NHC declaring that the NHC is insolvent. It had not released any audited financial statements since 2011, when the company is expected to have entered its dire situation. Thus while the NHC had previously offered down-payment subsidies to potential home-buyers, since 2011 it can be assumed to have not served this function.
    Notes: The St. Lucia Times reports on the Chairman of the NHC declaring that the NHC is insolvent. It had not released any audited financial statements since 2011, when the company is expected to have entered its dire situation. Thus while the NHC had previously offered down-payment subsidies to potential home-buyers, since 2011 it can be assumed to have not served this function.
    Notes: The St. Lucia Times reports on the Chairman of the NHC declaring that the NHC is insolvent. It had not released any audited financial statements since 2011, when the company is expected to have entired its dire situation. Thus while the NHC had previously offered down-payment subsidies to potential home-buyers, since 2011 it can be assumed to have not served this function.
    Notes: The St. Lucia Times reports on the Chairman of the NHC declaring that the NHC is insolvent. It had not released any audited financial statements since 2011, when the company is expected to have entired its dire situation. Thus while the NHC had previously offered down-payment subsidies to potential home-buyers, since 2011 it can be assumed to have not served this function.