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Europe and Central Asia

The Housing Finance System

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A. Primary Housing Finance Market
B. Funding Sources for Mortgages and the Secondary Mortgage Market
C. Housing Microfinance

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	Yes	Yes	Research	A.1.4
Universal/ commercial banks	Yes	Yes	Yes	Banka Poštanska štedionica	A.1.4.1
Level of Non-Performing Mortgage Loans (90 days or more past due):					A.1.6
as a % of # of loans	Not available	Not available	6.28%	National Bank of Serbia	A.1.6.1
as a % of outstanding loan amount	4.57%	6.16%	8.7%	National Bank of Serbia	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:	3,713.28 USD (millions)	3,590.46 USD (millions)	3,071.76 USD (millions)	National Bank of Serbia	A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)	7.35%	8.14%	7.56%	National Bank of Serbia, WEO	A.2.1.1
and as % of all credits outstanding	16.98%	17.21%	17.73%	National Bank of Serbia	A.2.1.2
Total # of home mortgage loans outstanding at the end of year	124,020 thousand	118,316 thousand	115,373 thousand	National Bank of Serbia	A.2.2

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
Loans based on foreign currency as % of all mortgage products		.01%	.01%	National Bank of Serbia	A.3.2
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	80	80	80	National Bank of Serbia	A.3.8.1
Typical LTV at origination	70	70	70	National Bank of Serbia	A.3.8.2
Maximum term over which pmt is calculated?	30 years	30 years	30 years	Banka Intesa, Eurobank	A.3.9
Mortgage pmt-to-income ratio					A.3.10
Typical pmt-to-income ratio (HH income)			66%	National Bank of Serbia	A.3.10.3

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	Research	A.4.1
Which institutions define underwriting rules?					A.4.2
Central Bank/Ministry of Finance	Yes	Yes	Yes	National Bank of Serbia	A.4.2.1

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	Association of Serbian Banks	A.5.2
Are there legal/regulatory constraints to gaining access to credit information?	Yes			Association of Serbian Banks	A.5.2.1
Is mortgage default insurance available?	Yes	Yes	Yes	National Mortgage Insurance Corporation	A.5.3
When did it begin operating?	2004	2004	2004	National Mortgage Insurance Corporation	A.5.3.1
Is there public sponsored MI / guarantee?	Yes	Yes	Yes	National Mortgage Insurance Corporation	A.5.5
What % of the market does public MI / guarantee serve?	78.6%	78.5%	77%	National Bank of Serbia	A.5.6

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	National Bank of Serbia	B.1.1
Wholesale funding: loans from other banks or corporations	Non-applicable	Non-applicable	Non-applicable	Tenancy Law and Housing Policy in Serbia	B.1.2
Funding through mortgage bonds			Non-applicable	Hypostat 2007	B.1.3
Funding through securitization of mortgages			Non-applicable	Tenancy Law and Housing Policy in Serbia: http://www.toknowpress.net/ISBN/978-83-65020-15-4.pdf	B.1.4
What is the proportion of RMBS in the overall private securities market?	0%	0%	0%	Tenancy Law and Housing Policy in Serbia	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	Yes	Yes	Research	C.1
Types of lenders operating in the housing micro-finance (HMF) sector:					C.2
Commercial banks	Yes	Yes	Yes	Affordable Housing Hub	C.2.1
Others	Yes	Yes	Yes	LafargeHolcim	C.2.4
None	No	No	No	Research	C.2.5
Level of NPLs (>90 days past due) in HMF					C.4

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