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:YesYes A.1.4
    Non-depository financial institutions specialized in housing financeYesYes A.1.4.3
    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
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:9,579.69 USD (millions)9,722.69 USD (millions)10,584.76 USD (millions)A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)57.3%56.66%68.46%A.2.1.1
    and as % of all credits outstanding42.79%42.15%38.65%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 LTV8080 A.3.8.1
    Typical LTV at origination808080A.3.8.2
    Maximum term over which pmt is calculated? 40 years40 years 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
    Which institutions define underwriting rules? A.4.2
    A.5 Credit Risk Assessment
    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)secondarysecondary 
    Various commercial banks
    		B.1.1
    Other primaryprimary B.1.5
    C. Housing Microfinance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Level of NPLs (>90 days past due) in HMFC.4
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    Notes: Although being wound down by the Icelandic government on a 30 year track--the HFF still holds a majority of the country's housing debt. The HFF is independently funded, i.e. it issues general corporate bonds on the open market to fund lending.
    Notes: Although being wound down by the Icelandic government on a 30 year track--the HFF still holds a majority of the country's housing debt. The HFF is independently funded, i.e. it issues general corporate bonds on the open market to fund lending.
    Notes: Figure is the national percentage. Data drawn from Population by Tenure Status table (ilc_lvho02)
    Notes: Figure is the national percentage. Data drawn from Population by Tenure Status table (ilc_lvho02)
    Notes: Figure is the national percentage. Data drawn from Population by Tenure Status table (ilc_lvho02)
    Notes: Figure is the national percentage. Data drawn from Population by Tenure Status table (ilc_lvho02)
    Notes: Figure is the national percentage. Data drawn from Population by Tenure Status table (ilc_lvho02)
    Notes: Housing Finance Fund lacks data for their mortgages outstanding in 2013. The balance was thus calculated as the average of the outstanding balances in 2012 and 2014.
    Notes: Important to note that there are significant changes being implemented by Icelandic government to get rid of HFF on a incremental basis over the next 30 years. They plan to continue servicing their debt obligations but to wind down mortgage lending.
    Notes: Important to note that there are significant changes being implemented by Icelandic government to get rid of HFF on a incremental basis over the next 30 years. They plan to continue servicing their debt obligations but to wind down mortgage lending.
    Notes: Important to note that there are significant changes being implemented by Icelandic government to get rid of HFF on a incremental basis over the next 30 years. They plan to continue servicing their debt obligations but to wind down mortgage lending.
    Notes: Important to note that there are significant changes being implemented by Icelandic government to get rid of HFF on a incremental basis over the next 30 years. They plan to continue servicing their debt obligations but to wind down mortgage lending.
    Notes: Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. World Bank’s World Development Indicators (WDI); rounded to the nearest tenth of one percent. In general, there is a lag of at least one year on this value in the WDI, but preliminary estimates are often available earlier.
    Notes: Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. World Bank’s World Development Indicators (WDI); rounded to the nearest tenth of one percent. In general, there is a lag of at least one year on this value in the WDI, but preliminary estimates are often available earlier.
    Notes: Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. World Bank’s World Development Indicators (WDI); rounded to the nearest tenth of one percent. In general, there is a lag of at least one year on this value in the WDI, but preliminary estimates are often available earlier.
    Notes: Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. World Bank’s World Development Indicators (WDI); rounded to the nearest tenth of one percent. In general, there is a lag of at least one year on this value in the WDI, but preliminary estimates are often available earlier.
    Notes: Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. World Bank’s World Development Indicators (WDI); rounded to the nearest tenth of one percent. In general, there is a lag of at least one year on this value in the WDI, but preliminary estimates are often available earlier.
    Notes: Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects. World Bank’s World Development Indicators (WDI); rounded to the nearest tenth of one percent. In general, there is a lag of at least one year on this value in the WDI, but preliminary estimates are often available earlier.
    Notes: Values found are based on HFF, which currently issues large majority of mortgage loans in Iceland.
    Notes: Values found are based on HFF, which currently issues large majority of mortgage loans in Iceland.
    Notes: Values found are based on HFF, which currently issues large majority of mortgage loans in Iceland.