The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Number of firms originating and funding mortgage loans  79
BRCA
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks  100% of total
FSB
A.1.2.1
Identify the 3 largest loan originating lendersBanco de la Nacion Argentina, Banco Provincia, Banco CiudadBanco de la Nacion Argentina, Banco Provincia,Banco GaliciaBanco de la Nacion Argentina, Banco Provincia,Santander Rio
Various Bank Financial Statements
A.1.3
Are there (quasi) public mortgage lenders:YesYesYes
Research
A.1.4
Universal/ commercial banksYesYesYes
Banco de la Nacion Argentina
A.1.4.1
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 2017End of 2016End of 2015SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:4,811.63 USD (millions)1,931.01 USD (millions)1,934.94 USD (millions)
Banco Central de la Republica Argentina
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current).75%.35%.33%
BCRA, WEO
A.2.1.1
and as % of all credits outstanding5.32%1.97%1.97%
BCRA "Statistical Bulletin"
A.2.1.2
Total # of home mortgage loans outstanding at the end of year255.43 thousand213.57 thousand233.54 thousand
BCRA "Statistical Bulletin"
A.2.2
Total # of home mortgage originations made in calendar year 178 thousand194 thousand
IDB
A.2.4
A.3 Housing Finance Products
VariableEnd of 2017End of 2016End of 2015SourcesVar 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
most common indexed ARM/10 year term  16%
BRCA
A.3.4.2
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 
Various Banks
A.3.8.1
Maximum term over which pmt is calculated? 30 years30 years20 years
Banco Hipotecario
A.3.9
Mortgage pmt-to-income ratio A.3.10
Typical pmt-to-income ratio (HH income)  30%A.3.10.3
A.4 Lending and Servicing Process
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceYesYes 
BCRA
A.4.2.1
A.5 Credit Risk Assessment
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Do credit bureaus exist? YesYesYesA.5.2
Are credit guarantee systems used? YesYesYes
CEPAL
A.5.4
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimaryprimaryB.1.1
Funding through securitization of mortgagessecondarysecondarytertiary
Vitale, Manoff, Feilbogen
B.1.4
Other  secondarysecondary
Vitale, Manoff, Feilbogen (see files - ABS Market)
B.1.5
C. Housing Microfinance
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Are non-collateralized housing micro-finance loans offered? YesYesYes
Latin American and Caribbean Economic Association
C.1
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Commercial banksYesYesYes
Latin American and Caribbean Economic Association
C.2.1
NGOsYesYesYes
CEPAL
C.2.3
Level of NPLs (>90 days past due) in HMFC.4
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Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996.
Notes: A credit bureau was introduced in Argentina in May of 1996. 
Notes: A credit bureau was introduced in Argentina in May of 1996.  
Notes: Argentine residents are exempt from capital gains tax.
Notes: Argentine residents are exempt from capital gains tax.
Notes: Argentine residents are exempt from capital gains tax.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate.
Notes: Argentinian banks practice self-regulation and each bank may have its own interest rate. 
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%.
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%. 
Notes: Argentinian banks practice self-regulation and each bank may have their own LTV cap, generally between 70-80%. 
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country.
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country. 
Notes: Banco de la Nacion Argentina was established in 1891. It is a wholly-owned state bank and is the largest in the country. 
Notes: Banks dominate the micro-finance industry in Argentina.
Notes: Banks dominate the micro-finance industry in Argentina.
Notes: Banks dominate the micro-finance industry in Argentina. 
Notes: Banks dominate the micro-finance industry in Argentina. 
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters 
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters  
Notes: Comisión Nacional de Valores supervises the conduct of business and prudential matters  
Notes: Depreciation is deductible, as well as expenses such as taxes, realtors' commissions, etc.
Notes: Depreciation is deductible, as well as expenses such as taxes, realtors' commissions, etc. 
Notes: Depreciation is deductible, as well as expenses such as taxes, realtors' commissions, etc.  
Notes: Government - public housing programs
Notes: Government - public housing programs
Notes: Housing deficit estimated to affect 6 million out of 24 million households
Notes: Monthly installments to income ratio usually "not above 30 percent"
Notes: On December 27, the Senate approved tax reform that introduced a capital gains tax of 15%
Notes: PRO.CREAR provided mortgage loans for low and middle-income families with subsidized interest rates. This program was phased out and replaced with a program that provides a lump-sum subsidy in 2016.
Notes: PRO.CREAR provided mortgage loans for low and middle-income families with subsidized interest rates. This program was phased out and replaced with a program that provides a lump-sum subsidy in 2016.
Notes: PRO.CREAR provided mortgage loans for low and middle-income families with subsidized interest rates. This program was phased out and replaced with a program that provides a lump-sum subsidy in 2016.
Notes: PRO.CREAR provided mortgage loans for low and middle-income families with subsidized interest rates. This program was phased out and replaced with a program that provides a lump-sum subsidy in 2016.
Notes: PRO.CREAR provided mortgage loans for low and middle-income families with subsidized interest rates. This program was phased out and replaced with a program that provides a lump-sum subsidy in 2016. 
Notes: PRO.CREAR provided mortgage loans for low and middle-income families with subsidized interest rates. This program was phased out and replaced with a program that provides a lump-sum subsidy in 2016. 
Notes: Real property tax is levied on the urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depend on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.  
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.  
Notes: Real property tax is levied on urban and rural land. The rate depends on the jurisdiction and is applied on the value of the property.
Notes: Regulated Deposit-taking Institutions (DTIs) in all member jurisidictions are subject o the supervision of prudential regulators. In some jurisdictions, DTIs are concurrently regulated by separate conduct regulators.
Notes: Rental income is subject to a flat tax of 24.5% The taxable portion of rental income is 60%. Therefore, leading to an effective rate of 14.7%.
Notes: Rental income is subject to a flat tax of 24.5% The taxable portion of rental income is 60%. Therefore, leading to an effective rate of 14.7%. 
Notes: Rental income is subject to a flat tax of 24.5% The taxable portion of rental income is 60%. Therefore, leading to an effective rate of 14.7%.  
Notes: roughly 4% of mortgage market is secondary
Notes: Significant increase in mortgages due to introduction of UVA
Notes: Significant increase in mortgages due to introduction of UVA
Notes: Stamp tax ranges from 2.5% to 4% for real estate
Notes: There is a stamp duty tax of 3.6% that is split by buyer and seller of the property.
Notes: There is a stamp duty tax of 3.6% that is split by buyer and seller of the property.
Notes: There is a stamp duty tax of 3.6% that is split by buyer and seller of the property.