A. Primary Housing Finance Market
A.1 Industry Structure and Performance
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| Types of originating lenders/market share: | A.1.2 | ||||
| Identify the 3 largest loan originating lenders | Bank Leumi, Bank Hapaolim, Mizrahi Tefahot Bank | Bank Leumi, Bank Hapaolim, Mizrahi Tefahot Bank | Bank of Israel | A.1.3 | |
| 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
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| Total amount of home mortgage loans outstanding at the end of year in millions of USD: | 79,382.31 USD (millions) | 73,355.55 USD (millions) | 76,935.29 USD (millions) | A.2.1 | |
| Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) | 26.81% | 24% | 26.31% | WEO and Bank of Israel | A.2.1.1 |
| and as % of all credits outstanding | 29.17% | 28.3% | 27.36% | Bank of Israel, Sid=53, SubjectType=2 | A.2.1.2 |
| Total amount of home mortgages made in calendar year in millions of USD | 16,643.34 USD (millions) | 14,411.86 USD (millions) | 14,319.95 USD (millions) | A.2.3 | |
| and as % of GDP (current) | 5.62% | 4.71% | 4.9% | WEO and Bank of Israel | A.2.3.1 |
| Total # of home mortgage originations made in calendar year | 111,366 thousand | 86,046 thousand | 86,351 thousand | A.2.4 |
A.3 Housing Finance Products
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| Mortgage products as % of all mortgages (approx.) in local currency: | A.3.1 | ||||
| Fixed rate for life of loan | 30.99% | 25.98% | 23.4% | Bank of Israel | A.3.1.1 |
| Variable rate/indexed | 25.88% | 30.17% | 32.74% | Bank of Israel | A.3.1.2 |
| Variable rate/discretionary | 34.02% | 33.47% | 32.58% | Bank of Israel | A.3.1.3 |
| Loans based on foreign currency as % of all mortgage products | 2.43% | 2.97% | 3.07% | Bank of Israel | 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 | 75.00 | 75.00 | 75.00 | OECD:
http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2016)1, docLanguage=En | A.3.8.1 |
| Typical LTV at origination | 60 | Bank of Israel | A.3.8.2 | ||
| Maximum term over which pmt is calculated? | 30 years | 30 years | 30 years | OECD:
http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2016)1, docLanguage=En | A.3.9 |
| Mortgage pmt-to-income ratio | A.3.10 | ||||
| Maximum pmt-to-income ratio (HH income) | 50% | 50% | 50% | OECD:
http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2016)1, docLanguage=En | A.3.10.1 |
| Typical pmt-to-income ratio (HH income) | 25% | 26.5% | 33% | Bank of Israel Press Release | A.3.10.3 |
A.4 Lending and Servicing Process
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| Which institutions define underwriting rules? | A.4.2 | ||||
A.5 Credit Risk Assessment
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| Do credit bureaus exist? | Yes | Yes | Yes | World Bank | A.5.2 |
| Is mortgage default insurance available? | Yes | Yes | Yes | Blue Crown Capital:
http://www.bluecrowncapital.com/faq | A.5.3 |
| What is the typical MI product? | EMI (Ezer Mortgage Insurance) will reimburse the lender the full or agreed upon amount of the loan as per the insurance deal if the borrower defaults. The subject property is then foreclosed by the EMI and auctioned by them, likely at a discounted value. | EMI (Ezer Mortgage Insurance) will reimburse the lender the full or agreed upon amount of the loan as per the insurance deal if the borrower defaults. The subject property is then foreclosed by the EMI and auctioned by them, likely at a discounted value. | EMI (Ezer Mortgage Insurance) will reimburse the lender the full or agreed upon amount of the loan as per the insurance deal if the borrower defaults. The subject property is then foreclosed by the EMI and auctioned by them, likely at a discounted value. | Car Insurance Israel:
http://tinyurl.com/homr4bu | A.5.3.2 |
B. Funding Sources for Mortgages and the Secondary Mortgage Market
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| What are the main funding sources for mortgages? | B.1 | ||||
C. Housing Microfinance
| Variable | End of 2015 | End of 2014 | End of 2013 | Sources | Var ID |
|---|---|---|---|---|---|
| Types of lenders operating in the housing micro-finance (HMF) sector: | C.2 | ||||
| Level of NPLs (>90 days past due) in HMF | C.4 | ||||