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OUR ORIGINATION PROGRAMS AND PORTFOLIO


We established a partnership in origination between FHipo and the National Workers’ Housing Institute Fund, Infonavit, a social welfare agency of the Mexican Government dedicated, inter alia, to mortgage financing.

Infonavit is the largest mortgage originator in Mexico and one of the largest providers of mortgage financing in Latin America, with a portfolio of more than 4.5 million mortgage loans. Its operations are financed mainly by the payments of principal and interests it receives from the loans it maintains in balance, as well as by the mandatory contributions that private employers make to the National Housing Fund, for an amount currently equal to 5% of each worker's salary.

Moreover, workers who borrow from INFONAVIT repay their mortgage loans through payroll deductions that employers make and forward to INFONAVIT.

During the term of our origination agreement, we will acquire 55% of each mortgage loan originated by Infonavit under the Infonavit Total program, where the Infonavit will hold the remaining percentage.




Infonavit Total is a mortgage loan program focused towards the high-income sector in Mexico.

Immediately after the origination of a loan, a portion of such loan is assigned to a financial institution. Infonavit Total mortgage loans are subject to rigorous credit assessment processes to comply with the eligibility criteria applicable to participants. Eligible applicants may apply for a lona of up to the equivalent of 700 times minimum wage. The Infonavit Total interest rates are fixed and loans are established in accordance with the minimum wage. During the effective term, employer contributions are applied to the unpaid balance of the mortgage loan.


The Infonavit Mas Credito is a program designed for
beneficiaries who have previously settled an Infonavit loan.


Immediately after the origination of a loan, as well as the loans co-participated by FHipo under the Infonavit Total Program, a portion of such loan is assigned to a financial entity. The mortgage loans of the Infonavit Mas Credito Program are subject to strict credit assessments processes to comply with the eligibility criteria applicable to participants. During the life of the loan, the Employee Contributions are applied to the outstanding balance of the mortgage. The risk and performance of these portfolios are better than those form the Infonavit Total Program because borrowers in the Infonavit Mas Credito Program have shown an increase in their salaries or a superior credit performance having liquidated/settled on time and on schedule their first loan.

Infonavit


Currently, Infonavit is the largest mortgage originator in Mexico and one of the largest mortgage financing providers in Latin America, having originated close to 9 million loans since its founding and about 2.8 million loans in the last 5 years. In addition to employer contributions, Currently, Infonavit is the largest mortgage originator in Mexico and one of the largest mortgage financing providers in Latin America, having originated close to 9 million loans since its founding and about 2.8 million loans in the last 5 years. In addition to employer contributions, Infonavit funds mortgage loans through its securitization (RMBS) and co-participation programs (Infonavit Total, Infonavit Más Crédito, among others).

Credit management capacity is among the largest in the world. Its SQ1 rating, reported by Moody's, evidences its quality as a mortgage portfolio manager, capabilities as collector and the strength of its results in the mitigation of credit losses. funds mortgage loans through its securitization (RMBS) and co-participation programs (Infonavit Total, Infonavit Más Crédito, among others). Credit management capacity is among the largest in the world. Its SQ1 rating, reported by Moody's, evidences its quality as a mortgage portfolio manager, capabilities as collector and the strength of its results in the mitigation of credit losses.

Fovissste


Fovissste is a social service agency dedicated, among other activities to mortgage financing, and is currently the second largest mortgage originator with collection through payroll deduction mechanisms in Mexico, subsequent to Infonavit. Fovissste’s operations are mainly financed by payments of interest and principal on granted mortgage loans to workers at the service of State/Government dependencies, with direct discount form the workers payroll.

Currently, Fovissste has a credit management capacity that is amongst the most efficient worldwide. Without doubt, its credit rating of AAFC2+ assigned by Fitch as mortgage loan administrator and its AAA rating assigned by Fitch and S&P for their debt issuances (TFOVI), are proof of its capacity as administrator and credit risk mitigator.



Infonavit

Currently, the Infonavit is the largest mortgage originator in Mexico and one of the largest mortgage financing providers in Latin America, having originated close to 8 million loans since its founding and about 2.8 million loans in the last 5 years. In addition to employer contributions, Infonavit funds mortgages through the Infonavit’s securitization program and the Infonavit Total program. Credit management capacity is among the largest in the world. Its SQ1 rating was ratified by Moody's in March 2012, which evidences its quality as a mortgage portfolio manager, capabilities as collector and the strength of its results in the mitigation of credit losses.



Fovissste

Fovissste is a social service agency dedicated, among other activities to mortgage financing, and is currently the second largest mortgage originator with collection through payroll deduction mechanisms in Mexico, subsequent to Infonavit. Fovissste’s operations are mainly financed by payments of interest and principal on granted mortgage loans to workers at the service of State/Government dependencies, with direct discount form the workers payroll.

Currently, Fovissste has a credit management capacity that is amongst the most efficient worldwide. Without doubt, its credit rating of AAFC2+ assigned by Fitch as mortgage loan administrator and its AAA rating assigned by Fitch and S&P for their debt issuances (TFOVI), are proof of its capacity as administrator and credit risk mitigator.


Es un organismo desconcentrado del ISSSTE, y tiene como función primordial operar el financiamiento para el otorgamiento de créditos para vivienda a los trabajadores al servicio del Estado.

FOVISSSTE fue creado en 1972 por Decreto Constitucional y durante sus primeros 30 años de existencia otorgó más de 550,000 financiamientos.


Sociedad Hipotecaria Federal (“SHF”) es una institución financiera perteneciente a la banca de desarrollo y se encarga de impulsar los mercados primario y secundario de vivienda en nuestro país.

SHF provee garantías para la construcción, adquisición, y mejora de la vivienda a través de instituciones financieras para hacer llegar sus apoyos a los
usuarios finales.














Infonavit started its securitization program (RMBS) known as CEDEVIs in 2004,
under the strategy of securitizing Infonavit mortgages in the capital markets.


The CEDEVI Program consists of mortgage securities backed by loans originated by Infonavit and represent a source of financing for the Institute, given that funds raised by these RMBS are reinvested in more mortgage loans for Mexican formal workers.

In 2011 the RMBS program (CEDEVI) was modified, shifting from securitizing traditional Infonavit loans to backing the CBFs with Infonavit Total loans. This type of securitization became attractive to investors given that these loans have the same origination criteria, interest rates and term of a traditional loan; with the difference that within the Infonavit Total Program borrowers have a greater income level (above 4.5 VSM).

FHipo has participated in the following issuances:

FHipo - LOCAL NOTES (Only available in spanish)


To gain access to distribution and collection reports for the CDVITOT 15U and 15-2U please click here*.

Additionally, to access the reports generated by ACFIN (Master Servicer), please contact Ulises Calvo (Email: ucalvo@acfin.com, Tel: +52 (55) 8000 8183) or go to ACFIN’s* website to generate a username. Once the user is created, one is able to download ACFIN’s reports directly for its website, through the following link*.

*Information only available in Spanish




Es un organismo desconcentrado del ISSSTE, y tiene como función primordial operar el financiamiento para el otorgamiento de créditos para vivienda a los trabajadores al servicio del Estado.

FOVISSSTE fue creado en 1972 por Decreto Constitucional y durante sus primeros 30 años de existencia otorgó más de 550,000 financiamientos.


Sociedad Hipotecaria Federal (“SHF”) es una institución financiera perteneciente a la banca de desarrollo y se encarga de impulsar los mercados primario y secundario de vivienda en nuestro país.

SHF provee garantías para la construcción, adquisición, y mejora de la vivienda a través de instituciones financieras para hacer llegar sus apoyos a los
usuarios finales.