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.