The share of securitized loans in the total mortgage portfolio of banks exceeded 7% (+1 p.p. per year), and for individual originators it reached 20–30%. This is stated in the “Review of the Mortgage Bond Market” for 2023, which was prepared by the Analytical Center DOM.RF.
At the end of 2023, a record volume of mortgage bonds was placed in Russia < /p>
with the guarantee of DOM.RF (MCB DOM.RF) — nine issues for 669 billion rubles. The total volume of emissions since 2016 amounted to 2.4 trillion rubles.
The review notes that the unique regulatory regime and ample opportunities to attract liquidity contribute to sustained interest in the DOM.RF MBS on the part of originating banks and institutional investors. Thus, in 2023, mortgage bonds were actively used by banks to attract liquidity through repo operations, the volume of which increased almost threefold, to a record 16 trillion rubles. More than 90% of transactions are exchange repo transactions with the Russian Treasury. Market growth is also facilitated by systemic improvement and expansion of conditions for attracting short-term liquidity with the help of the DOM.RF securities market.
Analysts also pay attention to the quality of mortgage loans secured by MBS DOM.RF, which is at a consistently high level. Thus, the LTV indicator (the ratio of the current balance of the principal debt on the loan to the value of the collateral at the time of issuance of the loan. — approx.) as of December 31, 2023 was 53%, with an acceptable 80% for inclusion in the mortgage coverage. The PTI indicator (the ratio of the current monthly loan payment to the borrower’s income at the time of loan issuance. — approx.) is at the level of 33%. The rate at which mortgages are overdue for more than 90 days (CDR) is 0.3%.
Strict criteria for selecting mortgages at the stage of collateral formation contribute to maintaining consistently high quality of loans covered by mortgage bonds. Mortgage coverage includes only high-quality mortgage loans that have been tested in accordance with legal requirements and DOM.RF standards.
More details on the “Review of the Mortgage Bond Market” for 2023 can be found at the link .
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