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 loans252525
Country Editor
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks99.93% of total99.5% of total99.5% of total
Polish Mortgage Credit Foundation
A.1.2.1
Other depository institutions (savings and loans/mutual savings and credit institutions).07% of total.5% of total.5% of total
Polish Mortgage Credit Foundation
A.1.2.2
Identify the 3 largest loan originating lendersPKO Bank Hipoteczny, Pekao Bank Hipoteczny, mBank HipotecznyPKO Bank Hipoteczny, Pekao Bank Hipoteczny, mBank HipotecznyPKO Bank Hipoteczny, Pekao Bank Hipoteczny, mBank Hipoteczny 
Zwiazek Banków Polskich (Polish Bank Association)
A.1.3
Are there (quasi) public mortgage lenders:YesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.1.4
Universal/ commercial banksYesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.1.4.1
Other depository institutions (savings and loans/mutual savings and credit institutions)YesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.1.4.2
Non-depository financial institutions specialized in housing financeYesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.1.4.3
General non-depository financial institutionsYesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.1.4.4
Others (e.g. insurance co, pension funds, labor tax funds)NoNoNo
Zwiazek Banków Polskich (Polish Bank Association)
A.1.4.5
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
as a % of # of loans3.94%4.05%4.34%
Worldbank
A.1.6.1
as a % of outstanding loan amount  2.7%
Hypostat
A.1.6.2
Average 1997-2007 A.1.7
as a % of outstanding loan amount   2.3%
Zwiazek Banków Polskich (Polish Bank Association)
A.1.7.2
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:111,680.69 USD (millions)94,122.7 USD (millions)95,891.42 USD (millions)
Polish Bank Association
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)21.28%19.97%20.09%
Zwiazek Banków Polskich (Polish Bank Association)
A.2.1.1
and as % of all credits outstandingNot availableNot available70.53%
 
A.2.1.2
Total # of home mortgage loans outstanding at the end of year2,153.24 thousand2,057.17 thousand1,994.68 thousand
Polish Mortgage Credit Foundation
A.2.2
Total amount of home mortgages made in calender year in millions of USD10,933.15 USD (millions)10,017.29 USD (millions)10,431.09 USD (millions)
Country Editor
A.2.3
and as % of GDP (current) 2.08%2.13%2.19%
Zwiazek Banków Polskich (Polish Bank Association)
A.2.3.1
Total # of home mortgage originations made in calender year191 thousand178.41 thousand181.33 thousand
Zwiazek Banków Polskich (Polish Bank Association)
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
Fixed rate for life of loan0%0%0%
Country Editor
A.3.1.1
Variable rate/indexed0%0%0%
Country Editor
A.3.1.2
Variable rate/discretionary100%100%100%
Country Editor
A.3.1.3
Other fully amortizing loans (e.g. Rollover)0%0%0%
Country Editor
A.3.1.4
Non-fully amoritizing loans (e.g. Price level adjusted/Interest only) 0%0%0%
Country Editor
A.3.1.5
Loans based on foreign currency as % of all mortgage products  1.48%
Country Editor
A.3.2
Most prevalent type of foreign currency mortgage used:A.3.3
Fixed rate for life of loan  0%
Country Editor
A.3.3.1
Variable rate/indexed 0%0%0%
Country Editor
A.3.3.2
Variable rate/discretionary100%100%100%
Country Editor
A.3.3.3
Other (describe in the Notes section)0%0%0%
Country Editor
A.3.3.4
Most frequent interest rates on fully amortizing:A.3.4
10 year fixed rate mortgage4.4%4.4% 
Hypostat
A.3.4.1
Typical lender fees associated with mortgage origination: A.3.6
as % of loan amount  1.62%
Zwiazek Banków Polskich (Polish Bank Association)
A.3.6.2
Typical third party fees associated with mortgage origination:A.3.7
Appraisal fees129.26 USD 107.67 USD 115.35 USD
Polish Bank Association
A.3.7.1
Legal feesNon-applicable  
Polish Bank Association
A.3.7.3
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV85%85%90%
Hypostat
A.3.8.1
Typical LTV at origination70%70%70%
Zwiazek Banków Polskich (Polish Bank Association)
A.3.8.2
Maximum term over which pmt is calculated? 35 years35 years35 years
Various Polish Commercial Banks
A.3.9
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (HH income)Not availableNot availableNot available
Zwiazek Banków Polskich (Polish Bank Association)
A.3.10.1
A.4 Lending and Servicing Process
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
Country Editor
A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceNoNoNo
Country Editor
A.4.2.1
Secondary market facilityNoNoNo
Country Editor
A.4.2.2
Major LenderNoNoNo
Country Editor
A.4.2.3
OtherYesYesYes
Country Editor
A.4.2.4
Are loan originations conducted by others than employees of lenders?YesYesYes
Country Editor
A.4.3
Do third party servicing institutions exist? YesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.4.5
A.5 Credit Risk Assessment
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Do credit bureaus exist? YesYesYesA.5.2
Are there legal/regulatory constraints to gaining access to credit information?YesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
A.5.2.1
Is mortgage default insurance available?YesYesYes
European Covered Bond Council
A.5.3
When did it begin operating?200220022002
Zwiazek Banków Polskich (Polish Bank Association)
A.5.3.1
What is the typical MI product?Gap Insurance, Down Payment, and Unemployment Insurance  Gap Insurance, Down Payment, and Unemployment Insurance   Gap Insurance, Down Payment, and Unemployment Insurance
Zwiazek Banków Polskich (Polish Bank Association)
A.5.3.2
Number of private mortgage insurersNot available 2
Zwiazek Banków Polskich (Polish Bank Association)
A.5.3.3
Are credit guarantee systems used? NoNoNo
Zwiazek Banków Polskich (Polish Bank Association)
A.5.4
Is there public sponsored MI / guarantee?NoNoNo
Zwiazek Banków Polskich (Polish Bank Association)
A.5.5
What share of total annual mortgage production is insured/guaranteed?   25%
Zwiazek Banków Polskich (Polish Bank Association)
A.5.7
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)primaryprimaryprimary
Polish Mortgage Credit Foundation
B.1.1
Wholesale funding: loans from other banks or corporationssecondary secondary
Polish Mortgage Credit Foundation
B.1.2
Funding through mortgage bonds tertiarytertiarytertiary
Polish Mortgage Credit Foundation
B.1.3
Funding through securitization of mortgages  Not available
Zwiazek Banków Polskich (Polish Bank Association)
B.1.4
What % of Residential Mortgage Backed Securities is issued by centralized conduit or liquidity facility?   Non-applicable
Zwiazek Banków Polskich (Polish Bank Association)
B.2
What is the proportion of RMBS in the overall private securities market?  Non-applicable
Zwiazek Banków Polskich (Polish Bank Association)
B.4
C. Housing Microfinance
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Are non-collateralized housing micro-finance loans offered? YesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
C.1
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Commercial banksYesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
C.2.1
Specialized non-depository MFIs YesYesYes
Zwiazek Banków Polskich (Polish Bank Association)
C.2.2
NGOsNoNoNo
Zwiazek Banków Polskich (Polish Bank Association)
C.2.3
OthersNoNoNo
Zwiazek Banków Polskich (Polish Bank Association)
C.2.4
Level of NPLs (>90 days past due) in HMFC.4
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Notes: 60-80% is typical
Notes: 60-80% is typical
Notes: 60-80% is typical
Notes: 60-80% is typical
Notes: 60-80% is typical
Notes: 60-80% is typical
Notes: 60-80% is typical
Notes: 60-80% is typical 
Notes: 60-80% is typical 
Notes: 60-80% is typical  
Notes: Annual average
Notes: Annual average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: average
Notes: Bank calculates DTI ratio.
Notes: Bank calculates DTI ratio. 
Notes: Bank calculates DTI ratio. 
Notes: Bank calculates DTI ratio. 
Notes: Bank calculates DTI ratio. 
Notes: Bank calculates DTI ratio.  
Notes: Bank calculates DTI ratio.  
Notes: Depends on the value of the property. Usually PLN 1010 + 0.4% over the value of PLN 60,000 (+ VAT 23%) Additional notary documents cost PLN 6 per page.
Notes: deposit-based
Notes: deposits
Notes: deposits
Notes: deposits
Notes: deposits
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.  
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.     
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.   
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.   
Notes: Due to federal rules the mortgage bank can not offer deposits. So the bank can be classified as non-depository institution. Mortgage banks have been present in Poland since 1997.   
Notes: for non-performing loans only
Notes: for non-performing loans only
Notes: for non-performing loans only
Notes: for non-performing loans only
Notes: for non-performing loans only 
Notes: for non-performing loans only 
Notes: for non-performing loans only  
Notes: for non-performing loans only  
Notes: for non-performing loans only  
Notes: for non-performing loans only  
Notes: Gap Insurance 90%, Down Payment 20%, employment 5%
Notes: Gap Insurance 90%, Down Payment 20%, employment 5%
Notes: Gap Insurance 90%, Down Payment 20%, employment 5%
Notes: Gap Insurance 90%, Down Payment 20%, employment 5%
Notes: Gap Insurance 90%, Down Payment 20%, employment 5%
Notes: houses - 246; apartments - 70463
Notes: houses - 287; apartments - 80608
Notes: houses - 337; apartments - 55151
Notes: houses - 955; apartments - 71229
Notes: houses - 970; apartments - 59527
Notes: Refers to the average useful floor space of dwelling
Notes: Refers to the average useful floor space of dwelling
Notes: Refers to the average useful floor space of dwelling
Notes: Refers to the average useful floor space of dwelling
Notes: Refers to the average useful floor space of dwelling  
Notes: Refers to the average useful floor space of dwelling  
Notes: Refers to the average useful floor space of dwelling   
Notes: Refers to total dwellings completed in 2013
Notes: Retail deposits.
Notes: The KNF's new LTV requirements: from 100%-85% within 3 years of the regulation taking effect or 90% if the amount exceeding 85% is insured
Notes: The level of non-performing loans for 1997-2007 is for 30 days past due.
Notes: The level of non-performing loans for 1997-2007 is for 30 days past due.
Notes: The level of non-performing loans for 1997-2007 is for 30 days past due.
Notes: The level of non-performing loans for 1997-2007 is for 30 days past due.
Notes: The number in Doing Business report is 152 days, while 90% of title register books are now in electronic form and it taks up to 14 days for title transfer.
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: The Polish Financial Oversight Commission (Polish: Komisja Nadzoru Finansowego (KNF))
Notes: This figure is Average apartment price to Average annual income per capita for the country.
Notes: This figure is Average apartment price to Average annual income per capita in Poland for the country.
Notes: This figure is Average apartment price to Average annual income per capita in Poland for the country.
Notes: This figure is Average apartment price to Average annual income per capita in Poland for the country.
Notes: This figure is Average apartment price to Average annual income per capita in Poland for the country.
Notes: This is for the entire nation, not just urban.
Notes: This is for the entire nation, not just urban.  
Notes: This is for the entire nation, not just urban.  
Notes: This is for the entire nation, not just urban.  
Notes: This is for the entire nation, not just urban.  
Notes: This is for the entire nation, not just urban.  
Notes: This is for the entire nation, not just urban.  
Notes: This is for the entire nation, not just urban.