The mortgage market is undergoing major changes

Global crisis hitting the Russian market and has led to a revision of mortgage programs and changes in interest rates. Moscow. On May 12. INTERFAX - now on the Russian mortgage market in a situation where because of lack of cheap "long" resources, many banks are reviewing their mortgage programs, changing interest rates. Over the last six months of mortgage lending declined to a number of banks. The global crisis has forced out of the market small banks that do not compete with market leaders. In addition, because of the crisis in global financial markets, many banks are leaders who are actively working with a mortgage, have already raised interest rates on their mortgage programs by 0.5-1 percentage point. Among them, VTB 24, "Uralsib", City Mortgage Bank, IBRD, RosEvroBank. In addition, banks have become very careful approach to the formation of their loan portfolios. A huge role here is played by the quality of potential borrowers. Banks have tightened requirements on borrowers, giving preference to customers with "white" income. Mortgages: development despite, or because? Russian mortgage facing all new and new challenges. In particular, the Agency for Housing Mortgage Lending (AHML) has tightened the requirements for refinanced loans. Also, now HMLA sets quarterly redemption limits the pool of loans granted by banks. In this situation, banks are compelled to seek funds for the issuance of mortgage loans that the liquidity crisis is very problematic. To date, the average rate on mortgage loans in rubles is 12.5% ​​per annum in dollars - about 11.3%. According to research analyst at Alfa Bank in 2007, the mortgage market has grown by 140% (or $ 17.6 billion), reaching $ 30 billion half of the market controlled VTB and Sberbank. Overall, the findings do analysts, the popularity of mortgage lending remains low, accounting for 2.3% of GDP (or $ 211 per capita) compared to 10-15% of GDP in Poland, Hungary and the Czech Republic. With the use of bank loans in Russia sold only 10-15% of the housing, they conclude. However, not all experts of the mortgage market are set up so pessimistic. Most of the surveyed market participants believe that the mortgage market is gaining momentum, explaining that in the current situation with sky-high housing prices only option is to buy an apartment for a mortgage. To learn how to effect the lack of cheap resources in the mortgage market and how the banks are now easier to live, "Interfax" was told by experts from leading Moscow-based banks. The main thing for the banks - access to "long" money in the current situation in the mortgage market the most important criterion for success is the bank's degree of attractiveness for investors. With this agreement, and senior vice president, mortgage bank DeltaCredit Sergei Ozerov. According to him, the most important criterion for investors - high returns with minimal risk - meet today are two categories of banks: government and foreign. For example, DeltaCredit, included in the financial group Societe Generale, due to a strong shareholder, and the quality of its loan portfolio has access to funding at relatively low cost. Board Member and Head of Directorate for work with individuals Raiffeisenbank Roman Vorobyov said that in this situation, when one of the sources of raising funds are deposits, in a more advantageous position as bankers actively raised funds not only in financial markets but also on the population. "The problem of the liquidity crisis and" long "money for them is less of an issue," - he said. In general, the expert said, individuals are more stable base, and not rely solely on financial institutions. As for the market of foreign loans, then here, in spite of the liquidity problems, the major players with high credit ratings, can attract significant amounts of loans on very attractive rates closer to the base, said Vorobyov. Director, Department of lending Dmitry Galkin Binbanka notes that the global crisis affected primarily by those banks that actively tried all ways to provide a large amount of withdrawals. To do this they had to install a very low interest rates and minimum requirements for client-borrower. As a result, develop a portfolio is extremely risky and turned to low-yielding. For these players Galkin sees only one option - wait and hope for a miracle in the form of cheap and available resources to write off losses. Deputy Chairman of the Board of City Mortgage Bank Igor Zhigunov sure that the issue of funding remains one of the key programs in the mortgage lending by banks today. While talking about stabilization in the financial markets sooner, he said. "Today, one of the few sources for the banks are own funds and funds from parent companies, as well as transactions of refinancing loans. Reduction in the number of refinancing today players, limitations, and changes in the conditions and standards of the refinancing, of course, reduce the number of banks, especially in regions that offer mortgage programs. "While the market continues to grow as interest rates on loans and deposits, tightening of credit conditions and requirements of clients and collateral. And any change in the opposite direction until the wait is not worth "- suggests the expert. In addition, Zhigunov not exclude that in 2008 a list of previously present among the market leaders (in 2006-2007.) Players will undergo changes. Director Department of Marketing Retail Nomos Bank Anna Pankratova believes that, despite the fact that banks have tightened requirements on borrowers and extended the consideration of applications, it can be saved only by the quality of credit and collateral, and such macroeconomic factors as inflation, certainly worsen the situation borrowers - loan burden becomes heavier, lending rates are on par with inflation. Will keep inflation - again, time will tell, she concluded. deputy head of retail credit products PSB Denise Zeman believes that state-owned banks and foreign banks have the opportunity to attract low-cost resources in connection with which they can reduce interest rates on mortgage programs, and usually for borrowers with a fully verified income white or mostly white income, good assets. Misty prospects All the experts agree in opinion that despite the problem with "long" money, the mortgage market continues to grow, but growth will be reduced. Zeman notes that future developments will depend on how long they would present situation in Western financial markets. "If the crisis in Within three to four months is over, then, of course, a substantial increase in rates will not be. In the event of a protracted nature of the crisis, most likely, banks will continue the policy of higher interest rates because of the lack of "long" financing sources "- he suggests. The banker also said that it is already clear that in 2008, neither the rapid growth of the mortgage, or the long-awaited reduction of interest rates on loans to 8% per annum will not be. Since the housing problem is still acute, the demand for mortgage lending has a positive trend, but due to the tightening of underwriting requirements for banks lending to borrowers are unlikely to grow, the expert concluded. Vorobyov said, that in general the Russian mortgage market has growth potential, since at present the share of mortgages in Russia's GDP is negligible. In addition, he believes that Russia's mortgage assets are generally less risky, and in the long term investors will pay attention to the Russian mortgage market, that lead to its development. Vorobiev expects cash flow to the market and, consequently, becomes possible to adjust the rate downward.