Publications Catalogue
EMF PUBLICATIONS - NOW AVAILABLE FOR FREE!
Please note that the entire contents of these publications is protected by copyright. More information...
PUBLICATION SUMMARIES
EMF STRATEGY 2009-2010
After more than a decade of sustained growth, the European mortgage industry has been hit by the current global economic crisis, which was unforeseen with respect to its origin, strength and amplitude.
Today, the Industry finds itself in a situation where it has to address various issues. Key amongst these are a severe drying-up of liquidity that reflects banks’ shortage of funding in parallel with a re-pricing of their risks, a “credit-crunch” and falling house prices in a number of countries coupled with fluctuating levels of consumer demand, all within a continually worsening economic environment.
Having considered these circumstances in detail over recent months, the Industry has consequently agreed on a series of recommendations and actions, which are designed to contribute proactively to the European Commission’s initiatives to restore long-term sustainable real estate/mortgage financing in the EU.
View Now
Back to Publication List
ANNUAL REPORT
- Developments over the past year in the main European dossiers affecting mortgage lenders
- The ensuing opinions of the European Mortgage Federation, lobbying efforts and achievements explained in detail
- Presentations on members of the Federation
- Structure of our organisation
from 1999
View Now
Back to Publication List
MORTGAGE INFO
The Mortgage-Info is a newsletter, specifically designed for those who monitor developments at European level. This information service facilitates analysis of the impact of European affairs and initiatives in the area of mortgage lending. It reports on progress made in the main issues currently under discussion in Brussels.
monthly since 1993
View Now
Back to Publication List
HYPOSTAT
- 35 European Countries - EU 27, Albania, Iceland, Norway, Russia, Serbia and Ukraine
- Country-by-country account of key economic, housing and mortgage market developments
- 26 tables presenting key data on all aspects of housing finance from levels of mortgage debt outstanding to funding methods
- 10 years data series: 1998-2007
from 1998 (data from 1988)
View Now
Back to Publication List
QUARTERLY REVIEW OF EUROPEAN MORTGAGE MARKETS
It presents tables, charts and comments on:
- mortgage interest rates
- total residential lending outstanding
- gross and net mortgage lending
- dwelling price movements (annual % change)
from 1998
View Now
Back to Publication List
FACTSHEETS
The indicators include:
- owner occupation rate
- number of transactions
- total dwelling stock
- house price percentage changes
View Now
Back to Publication List
NOTE ON DATA DEFINITIONS
It focuses on the following three indicators:
- The concept of residential mortgage lending outstanding encompasses a variety of different loan products. These products can be re-grouped within one common concept, i.e. Home Loans, which covers mortgage loans granted for housing purposes, mortgage loans granted for consumption purposes and housing loans, i.e. non-real estate secured loans or unsecured loans granted for housing purposes.
- The sources, availability and ways of constructing house price indices vary considerably between EU countries. Among other factors, the latter varies with regards to the types of dwellings included, geographical coverage (e.g. limited to the capital city or cities) and the methodology of calculation.
- The types of mortgage interest rates available and the types that are the most prevalent differ significantly from country to country. There are some countries where variable rate products prevail and there are other countries where fixed rate products prevail.
View Now
Back to Publication List
SECOND NOTE ON DATA DEFINITIONS
It focuses on the following three indicators:
- There is no agreed definition of the concept of “dwelling” at European level. The results of our survey show that in some countries the definition of dwelling is strictly associated to the concept of “independence” of the dwelling in relation to other spaces. A second common feature across the analysed countries in the definition of dwelling is the characteristic of “permanence”.
- The concept of dwelling stock significantly vary across European countries. The results of our survey show that besides permanent (primary) residences, second homes are included in the national dwelling stock of most countries. Moreover, both occupied and unoccupied houses are included in the dwelling stock for most countries.
- In most of the analysed countries, a building permit refers to an administrative act that is defined and enshrined in different national urban or construction legislation. Our findings show that in most countries building permits are granted by the public administration as a condition to start construction works. However, differences across countries exist over the nature of the works for which a building permit is released.
- The definition of housing starts poses a number of difficulties due to the fact that in some of the analysed countries there is no official definition of this indicator. Nonetheless, in some countries, a new construction is officially considered started when the actual construction works have been initiated.
- For most of the countries taken into consideration, housing completions represent the completion of construction work. However, differences exist across countries with regards to what benchmark is used to define work completion.
View Now
Back to Publication List
COVERED BONDS & MORTGAGE-BACKED SECURITIES IN THE EUROPEAN UNION 2004
The information provided in this annual overview is based on an exchange of views between the members of the Federation’s Capital Market and Mortgage Bond
Committee. The overview looks at a number of economic, market and regulatory developments on a country by country basis including the principle of
specialisation, the extension of the geographical scope of mortgage banks’ business, interest rate developments, type of mortgage bonds, investor structure
in the mortgage bond market, issuance techniques, liquidity and transparency of the mortgage bond markets etc. In addition, the survey provides an overview of legal and regulatory developments in the mortgage markets.
2004 (Mortgage Bonds & Mortgage-Backed Securities in Europe:
2000, 2001, 2002, 2003)
View Now
Back to Publication List
STUDY ON THE COST OF HOUSING IN EUROPE 2005
Europe’s housing and mortgage markets are united in their diversity, with as many systems existing as there are countries. In this respect transaction costs
are no different from other aspects of the housing and mortgage market. The EMF statistical group has recently produced a comparative study looking at some of the underlying differences which explain the divergences in transaction costs between countries.
Transaction costs are the various costs associated with making a house purchase financed by a mortgage loan and include: Solicitors’ and notary fees, property registration, property taxes, property valuation, mortgage registration and loan taxes, other purchase and loan costs.
The countries included are 11: Belgium, Denmark, Germany, Greece, Spain, France, Italy, Hungary, Poland, Sweden and United Kingdom.
View Now
Back to Publication List
STUDY ON THE EFFICIENCY OF MORTGAGE COLLATERAL IN THE EUROPEAN UNION
With a view to reflecting the changes brought about by the enlargement of the EU, the EMF has updated this Study and republished it in May 2007. The efficiency of mortgage collateral is at the core of mortgage lenders’ activities and has become more important still with the implementation of the Capital Requirements Directive in the context of Basel II. The Study, which is the result of this survey, covers the legislation of 16 Member States of the EU27. The Study addresses all areas, which determine the efficiency of the mortgage collateral: constitution and registration, the ranking of the surety, as well as the repossession and covers both residential and commercial mortgage loans. The Study has proved to be a valuable source of information both for the Commission’s Forum Group on Mortgage Credit in 2003-2005 and the Commission’s Mortgage Funding Expert Group in 2006.
2002,2007
View Now
Back to Publication List
STUDY ON THE FINANCIAL INTEGRATION OF EUROPEAN MORTGAGE MARKETS 2003
This study by the European Mortgage Federation and Mercer Oliver Wynan provides, for the first time, a comparative analysis of mortgage markets across Europe
using a number of consistent indicators to compare price and cost levels, product ranges and profitability. Secondly the study examines the benefits, both
for consumers and lenders, of greater integration and the main barriers to achieving them.
The study found that differences in mortgage prices between countries are largely due to product differences and that variances in lender economics across
markets are driven by structural factors such as market size and structure, product cross-subsidies and regulation. The combination of narrow underlying
price differences between markets, low lender returns and limited market entry suggests that each of the markets is operating broadly efficiently from a
consumer perspective. There are gaps in most countries in terms of product range and the range of borrowers served, often driven by regulation, consumer
preferences, taxation and other structural factors.
On the other hand, the study identified room for both enhancing the product range and range of borrowers served and improving efficiency, primarily through
reducing the cost of mortgage provision. The study found that significant benefits could be realised through greater integration of mortgage markets,
although it also identifies a number of barriers to achieving them, most noticeably the low levels of profitability in mortgage lending and poor
information availability and quality.
View Now
Annex 1 - Evalutation Framework
Annex 2 - Pricing Analysis Methodology
Annex 3 - Completeness Index Methodology
Annex 4 - Country Overviews
Back to Publication List
STUDY ON INTEREST RATE VARIABILITY 2006
The Study provides an in depth analysis of the broad spectrum of interest rate types that exist in mortgage products offered across the EU, their development over the past few years and the reasons for the underlying country differences. Dynamic product innovation over recent years has significantly
increased the range of ways in which interest rates can vary, especially due to the greater choice of mortgage products tailored to consumers’ specific needs
that is now available.
View Now
Back to Publication List
MORTGAGE BANKS & THE MORTGAGE BOND IN EUROPE – 4TH EDITION 2003
This 300-pages study provides comprehensive information on the issuers of mortgage bonds and on mortgage bonds in a European context. Mortgage banks are
credit institutions specialised in the financing of real estate, and which fund themselves through the issuing of mortgage bonds. The book contains both legal and economic aspects of mortgage bonds and their issuers. It summarises the salient features of today’s situation and explains also historical developments. Detailed information is provided for countries in the EU and several Central and Eastern European countries. In particular, the specific legislative context in each country is examined. Information sheets on individual mortgage bond issuers in Europe are included at the end of the book.
View Now
Back to Publication List
MORTGAGE MARKETS 2002
This survey records the evolution of mortgage lending in several EU countries. Product innovations developed by European lenders include equity release
products, more flexible mortgages (e.g. the ability to make overpayments), longer duration loans, investment-based loans and loans without repayment. The
survey shows that on-line mortgage lending has been slow to take off for a number of reasons including legal requirements on the signing of loan contracts.
Internet has, however, become an important sales channel for lenders in Sweden.
2001, 2002 (discontinued)
View Now
Back to Publication List
OUT-OF-COURT SETTELEMENTS IN THE EU 2007
The subject of improved access to justice through extra-judicial authorities that operate according to simplified, faster and less costly procedures is currently under discussion at European level in several fora. The inadequacy of traditional legal systems to resolve “petty” disputes, cross-border disputes or disputes concerning on-line contracts is being increasingly acknowledged, especially with regard to consumer confidence in a cross-border context. However, at European level, the credibility of existing alternative redress systems is being questioned, especially in the field of mortgage credit, and the question of whether legislation is required in this area to ensure the existence of alternative means of redress is under discussion. With these considerations in mind, the purpose of the present survey was to assess the adequacy of competent schemes, which exist in the EU Member States to ensure consumers an easy and fast access to redress. The results of the Federation’s survey not only demonstrate the existence of sufficient schemes, but also the fact that they are consistent, which implies that the basic principles are common to most systems, and highly developed. The Federation’s survey also shows that the out-of-court authorities in those Member States included in the Survey are all competent to hear complaints based on the Code. Against this background, any problems would appear to relate to a lack of knowledge amongst the public of alternative redress systems, rather than a lack of credibility. In this respect, it seems that this is a matter for encouragement rather than legislation.
2001, 2007
View Now
Back to Publication List
STUDY ON THE PROTECTION OF THE MORTGAGE BORROWER IN THE EUROPEAN UNION
Further to the enlargement of the EU, the EMF has published another update of this comparative Study in May 2007. The first update of the Study had been carried out in the context of the European Commission’s Forum Group on Mortgage Credit, for which it proved to be a valuable source of information. The Study also forms the basis of a number of the Federation’s Recommendations, which are designed to propose ways in which to open up European mortgage markets to cross-border business. The scope of the Study was defined as widely as possible, so as to cover all successive steps from the pre-contractual information to the conclusion of the credit contract.
2003, 2007
View Now
Back to Publication List
TAX & SUBSIDIES RELATED PROBLEMS WHEN TAKING OUT A MORTGAGE LOAN ACROSS AN EU BORDER 2004
This is the update of a study first carried out in 1998. It examines the extent to which different national systems of taxation and special subsidies constitute obstacles to cross-border commercial and residential mortgage lending. It has been carried out through surveys filled in by EMF members and was pursued to help the European Commission in identifying some of the practices that must be removed for the establishment of a single European mortgage market. The survey considers problems such the tax obstacles faced by a borrower, trying to deduct mortgage interest from his tax bill; the problems encountered when trying to obtain subsidies from a credit institution in another country; and the taxation of cross-border mortgage payments.
Commercial | Residential
Back to Publication List
THE VALUATION OF PROPERTY FOR LENDING PURPOSES 2007
The completely revised 2007 Study on the Valuation of Property for Lending Purposes is a comprehensive commentary on the valuation practices in 15 Member States, focusing on the valuation itself, the valuer, and valuation in the context of the Capital Requirements Directive. For the first time, this revised edition also includes an Executive Summary, which brings together the key elements of the national chapters in a comparative form and a national chapter from the Czech Republic. A further new feature is the inclusion of a chapter devoted to Automated Valuation Models (AVM), including an article written by the UK Delegate to the Valuation Committee, an EMF Note on the Use of AVMs in the EU and the EMF’s Guidelines on AVM Quality Criteria and the Use of AVMs in the EU, and a chapter devoted to Independence of the Valuer, including a set of EMF Guidelines, drafted by the Committee’s Chairman, José Ramón Ormazabal, and the EMF’s Note on the Independence of the Valuer.
View Now
Back to Publication List
NOTE ON THE VALUATION OF PROPERTY PORTFOLIOS 2006
Increasingly statistical methods are being used to value whole portfolios of properties. At present there are few guidelines on how property portfolios
should be valued or how portfolio valuations should be treated. As such, the EMF’s valuation experts undertook the present survey to ascertain the extent of
portfolio valuation at present for real estate, to identify the main drivers of this type of valuation and to determine what rules or guidelines exist at the
national level currently.
View Now
Back to Publication List
|