Instituto del Fondo Nacional de la Vivienda para los Trabajadores INFONAVIT

Transcription

1 Instituto del Fondo Nacional de la Vivienda para los Trabajadores INFONAVIT

2 Agenda 1. Who are we? 2. How are we organized? Results 4. Where are we going? 5. Final remarks

3 INFONAVIT: Autonomous Fiscal Authority Mortgage Bank Mortgage lender with a social mandate Founded in 1972; up-to date, it has originated more than 4.5 million mortgages Autonomous Institution in which the corporate government comprises equal representation of the labor sector, the employer sector, and the Federal Government. Pension Fund Manager Since the 1992, it is part of the National Pension Fund System (SAR)(. Workers guaranteed returns funds are held in separate individual accounts with minimum

4 Who is INFONAVIT? Institutional Figures as of December, ,823,539 Active employees in the National Housing Fund 841,869 employers paying contributions 3,249,826 mortgage portfolio

5 How are we organized? INFONAVIT

6 INFONAVIT (Operating Model) Notaries Financial Institutions Appraisers Core Processes FISCAL COLLECTIONS ORIGINATION SERVICING MBS Systems PSCD OCI ALS ACFIN SAP Channels: Website, INFONATEL Housing Developers INFONAVIT = 3,920 employees Builders Auditor Collection Agencies Within INFONAVIT Ecosystem= + 20,000 persons

7 Fiscal collection National Progress in Fiscal Collection Accumulated from January to December 2007 vs. Cumulative monthly goal 95% On-time Collection $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $- $ $ $1, $1, $1, $1, $1, $2, $2, $2, $3, $3, $3, $3, $4, $4, $4, $4, $5, $5, $5, $5, $6, Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic Fiscal Collection Ingresos Fiscalización Goal Meta $6, % 93% 92% 91% 90% 89% 88% 87% 92.30% 91.97% 92.78% 93.15% 92.95% 93.70% Employer contributions(+9.8%): New collection system SAP-PSCD. On-time Collection: 93.7%. Fiscal Collections USD$571.5 millions (goal 2007: USD$556 millions). Fiscal Collections Compound Annual Growth Rate (CAGR) 2000 to 2007: 25.3%. 86% 85%

8 Loans originated INFONAVIT Loans originated 2,500,000 2,000,000 2,152, ,745 2,343, ,701 Mortgage origination 1,500, , ,444 OTROS Others 37% 1,000, , , , ,000 INFONAVIT 63% *Source: Home Acquisition, Comisión Nacional de Vivienda (CONAVI). INFONAVIT has more than doubled the number of loans originated since 2001 and currently provides 63% of the mortgage loans in Mexico. Compound Annual Growth Rate of Origination 01-07:14.3% 07:14.3%

9 Mortgage Portfolio Mortgage portfolio (Dollars in millions) Non performing loans $44, , % 533,178 $49,322 $4,346-41% 116% 27,878 $2, % 25,292 $2, ,139 $20, Portfolio Loan Collections (+9.9%): Consolidation of Cobranza Social (social collection). NPL Ratio*: 3.98%. At the end of 2007, INFONAVIT has originated 4,496,025 loans.

10 Mortgage Backed Securities INFONAVIT is the largest issuer of mortgage-backed securities in Mexico, with the 25% of the market Source: INFONAVIT and Sociedad Hipotecaria Federal (SHF), At the end of 2007, securitized portfolio represents 5.3% of total assets. Domestic market Issuer of mortgage-backed securities USD$1.73 Billions

11 INFONAVIT Overview Operating capabilities: US$ 200 million invested since 2001 Operating Volumes Mortgages Originated (2007): 117 by employee Loans Managed (2007): 748 by employee Average Internet Monthly Transactions: 3 millions Average Infonatel (Call Center) Monthly Calls: 1 million Process certification ISO 9001 for loan administration, origination and fiscal collections. Remote channels: Infonatel, Web Site, 72 branches (Cesis) nationwide, Kiosks, Aclara-net, Micasa.gob, SIG

12 INFONAVIT Overview Financial Highlights Var. NPL Ratio (in #) 21.7% 3.9% -17.8pp Total Assets US$ 18,011 1 US$ 44, % Cash inflows US$ 3,537 1 US$ 9, % LLP Loan Loss Provisions 78.8% 350% 271.2pp Securitization $0 US$ Real return paid to the housing found 2.0% 4.0% 100% Standard & Poor s Rating: mxaaa Moody s Servicer Rating: SQ1- Coverage of credit risk exposure (CNVB) 100%. Capitalization index 8.7%. 1 US$ million. Close price SPOT Feb/01/2008: MXN$/US$ Source: INFOSEL

13 2007 Results INFONAVIT

14 Total income $91,248 $102,116 $8, % 11.8% $9, % $38,237 $3, % 49.6% 48.8% 4.9% 34.2% 60.9% 39.8% 39.1% Aportaciones Collections Recuperaciones Servicing Otros Other incomes Total cash inflows USD$9.45 Billions, (+11.8%):

15 Dual Nature: Loan origination Potential Demand and loan origination - Segment Wage 100% 5% 5% 13% 13% 11% 80% 13% 9% 8% 8% 23% 22% 20% 60% 37% 40% 47% 44% 42% 20% 39% 0% Dem_Pot 2o Bim % 13% 19% Hasta 1.99 SM de 2.0 a 3.99 SM de 4.0 a 6.99 SM de 7.0 a SM 11 SM y más In 2007, 6/10 of INFONAVITs origination went to lower income workers with salary below USD$554 a month.

16 Dual Nature : Pension Fund Manager Real return housing account Source: CONSAR, December 2007 INFONAVIT is also the largest manager of retirement savings in Mexico, M with 31% of all assets under management; real return paid to these funds has increased significantly since 2001

17 Where are we going? INFONAVIT

18 Market Overview Total potential demand was 9.5 million workers as of USD$* > 1, ,549 TMW (monthly) > % 5.3% Co-financing with Sofol & Bank % % Optimized resources < 284 <2 39.6% *Close price SPOT Feb/01/2008: MXN$/US$ Source: INFOSEL Federal Government Subsidies Cross subsidy Vivienda Económica Affordable Housing

19 Financial Plan Lending Strategy CAGR: Compound Annual Growth Rate The difference between the Base Scenario and the Best Scenario is the availability of funds in the market.

20 INFONAVIT Business Cases The transformation of INFONAVIT since 2001 has been a case study for prestigious schools of business and public policy in Mexico and US.

21 Final Remarks (Q&A) INFONAVIT

22 Instituto del Fondo Nacional de la Vivienda para los Trabajadores INFONAVIT