Instituto del Fondo Nacional
Instituto del Fondo Nacional
de la Vivienda para los
de la Vivienda para los
Trabajadores
Trabajadores
INFONAVIT
INFONAVIT
Agenda
1.
1.
Who are we?
Who are we?
2.
2.
How are we organized?
How are we organized?
3.
3.
2007 Results
2007 Results
4.
4.
Where are we going?
Where are we going?
5.
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
Pension Fund Manager
Since the 1992, it is part of the National Pension Fund System (Since the 1992, it is part of the National Pension Fund System (SAR)SAR)
WorkersWorkers´´ funds are held in separate individual accounts with minimum funds are held in separate individual accounts with minimum guaranteed returns
guaranteed returns
Who is INFONAVIT?
14,823,539
Active employees in the
National Housing Fund
841,869
employers paying
contributions
3,249,826
mortgage portfolio
Institutional Figures
Institutional Figures
as of
as of
December, 2007
December, 2007
How are we organized?
How are we organized?
INFONAVIT
INFONAVIT (Operating Model)
Appraisers Notaries Housing Developers Builders Auditor Collection Agencies Financial Institutions ORIGINATIONORIGINATION SERVICINGSERVICING
Core
Core
PSCD
PSCD OCIOCI ALSALS
FISCAL FISCAL COLLECTIONS COLLECTIONS Processes Processes PSCD
PSCD OCIOCI ALSALS
Systems
Systems
Channels: Website, INFONATEL
Channels: Website, INFONATEL
SAP
SAP
MBS
MBS
INFONAVIT = 3,920 employees Within INFONAVIT Ecosystem= + 20,000 persons
ACFIN
Fiscal collection
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%. $553.46 $1,081.00 $1,771.53 $2,207.53 $2,676.17 $3,145.98 $3,607.58 $4,187.50 $4,699.21 $5,306.52 $5,726.61 $6,177.83 $530.61 $1,010.69 $1,541.30 $1,945.57 $2,476.18 $3,006.79 $3,531.79 $4,080.64 $4,557.91 $5,106.77 $5,584.04 $6,013.58 $-$1,000 $2,000 $3,000 $4,000 $5,000 $6,000
Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic
Ingresos Fiscalización Meta
93.70% 93.15% 92.95% 92.78% 91.97% 92.30% 85% 86% 87% 88% 89% 90% 91% 92% 93% 94% 95% 2006 - 6 2007 - 1 2007 - 2 2007 - 3 2007 - 4 2007 - 5 On
On--time Collectiontime Collection
National Progress in Fiscal Collection
National Progress in Fiscal Collection
Accumulated from January to December 2007 vs. Cumulative monthly
Accumulated from January to December 2007 vs. Cumulative monthlygoalgoal
Goal
Goal
Fiscal Collection
Loans originated INFONAVIT
*Source:Home Acquisition, Comisión Nacional de Vivienda (CONAVI).
2,152,814 205,346 275,000 300,000 305,975 376,444 421,745 458,701 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 1972-2000 2001 2002 2003 2004 2005 2006 2007 2001-2007 2,343,211
INFONAVIT has more than doubled the number of loans originated
INFONAVIT has more than doubled the number of loans originated
since 2001 and currently provides 63% of the mortgage loans in
since 2001 and currently provides 63% of the mortgage loans in
Mexico.
Mexico.
Compound Annual Growth Rate of Origination 01
Compound Annual Growth Rate of Origination 01
-
-
07:14.3%
07:14.3%
Loans originated Loans originated
Mortgage
Mortgage originationorigination
OTROS 37% INFONAVIT 63% Others 37%
Mortgage Portfolio
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. 221,139 476,824 533,178 2000 2006 2007 116% 116% 27,878 25,292 2000 2006 2007 -41% 41% 11.8% 11.8% --9.3%9.3% Mortgage
Mortgage portfolioportfolio((DollarsDollarsin in millionsmillions)) Non Non performingperformingloansloans
$20,456 $44,109 $49,322 $4,346 $2,578 $2,339
Mortgage Backed Securities
Domestic market
Issuer of mortgage-backed securities USD$1.73 Billions At the end of 2007, securitized portfolio
represents 5.3% of total assets.
Source: INFONAVIT and Sociedad Hipotecaria Federal (SHF), 2007.
INFONAVIT is the largest issuer of mortgage
INFONAVIT is the largest issuer of mortgage--backed securities in Mexico, with the backed securities in Mexico, with the 25% of the market
Operating capabilities: US$ 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
Financial Highlights
INFONAVIT Overview
2000 2007 Var.
NPL Ratio (in #) 21.7% 3.9% -17.8pp
Total Assets US$ 18,0111 US$ 44,6551 147%
Cash inflows US$ 3,5371 US$ 9,4461 167%
LLP Loan Loss Provisions 78.8% 350% 271.2pp
Securitization $0 US$ 9061
1 US$ million. Close price SPOT Feb/01/2008: MXN$/US$ 10.81.
Source: INFOSEL
Coverage of credit risk exposure (CNVB) 100%.
Capitalization index 8.7%.
Real return paid to the housing found 2.0% 4.0% 100%
Standard & Poor’s Rating: mxAAA
Moody’s Servicer Rating:
SQ1-2007 Results
2007 Results
INFONAVIT
Total income
Total cash inflows USD$9.45 Billions, (+11.8%):
2000 2006 2007 Aportaciones Recuperaciones Otros
$91,248 $102,116 $38,237 39.8% 60.9% 34.2% 4.9% 49.6% 10.6% 39.1% 48.8% 12.1% 138% 138% 11.8% 11.8% $3,537 $8,451
Collections Servicing Other incomes
In 2007, 6/10 of
In 2007, 6/10 of INFONAVITINFONAVIT´´ss origination went to lower income origination went to lower income workers with salary below USD$554 a month.
workers with salary below USD$554 a month.
Dual Nature: Loan origination
Potential Demand and loan origination
Potential Demand and loan origination -- Segment WageSegment Wage
39% 8% 13% 19% 37% 47% 44% 42% 13% 23% 22% 20% 5% 9% 8% 8% 5% 13% 13% 11% 0% 20% 40% 60% 80% 100% Dem_Pot 2o Bim 2007 2005 2006 2007 Hasta 1.99 SM de 2.0 a 3.99 SM de 4.0 a 6.99 SM de 7.0 a 10.99 SM 11 SM y más
Dual Nature : Pension Fund Manager
INFONAVIT is also the largest manager of retirement savings in M
INFONAVIT is also the largest manager of retirement savings in Mexico, exico, with 31% of all assets under management; real return paid to the
with 31% of all assets under management; real return paid to these funds se funds has increased significantly since 2001
has increased significantly since 2001
Source: CONSAR, December 2007
Real return housing account Real return housing account
Where are we going
Where are we going
?
?
INFONAVIT
Market Overview
> 11 7 – 10.9 4 – 6.9 < 2 2 – 3.9 5.3% 5.3% 13.23% 39.6% 36.7% Co-financing with Sofol & Bank Optimized resources USD$* TMW (monthly) > 1,563 995 – 1,549 568 – 980 < 284 284 – 554*Close price SPOT Feb/01/2008: MXN$/US$ 10.81.
Source: INFOSEL
Total potential demand was 9.5 million workers as of 2007.
•Federal Government Subsidies •Cross subsidy
Financial Plan 2008-2012
CAGR:Compound Annual Growth Rate
The difference between the Base Scenario and the Best Scenario is the availability of funds in the market.
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.