This technical note on Housing Finance complements the FSAP Developmental Module Aide Memoire and delves in greater depth into some of the technical aspects of the Mongolian
mortgage market1. This note is based on the work of the World Bank Financial Sector Assessment Program (FSAP) Development Module team that visited Ulaanbaatar from January 23-February 4, 2012. The FSAP team’s remit with regards to housing finance was to review the current state of the mortgage sector with a view to identify opportunities for further sustainable development.
Furthermore, the main focus of the technical note is on residential mortgage lending, and not on other housing finance mechanisms, such as construction lending. The team held discussions with Bank of Mongolia, Ministry of Finance, Financial Regulatory Commission, Ministry of Agriculture, Food and Light Industry, Ministry of Construction and Urban Development, Mongolian Stock Exchange, Information Communication Technology Authority, SME Authority, other government agencies, banks, non-bank financial institutions, and other market participants.
The team would like to express its gratitude to all these counterparts for their availability and excellent cooperation. Staff of the resident representative office of the World Bank provided valuable support to the work of the FSAP.