Publications

Studies

The EMF-ECBC publishes in-depth legal, economic and statistical studies, surveys and notes on a variety of different issues of key relevance to EU mortgage and/or covered bond markets.These analyses focus on market trends from a statistical perspective, data definitions, interest rate variability, efficiency of the mortgage collateral, the valuation of property for lending purposes, to name but a few.

All of our studies are carried out using comparative analysis across countries and are
a valuable source of information for both our members and the EU institutions.

The European Mortgage Federation (EMF) is pleased to announce the publication of its Study on Interest-only Loans.

The main aim of the Study is to provide an overview of the practice of interest-only lending in Europe and is the result of two rounds of consultation of members of the EMF Research & Data Committee.

Interest-only mortgage loans are not common products across the EU Member States. Since the financial crisis in 2008-2009, in a number of countries measures have been taken by the banking sector or introduced through macro prudential policy by authorities to limit the use of this type of loan product. These measures typically form part of broader efforts to address and limit household indebtedness.

More widespread use is now limited to only a small number of countries, notably Denmark, the Netherlands and Sweden, where the product has taken various forms and shapes depending on domestic market needs. In these countries too, however, the share of interest-only loans to households is falling, again largely in response to action taken by the banking sector or to changes in legislation.

The European Covered Bond Council (ECBC) is pleased to announce the publication of the “Covered Bonds: A global perspective” brochure by the ECBC Global Issues Working Group. In order to develop synergies between traditional covered bond markets and new and emerging covered bond markets, as the joining of forces should allow the development of a more level-playing field for all at a global level, the European Covered Bond Council (ECBC) established its ECBC Global Issues Working Group (GIWG) in 2015.

The European Mortgage Federation is pleased to announce the publication of the 2017 Study on the Valuation of Property for Lending Purposes, which provides comprehensive commentary on valuation practices for lending purposes across the European Union (EU) and beyond. With a view to endorsing and promoting the highest standards in property valuation, the EMF’s Valuation Committee has regularly updated and revised its Study on the Valuation of Property for Lending Purposes since 1998, to provide a deeper understanding of the context and technicalities of valuation practices in the EU. Indeed, accurate and transparent property valuation is essential to the mortgage lending and covered bond businesses on a number of crucial levels: from an origination perspective, in terms of risk management and capital adequacy, and for the issuance of covered bonds.

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