Non-bank Dutch mortgage model goes global

dutch houses
By Tom Brown
25 Mar 2019

Mortgage origination backed directly by institutional investors has taken hold in the Netherlands, and is now spreading further afield, with similar models expanding in Sweden and Australia. Direct origination now accounts for around a quarter of the Dutch market, with banks having lost share.

The return on Dutch residential mortgages is 150bp-250bps higher than on Dutch sovereign debt, encouraging institutional investors to deploy cash into the asset class — not just through buying portfolios from banks or buying securitizations, but by directly funding new origination.

Now other jurisdictions are following. Sabelo, the ...

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