In 2006 under the technical assistance of the "Economic Policy Reform and Competitiveness Project" of the United States Agency for International Development (USAID), "Mongolian Mortgage Corporation HFC" LLC (MIK) was founded with the participation of the Bank of Mongolia and ten commercial banks of the time following the recommendations of establishing new institutions to work in the secondary market of the financing system and creating a legal framework.
MIK, which is now in its 16th year of operation, is working on the continuous and stable continuation of the housing financing system in Mongolia according to international standards and increasing accessibility.
We will create a housing financing ecosystem to support the comfortable life of Mongolian households.
MISSION
Increases access to mortgage credit by ensuring continuity of housing finance.
VALUES
PROMOTER OF FINANCIAL SECTOR TRANSFORMABILITY
MIK buys home loans from commercial banks and issues mortgage-backed bonds. By purchasing loans from banks, the liquidity of commercial banks improves, and the opportunity to provide loans to the next generation of citizens is created. Bond issuance is a significant driver for developing the secondary housing finance market. Repayment of bonds has created new sources of mortgage loans, and the mortgage financing system is stable and continuous.
A SUPPORT STRUCTURE FOR SUSTAINABLE DEVELOPMENT
The reliable, professional, and accessible development of the housing financing system is the basis for improving citizens' quality of life, a healthy and safe environment, and equal access to education and social services. The housing financing system with discounted and market interest rates is in line with the 17 Sustainable Development Goals proposed by the United Nations, such as "promoting economic growth," "friendly cities and citizens' participation," "reducing inequality,” etc., contributing directly and indirectly to the achievement of the 12 goals.
SOCIAL RESPONSIBILITY TO REDUCE THE NEGATIVE EFFECTS OF THE EPIDEMIOLOGY
The "Covid-19" epidemic, which has faced many countries of the world, has spread in Mongolia and brought great challenges to society, economy, health, and business. Since the beginning of the domestic epidemic, a decision has been made to postpone the payment of housing mortgage loans implemented by the government, and a total of 183,660 households have been covered. As a professional organization working to create a stable housing financing system, MIK paid MNT 401.7 billion in coupon payments (in cash and credit) on behalf of citizens from the company's reserve fund and was responsible for the largest expenditure among private organizations.
In 2006 under the technical assistance of the "Economic Policy Reform and Competitiveness Project" of the United States Agency for International Development (USAID), "Mongolian Mortgage Corporation HFC" LLC (MIK) was founded with the participation of the Bank of Mongolia and ten commercial banks of the time following the recommendations of establishing new institutions to work in the secondary market of the financing system and creating a legal framework.
MIK, which is now in its 16th year of operation, is working on the continuous and stable continuation of the housing financing system in Mongolia according to international standards and increasing accessibility.
We will create a housing financing ecosystem to support the comfortable life of Mongolian households.
MISSION
Increases access to mortgage credit by ensuring continuity of housing finance.
VALUES
PROMOTER OF FINANCIAL SECTOR TRANSFORMABILITY
MIK buys home loans from commercial banks and issues mortgage-backed bonds. By purchasing loans from banks, the liquidity of commercial banks improves, and the opportunity to provide loans to the next generation of citizens is created. Bond issuance is a significant driver for developing the secondary housing finance market. Repayment of bonds has created new sources of mortgage loans, and the mortgage financing system is stable and continuous.
A SUPPORT STRUCTURE FOR SUSTAINABLE DEVELOPMENT
The reliable, professional, and accessible development of the housing financing system is the basis for improving citizens' quality of life, a healthy and safe environment, and equal access to education and social services. The housing financing system with discounted and market interest rates is in line with the 17 Sustainable Development Goals proposed by the United Nations, such as "promoting economic growth," "friendly cities and citizens' participation," "reducing inequality,” etc., contributing directly and indirectly to the achievement of the 12 goals.
SOCIAL RESPONSIBILITY TO REDUCE THE NEGATIVE EFFECTS OF THE EPIDEMIOLOGY
The "Covid-19" epidemic, which has faced many countries of the world, has spread in Mongolia and brought great challenges to society, economy, health, and business. Since the beginning of the domestic epidemic, a decision has been made to postpone the payment of housing mortgage loans implemented by the government, and a total of 183,660 households have been covered. As a professional organization working to create a stable housing financing system, MIK paid MNT 401.7 billion in coupon payments (in cash and credit) on behalf of citizens from the company's reserve fund and was responsible for the largest expenditure among private organizations.
