From the Editorial
La Jornada Newspaper
Monday, November 4, 2024, p. 17
The S&P Global Ratings agency confirmed the classification of Above Average to the Housing Fund of the Institute of Security and Social Services of State Workers (Fovissste) as the primary administrator of residential mortgage loans, for maintaining a solid institutional framework, an efficient technological platform, quality practices and adequate audits, as well as processes automated origination processes, among other factors.
The rating agency detailed that with figures as of June 2024, Fovissste managed a total of 841,580 loans and remained the second largest participant in the residential mortgage market, with 7.7 percent participation, only behind the National Fund Institute. of Housing for Workers (Infonavit), with 69.1 percent.
S&P Global Ratings said the confirmation of the rating reflects its subclassifications of Above Average for management capacity and organizational structure, and for portfolio management. Regarding its organizational structure, he noted that it remains practically unchanged, which contributes to the operational continuity of this organization.
Improvements in debt recovery
He explained that there were also improvements in debt recovery, through the implementation of stricter controls to monitor its efficiency and at the end of fiscal year 2023, recovery income reached 4,975.8 million pesos, which represents an increase of 18 percent on the planned amount.
Meanwhile, for June of this year, income totaled 24 thousand 43 million pesos, which exceeded the planned goal of 23 thousand 76.7 million pesos.
He indicated that the agency’s financial position is sufficient based on credit quality and offers a stable outlook, and trusted that the agency will improve its portfolio management and operations capabilities while maintaining high quality standards.
He added that Fovissste has allocated resources for investment in technological infrastructure in order to improve its operational capacity and ensure data protection, and also because it is essential to maintain the effectiveness of operations and ensure quality care for the population. entitled.
S&P Global Ratings emphasized that Fovissste is on the list of select administrators and, to remain, it must consider meeting the criteria to obtain a classification of Average with a stable outlook, as well as a financial position considered as Enough.
Finally, it was recalled that since the founding of this worker housing fund, more than 2 million loans have been originated, of which 18,180 loans were granted in 2024.
