Resolution modifying the General Provisions applicable to development agencies and development entities

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DOF: 16/04/2021

RESOLUTION modifying the General Provisions applicable to development agencies and development entities

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of

Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 98 Bis and

125, fifth paragraph of the Credit Institutions Law; 33, first paragraph of the Law of the National Institute for

the Consumption Fund for Workers; 66, fraction II of the Law of the National Housing Fund for

the Workers; 177, third paragraph and 190 of the Law of the Security and Social Services Institute for

State Workers, as well as 4, fractions III, IV, XXXVI and XXXVIII, and 16, fraction I of the

National Banking and Securities Commission Law, and

CONSIDERING

That on December 16, 2020, two Decrees were published in the Official Gazette of the Federation by

which, on the one hand, Article 37 of the Law of the National Housing Fund for

the Workers was reformed, and on the other hand, various provisions of the Law of the National Housing Fund were added

for the Workers and of the Law of the Security and Social Services Institute for

State Workers, with the object of granting workers greater freedom to choose the form of

disposing of their savings or credit granted by said institutes, so that among other modifications

those that increased the options regarding the properties subject to financing were made,

such as acquisition of land or self-production, remodeling, repair and expansion of housing, as well

as expanding access to credit products for worker beneficiaries, who once they

meet the corresponding requirements, will be able to receive directly and without intermediaries the credit

they choose;

That as a result of the reforms to the Law of the National Housing Fund for the Workers, it is

necessary to adjust some definitions provided in the General Provisions applicable to

development agencies and development entities issued by the National Banking and Securities Commission, to

effect of incorporating references to the new products that will be offered by the National Housing Fund for

the Workers;

That in the same way, it is necessary to modify, in the relevant articles, the Provisions so that

the new products are recognized by the National Housing Fund for the

Workers to determine their requirement for reserves for unexpected losses due to credit risk,

as well as adjust the calculations related to the severity of loss for housing mortgage credits

that they grant;

That, with respect to the integration of files for housing mortgage credits granted

by the National Housing Fund for the Workers and the Security and Social Services Institute for

State Workers, the necessary changes are made in Annex 16 of the aforementioned

Provisions, in order to contemplate the new products that these housing institutes will offer, and

That in matters of accounting criteria, the standard is also adjusted in its Annex 38, particularly in the

Bulletin B-3 Credit Portfolio, for the accounting treatment that must be given to the operations that are

carried out with the new products that the housing institutes will offer, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE

TO

DEVELOPMENT AGENCIES AND DEVELOPMENT ENTITIES

SINGLE.-

Articles 1, fractions XII, subsection b), XXVII and XCIII; 109, first paragraph, sixth

row of the table; 111, last paragraph; 113, fraction II, the variable and the formula CLTVi; 115; 195, fraction II,

second paragraph, and Annex 38, Series B. "Criteria related to the concepts that make up the financial

statements", B-3 "Credit Portfolio", are REFORMED; Articles 111, fraction IV and 113, fraction III are ADDED; Annex 16 "Documentation and information that must be integrated into the files of housing mortgage credits granted by INFONAVIT and FOVISSSTE" of the General Provisions applicable to development agencies and development entities, published in the Official Gazette of the Federation on December 1, 2014 and last reformed by resolution published in said Gazette on November 9, 2020, is SUBSTITUTED, to read as follows:

" Annexes 1 to 15

...

Annex 16

Documentation and information that must be integrated into the files of housing

mortgage credits granted by INFONAVIT and FOVISSSTE

Annexes 17 to 37

...

Annex 38

Accounting Criteria for Fovissste and Infonavit

Annexes 39 to 44

...

" Article 1.-

...

I. to XI.

...

XII.

...

a)

...

b)

Housing Mortgage: direct credits denominated in national currency,

foreign currency, in UDIs, unit of measure and update (UMA) or in VSM, as well as the

interests they generate, granted to individuals and destined for the acquisition in

ownership of land intended for the construction of housing, for the acquisition,

construction, self-production, remodeling or improvement of housing without purpose of

commercial speculation, including those liquidity credits guaranteed by the

borrower's housing, payment of liabilities and refinancing acquired by any of the

previous concepts and those granted for such purposes to ex-employees of the

Development Agencies and Development Entities themselves.

c)

...

...

...

XIII. to XXVI.

...

XXVII.

Down Payment: the positive amount resulting from the difference between the Value of the Housing or the

land and the amount of the credit or, if applicable, the credits to housing on the date of

granting of the credit.

XXVIII. to XCII.

...

XCIII.

Value of the Housing: the amount that is lower between the value of the purchase

sale operation or the appraisal value of a housing or land.

XCIV. and XCV

...

...

" Article 109.-

...

...

...

...

...

...

...

...

...

...

...

Type of Regime

It will be defined as:

ROA. For credits whose holders on the date of qualification maintain a

valid employment relationship.

REA. For credits whose holders on the date of qualification are workers

beneficiaries without a valid employment relationship and who do not fall under PRO.

PRO. For credits whose holders on the date of qualification do not have a

valid employment relationship and enjoy an extension granted by the Agency

from which it is.

...

...

...

" Article 111.-

...

I. to III.

...

IV.

Regarding credits intended for construction, self-production, remodeling or

improvement of housing without structural impact, the PI i will be obtained in accordance with the following:

Where:

ATRi =

number of delays observed on the date of reserve calculation, which is obtained

in accordance with what is established in the previous fraction II.

VECESi =

number of times the borrower pays the Original Credit Amount. This number

will be the quotient resulting from dividing the sum of all scheduled payments at

the moment of its origin, by the Original Credit Amount.

In the event that the credit payments consider any variable component, the best

estimation of Infonavit and Fovissste will be used to determine the value of the sum of all scheduled

payments that the borrower must make. The value of said sum cannot be less than

equal to the Original Credit Amount.

%PAGOi =

Average of the Percentage that represents the Real Payment with respect to the Amount

Due in the last 4 Monthly Billing Periods on the date of calculation. The

average must be obtained after having calculated the percentage that represents

the Real Payment of the Amount Due for each of the 4 Monthly

Billing Periods on the date of reserve calculation. In the event that on the date of

calculation of reserves fewer than 4 Monthly Billing Periods have elapsed,

the percentage of those missing Monthly Billing Periods to

complete four will be 100% for the purpose of calculating this average, such that

the variable %PAGOi is always obtained with the average of 4 monthly

percentages.

For credits in ROA, the variables ATRi and %PAGOi will be assigned values of 0 and 100%,

respectively.

Regarding the credits referred to in fractions II, III and IV of this article, when there

is no information to perform the calculation of preventive reserves for the qualification period in question

due to the frequency contractually agreed upon which Infonavit and Fovissste carry out the

collection of the borrower's payments, the figures corresponding to the period of

immediate preceding qualification may be used. This is always provided that such information does not exceed 2 months of

age.

" Article 113.-

...

I.

...

II.

...

...

Formula

...

Formula

...

Table

Formula

Where:

CLTVi =

It is the ratio of the balance of the i-th credit (Si) with respect to the value of the housing that guarantees it (Vi):

...

Formula

...

...

Table "

III.

Regarding credits intended for construction, self-production, remodeling or

improvement of housing without structural impact, the Loss Severity will be obtained in

function of the following:

If ATRi >= 10, the SPi = 100%

If ATRi < 10, an SPi = 10% will be assigned

Where:

ATRi =

number of delays observed on the date of reserve calculation, which is obtained

in accordance with what is established in fraction II of Article 111 of these

provisions.

" Article 115.- Infonavit and Fovissste, regarding restructured credits under any regime

of amortization, must perform the computation of the variables MAXATR_7Mi, %VPAGOi and %PAGOi,

including the borrower's payment history prior to restructuring.

" Article 195.-

...

I.

...

II.

...

Housing Mortgage Credits that satisfy the product criterion established below, direct credits denominated in any currency, as well as the interests they

generate, granted to individuals and destined for the acquisition in ownership of land intended

for the construction of housing, for the acquisition, construction, self-production, remodeling or

improvement of

housing without purpose of commercial speculation, as well as credits of

liquidity guaranteed

by the borrower's housing; payment of liabilities and refinancing of credits

acquired by any of the

previous concepts, including those credits granted for

such purposes to employees

and ex-employees of Development Agencies and Development Entities.

...

...

...

a) to e)

...

...

...

...

...

TRANSITORY

SINGLE.- This Resolution will enter into force the day following its publication in the Official Gazette

of the Federation.

Respectfully,

Mexico City, April 8, 2021. - The President of the National Banking and Securities Commission,

Juan Pablo Graf Noriega. - Signature.

" ANNEX 16

DOCUMENTATION AND INFORMATION THAT MUST BE INTEGRATED INTO THE FILES OF

HOUSING MORTGAGE CREDITS GRANTED BY INFONAVIT AND FOVISSSTE

SECTION A

(From INFONAVIT)

Documentation required for granting

Credit application duly filled out and signed, either manually or electronically.

Authorization request to the beneficiary to consult their credit history with credit

information societies, as well as the authorization or denial of the beneficiary.

Updated appraisal in accordance with internal policies of the assets that guarantee the debt, carried out

in accordance with the general provisions established by the Commission.

Notice for withholding of deductions from the Holder for beneficiaries with a valid employment relationship.

Notarial deed (Testimonio).

Notice for withholding of deductions from the spouse, family member or co-resident, if applicable.

Identification of the borrower

Physical or digital copy of official identification (passport, voter ID or professional ID)

of the borrower.

Physical or digital copy of proof of address of the debtor and the joint obligor, in the case of

acquisition, expansion, repair or improvement of housing. Regarding payment or restructuring

of housing liability, copy of the notarial deed in which such acquisition is recorded,

if applicable.

For the celebration of the credit operation

In the event that the corresponding authorization has been obtained, the documentation that proves having

requested a Credit Information Report.

Corresponding credit study of the borrower.

Credit authorization.

Credit certificate or notarial instruction letter or credit authorization letter (as

corresponds).

Credit certificate or notarial instruction letter (credits for acquisition of housing or for

acquisition of land intended for the construction of housing, as well as credits to build,

expand or improve housing or pay housing liability or mortgage).

Certificates or verification of existence or non-existence of encumbrances, limitations of ownership or

preventive annotations and certificate or verification of registration of the mortgage before the Public

Property Registry.

If applicable, visit report in accordance with Infonavit's internal policies.

Insurance policy for the guarantee in favor of Infonavit, in accordance with internal policies.

Readable copy of the notarial deed registered in the Public Property Registry, which proves the

ownership of the beneficiary and, if applicable, their spouse, or the document that proves

ownership. The appendices of said deed must contain evidence related to the identity

of the borrower and the antecedents of the property, including the certificates of no debt that

correspond and those that prove the residential use of the housing or land.

Follow-up

Information that allows appreciating the behavior of the borrower in the fulfillment of their

credit obligations with Infonavit, such as disbursements, payments made, renewals,

restructurings, write-offs or deeds in payment, as well as any other that supports the rating granted

to the credit in question.

Likewise, at the appropriate time, the notarial deed of cancellation of the mortgage, or in the case of

that the law of the matter does not require a public instrument for the release of the encumbrance, certificate of

release of the obligation on the borrower.

Report of non-compliance by those employers who omit to pay Infonavit the

amortizations of the credits granted to beneficiaries with a valid employment relationship or the

contributions to the housing sub-account of workers, at the moment of non-compliance.

Credits in judicial collection

Periodic and updated information, in accordance with Infonavit's policies, of the responsible for the

judicial or extrajudicial collection of the credit.

Information that proves the settlement of debts (deed in payment, adjudication of guarantees and

write-offs).

Written-off credits

Information that proves that the different recovery instances have been exhausted or, if applicable, the

necessary information in accordance with institutional policies in this matter.

Information through which the corresponding instances request the application of the credit.

Necessary to exercise the collection action

Credit contract with mortgage guarantee or, if applicable, documents that according to laws make

const the existence of the credit, or well, prove that they can obtain it when they do not appear in the file

respective

SECTION B

(From Fovissste)

Documentation required for granting

Certificate of services that proves the seniority of contributions to Fovissste.

In the case of having requested a joint credit, the spouse, concubine or concubine must

present the documentation indicated in subsections 1 and 2, as well as a certified copy of the marriage certificate or, if applicable, a certificate of facts before a Public Notary that certifies the concubinage of the beneficiaries.

Authorization request to the beneficiary to consult their credit history with credit

information societies, as well as the authorization or denial of the beneficiary to carry out the

consultation of the Credit Information Report.

For the celebration of the credit operation

Credit application duly filled out and signed, either manually or electronically.

In the event that the corresponding authorization has been obtained, the documentation that proves having

requested a Credit Information Report.

Parametric study of the borrower (credit assignment system).

Credit authorization.

Certificates or verification of existence or non-existence of encumbrances, limitations of ownership or

preventive annotations and certificate or verification of registration of the mortgage before the Public

Property Registry.

Visit report in accordance with Fovissste's internal policies.

Updated appraisal of the Acquired Property in accordance with Fovissste's internal policies, carried out in

accordance with the general provisions established by the Commission. Regarding Registered Housing Packages

before Fovissste, the acceptance by the beneficiary will suffice.

Insurance policy for the guarantee in favor of Fovissste.

Credit contract with mortgage guarantee duly registered in the Public Property

Registry or, if applicable, instrument that documents it, as well as promissory note signed by the borrower

and/or guarantor, when applicable.

Additionally, for each of the types of credits, the following documentation must be integrated:

a)

For credits for redemption of liabilities:

i.

Readable copy of the notarial deed registered in the Public Property Registry, which

proves the ownership of the beneficiary and, if applicable, their spouse.

ii.

Updated statement of account, issued by the creditor to be replaced.

iii.

Certificate that proves the non-existence of debts for property tax and

rights for water consumption.

iv.

Commitment letter from the creditor to attend the cancellation of the mortgage and receive the

early payment of their credit before the public notary who will formalize the granting

of the credit to be granted by Fovissste for the redemption of liabilities.

b)

For credits for the construction of housing:

i.

Readable copy of the notarial deed registered in the Public Property Registry, which

proves the ownership of the beneficiary or their co-ownership.

ii.

Certificate of folio or registry antecedent issued by the Public Registry of the

Property, whose date of issuance cannot exceed 10 days.

iii.

License, declaration or construction permit with plans authorized by the competent

authority.

iv.

Budget and work program.

c)

In the case of credits for housing expansion

i.

Readable copy of the notarial deed registered in the Public Property Registry, which

proves the ownership of the beneficiary or their co-ownership.

ii.

License, declaration or construction permit, if applicable.

iii.

Project, budget and work program, if applicable.

d)

In the case of credits for repair or improvement of housing

i.

Readable copy of the notarial deed registered in the Public Property Registry, which

proves the ownership of the beneficiary on the property to which the

credit will be destined or their co-ownership.

ii.

Project, budget and program of repair or improvement.

Identification of the borrower

Physical or digital copy of valid official identification (passport, voter ID or professional ID)

with photograph and signature.

Physical or digital copy of proof of address.

Unique Population Registry Key.

Follow-up

Information that allows appreciating the behavior of the borrower in the fulfillment of their

credit obligations with Fovissste, such as disbursements, payments made, renewals,

restructurings, write-offs or deeds in payment, as well as any other that supports the rating

granted to the credit in question. Likewise, at the appropriate time, the notarial deed of

cancellation of the mortgage, or in the case that the law of the matter does not require a public instrument for the

release of the encumbrance, certificate of

release of the obligation on the borrower.

Report of non-compliance by those departments that omit to pay Fovissste the

amortizations of the credits granted to beneficiaries or the contributions to the sub-account

of housing of workers, at the moment of non-compliance.

Credits in judicial collection

Periodic and updated information, in accordance with Fovissste's policies, of the responsible for the

judicial or extrajudicial collection of the credit.

Information that proves the settlement of debts (deed in payment, adjudication of guarantees and

write-offs).

Written-off credits

Information that proves that the different recovery instances have been exhausted, or if applicable, the

necessary information in accordance with institutional policies in this matter.

Information through which the corresponding instances request the application of the credit.

Necessary to exercise the collection action

Credit contract with mortgage guarantee or, if applicable, documents that according to laws make

const the existence of the credit, or well, prove that they can obtain it when they do not appear in the file

respective.

SECTION C

(From Infonavit and Fovissste)

Restructured credits

Mark or electronic evidence, or if applicable, documentary of the social collection process, which allows

to follow up on the management of the credits, including among others:

a)

Certified correspondence, in case of not having access to the housing to start the

management.

b)

Follow-up calls.

c)

Identification of the borrower.

d)

Photograph of the property.

e)

Geolocation of the guarantee.

f)

Authorization or denial of the borrower to carry out the consultation of the Credit Information

Report, in case it has not been obtained since the granting of the original credit.

g)

Credit Information Report, unless it does not have the borrower's authorization for

it.

h)

Express consent or, if applicable, ficta affirmative of the restructuring, always that it is in

benefit of the borrower.

i)

If applicable, ratification of the restructuring by the borrower.

j)

...

Management reports during the different stages of restructuring.

k)

Evidence of payment after restructuring.

In its case, judicial agreement.

" ANNEX 38

CONTENT

Series A. to Series D.

. . .

A-1 to A-4

. . .

B-1 and B-2

. . .

B-3 CREDIT PORTFOLIO

Objective and scope

This criterion aims to define the specific rules regarding the recognition, valuation, presentation, and disclosure in the financial statements of the credit portfolio of Fovissste and Infonavit.

1

This criterion also includes accounting guidelines relative to the allowance for credit risks.

2

The following are not subject to this criterion:

a)

The establishment of the methodology for the rating and establishment of the allowance for credit risks.

b)

The accounting rules relative to securities issued in series or in mass, which are traded on recognized markets and which Fovissste and Infonavit maintain in their own position, even if they are linked to credit operations, being subject to criterion B-2 "Investments in securities".

c)

The collection rights that Fovissste and Infonavit acquire which are in the circumstances provided for in criterion B-8 "Collection rights".

Definitions

3

Borrower.- The natural or legal person, or trust to whom a credit is granted.

4

Portfolio Rating.- Methodology used by Fovissste and Infonavit to recognize the credit and extension risks associated with the credits granted by them.

5

Payment Capacity.- For the purposes of this criterion, it will be understood that there is payment capacity when the conditions established for that effect in the General Provisions applicable to development agencies and development entities are met.

6

Troubled Portfolio.- Those commercial credits for which it is determined that, based on current information and facts as well as the credit review process, there is a considerable probability that they cannot be recovered in their entirety, both their principal and interest components, according to the terms and conditions originally agreed. Both the performing and past due portfolios are susceptible to being identified as troubled portfolio.

7

Portfolio in Extension.- It is composed of all those housing credits granted by Infonavit or Fovissste, and which, in terms of the Law of the National Housing Fund Institute for Workers and the Law of the Institute for Social Security and Services for State Workers, have some valid extension in the payment of amortization.

8

Past Due Portfolio.- That composed of credits whose borrowers are declared in commercial bankruptcy, or whose principal, interest, or both, have not been settled in the terms originally agreed, considering for this effect what is established in paragraphs 53 to 69 of this criterion.

9

Performing Portfolio.- That integrated by credits that are up to date in their payments of both principal and interest, the portfolio in extension, as well as by those credits with principal or interest payments past due that have not been located in the circumstances provided for in this criterion to consider them as past due, and those that having been classified as past due portfolio are restructured or renewed and have evidence of sustained payment as established in this criterion.

10

Write-off.- It is the cancellation of the credit when there is evidence that formal collection efforts have been exhausted or the practical impossibility of recovering the credit has been determined.

11

Commission for the granting of the credit.- Exists when Fovissste or Infonavit and the borrower have agreed from the date the credit was arranged, the collection of a monetary fee for recovery of the costs or expenses incurred to grant the credit regardless of the moment in which the disbursements of the same are made. Likewise, commissions charged for restructuring or renewal of credits are considered part of these commissions.

12

Consolidation of credits.- It is the integration into a single credit of two or more credits granted by Fovissste and Infonavit to the same borrower.

13

Amortized Cost.- For the purposes of this criterion, it is the valuation method that integrates the amount effectively granted to the borrower, adjusted by the accrued interest that have been recognized according to what is established in this criterion, the insurance, if any, that had been financed, the collections of principal and interest, as well as by the discounts, waivers, bonuses, and discounts that have been granted.

14

Credit.- Asset resulting from the financing granted by Fovissste and Infonavit based on what is established in the applicable legal provisions.

15

Housing Credits.- To the direct credits denominated in national currency, measurement and update unit (UMA) or in times minimum wage (VSM), as well as the interest they generate, granted to natural persons and destined for the acquisition, construction, self-production, remodeling, or improvement of housing without commercial speculation purpose, which have a mortgage guarantee on the borrower's housing, including those backed by the savings of the borrower's housing sub-account; also included are those destined for the acquisition of land for housing construction purposes; likewise included are credits granted for such effects to former employees of Fovissste and Infonavit, as well as for the payment of liabilities acquired by any of the aforementioned concepts.

16

Commercial Credits.- To the direct or contingent credits, including bridge credits, denominated in national currency, UMA or in VSM, as well as the interest they generate, granted by Infonavit to legal persons or natural persons with business activity and destined for their commercial or financial business.

17

Allowance for credit risks.- An impact made against the results of the exercise that measures that portion of the credit that is estimated will not have collection viability.

18

Credit Line.- Amount of money made available to the client by Fovissste and Infonavit, for a determined period of time.

19

Payment.- Real delivery of the thing or quantity due or the provision of the service that had been agreed. Interest that is capitalized will not be considered as payment.

20

Write-offs, discounts, waivers, bonuses, and discounts that are effected on a credit or group of credits are not considered payments.

21

Sustained credit payment.- Borrower's payment compliance without delay, when the borrower has covered without delay, the total amount due of principal and interest, as a minimum of one amortization in credits under the Ordinary Amortization Regime (ROA) and three amortizations for credits under the Special Amortization Regime (REA).

22

For the case of commercial credits, it will be considered that there is sustained payment when the borrower complies without delay, for the total amount due of principal and interest, as a minimum of three consecutive amortizations of the credit's payment scheme, or in the case of credits with amortizations that cover periods greater than 60 natural days, the payment of one exhibition.

23

For credit restructurings with periodic payments of principal and interest whose amortizations are less than or equal to 60 days in which the payment periodicity is modified to shorter periods, the number of amortizations equivalent to three consecutive amortizations of the original payment scheme of the credit must be considered. For credits that remain with a single payment scheme of principal at maturity, what is provided in the following paragraph 27 will be applicable.

24

In the case of consolidated credits, if according to paragraph 68, two or more credits had originated the transfer to past due portfolio, to determine the required amortizations, the original payment scheme of the credit whose amortizations equate to the longest term must be attended.

25

In all cases in the demonstration that there is sustained payment, Fovissste and Infonavit must have available to the CNBV evidence justifying that the borrower has payment capacity at the moment the restructuring or renewal is carried out to face the new conditions of the credit.

26

For credits with single payment of principal at maturity, regardless of whether the payment of interest is periodic or at maturity, it is considered that there is sustained payment of the credit when any of the following circumstances occur:

a)

the borrower has covered at least 20% of the original amount of the credit at the moment of restructuring or renewal, or,

b)

the amount of accrued interest according to the payment scheme for restructuring or renewal corresponding to a term of 90 days has been covered.

27

The early payment of amortizations of restructured or renewed credits, other than those with single payment of principal at maturity, regardless of whether interest is paid periodically or at maturity, is not considered sustained payment. This is the case of amortizations of restructured or renewed credits that are paid without having passed the natural days equivalent to the periods required according to the previous paragraph 23.

28

Restructuring.- It is that operation that derives from any of the following situations:

a)

expansion of guarantees that cover the credit in question, or

b)

modifications to the original conditions of the credit or to the payment scheme, among which are:

• change of the interest rate established for the remaining term of the credit;

• change of currency or unit of account;

• granting of a waiting period regarding the fulfillment of payment obligations according to the original terms of the credit, or

• extension of the credit term.

29

Special Amortization Regime (REA).- In the case of Infonavit, it is the payment modality of credits whose holders are worker beneficiaries without an active labor relationship and which is not Portfolio in extension. For credits granted by Fovissste, it refers to credits whose payment modality is not through salary deductions.

30

Ordinary Amortization Regime (ROA).- It is the payment modality through which workers pay their Fovissste or Infonavit credits through salary deductions made by their employers, Entities, or Departments, which are transferred to Fovissste or Infonavit.

31

Renewal.- It is that operation in which the balance of a credit is settled partially or totally, through the increase in the original amount of the credit, or with the product coming from another credit contracted with Infonavit, in which the same debtor, a solidary obligor of said debtor, or another person who by their patrimonial links constitutes common risks is part.

32

Notwithstanding the above, a credit will not be considered renewed for the disbursements made during the validity of a pre-established credit line, provided that the borrower has settled the total of the payments due according to the original conditions of the credit.

33

Credit Risk.- For the purposes of this criterion, it is defined as the potential loss due to the lack of payment of a borrower or counterparty in the operations carried out by Fovissste and Infonavit, including the real or personal guarantees granted to them, as well as any other mitigation mechanism used by Fovissste and Infonavit.

34

Extension Risk.- It refers to the portion of the credits that will not be possible to cover with the established monthly payments, derived from the obligation of Fovissste or Infonavit to release their payment, once the term referred to in the applicable legislation is met.

35

Unpaid Balance.- It is the result obtained by the application of the amortized cost.

Recognition and valuation rules

36

The balance to be registered in the credit portfolio will be the amount effectively granted to the borrower and, if applicable, the insurance that had been financed. To this amount, any type of interest that, according to the credit's payment scheme, is accruing will be added.

37

The unpaid balance of credits denominated in VSM or UMA, will be revalued based on the corresponding minimum wage or UMA, registering the adjustment for the increase against a deferred credit, which will be recognized in the results of the exercise in the proportional part corresponding to a period of 12 months as interest income. In case that before concluding the 12-month period there were a modification to said minimum wage, the pending balance to amortize will be carried to the results of the exercise in the item of interest income on that date.

38

In cases where the collection of interest is made in advance, these will be recognized as an advance collection in the item of deferred credits and advance collections. Such collection will be amortized during the life of the credit under the straight-line method against the results of the exercise, in the item of interest income.

Credit lines

39

In the case of credit lines that Fovissste and Infonavit have granted, in which not all the authorized amount is exercised, the unused part of them must be kept in off-balance sheet accounts.

Partial payments in kind

40

Partial payments received in kind to cover the amortizations (principal and/or interest) accrued or, if applicable, past due, will be registered according to what is established in criterion B-4 "Assets adjudicated".

Commissions charged for the granting of the credit

41

The commissions charged for the granting of the credit will be registered as a deferred credit, which will be amortized against the results of the exercise as interest income, under the straight-line method during the life of the credit, except those that originate from revolving credits which must be amortized for a period of 12 months.

42

Regarding commissions charged for restructurings or renewals of credits, they must be added to the commissions that had originated according to the previous paragraph, recognized as a deferred credit, which will be amortized against the results of the exercise as interest income, under the straight-line method during the new term of the credit.

43

Commissions that are recognized after the granting of the credit, those that are generated as part of the maintenance of said credits, nor those that are charged on account of credits that have not been placed, will not enter this category.

44

Likewise, in the case of commissions charged that originate from the granting of a credit line that has not been disbursed, at that moment they will be recognized as a deferred credit, which will be amortized against the results of the exercise as interest income under the straight-line method for a period of 12 months. In case that the credit line is canceled before concluding the aforementioned 12-month period, the pending balance to amortize must be recognized directly in the results of the exercise in the item of commissions and fees charged, on the date the cancellation of the line occurs.

Costs and expenses associated

45

The costs and expenses associated with the granting of the credit will be recognized as a deferred charge, which will be amortized against the results of the exercise as an interest expense, during the same accounting period in which the income from commissions charged for the granting of the credit referred to in this section is recognized.

46

For the purposes of the previous paragraph, costs or expenses associated with the granting of the credit will be understood to be only those that are incremental and directly related to activities carried out by Fovissste or Infonavit to grant the credit, for example the credit evaluation of the debtor, evaluation and recognition of guarantees, negotiations for the terms of the credit, preparation and process of the credit documentation and closing or cancellation of the transaction, including the proportion of compensation to employees directly related to the time invested in the development of those activities.

47

Any other cost or expense not included in the previous paragraph, among them those related to promotion, advertising, potential clients, administration of existing credits (follow-up, control, recoveries, etc.) and other auxiliary activities related to the establishment and monitoring of credit policies, will be recognized directly in the results of the exercise as they accrue in the item corresponding according to the nature of the cost or expense.

48

The commissions charged or pending collection, as well as the costs and expenses associated with the granting of the credit, will not form part of the credit portfolio.

Commissions and fees charged

49

Commissions and fees other than those charged for the granting of the credit will be recognized against the results of the exercise in the item of commissions and fees charged, on the date they accrue. In the case that a part or the total of the consideration received for the collection of the commission or fee corresponding is received in advance to the accrual of the relative income, such advance must be recognized as a liability.

Acquisitions of credit portfolio by Fovissste

50

On the date of acquisition of the portfolio, the contractual value of the acquired portfolio must be recognized in the item of credit portfolio, according to the type of portfolio that the originator had classified; the difference that originates with respect to the acquisition price will be registered as follows:

a)

when the acquisition price is less than the contractual value of the same, in the results of the exercise within the item of other income (expenses) of the operation, up to the amount of the allowance for credit risks that, if applicable, is established according to what is indicated in the following paragraph and the excess as a deferred credit, which will be amortized as respective collections are made, according to the proportion that these represent of the contractual value of the credit;

b)

when the acquisition price of the portfolio is greater than its contractual value, as a deferred charge which will be amortized as respective collections are made, according to the proportion that these represent of the contractual value of the credit.

Allowance for credit risks of portfolio acquisitions

51

Fovissste will constitute for any type of acquired credit against the results of the exercise the allowance for credit risks that corresponds, according to what is stated in paragraphs 75 and 76, taking into account the defaults that the credit may have presented since its origin.

Transfer to past due portfolio

52

The unpaid balance according to the payment conditions established in the credit contract, will be registered as past due portfolio when:

it is known that the borrower is declared in commercial bankruptcy, according to the Commercial Bankruptcy Law, or

regarding housing credits according to the corresponding payment modality (REA or ROA), the amortizations have not been settled in their entirety in the terms originally agreed and present 90 or more days past due.

their amortizations have not been settled in their entirety in the terms originally agreed, considering for this effect the following:

a)

if the debts consist of credits with single payment of principal and interest at maturity and present 30 or more natural days past due;

b)

if the debts refer to credits with single payment of principal at maturity and with periodic interest payments and present 90 or more natural days past due the respective interest payment, or 30 or more natural days past due the principal;

c)

if the debts consist of credits with periodic partial payments of principal and interest and present 90 or more natural days past due;

d)

regarding portfolio in extension, present 90 or more natural days past due once said extension expires;

e)

if the debts consist of revolving credits and present two monthly billing periods past due, or in case that the billing period is different from monthly, the corresponding to 60 or more natural days past due, and

f)

the immediate collection documents referred to in criterion B-1 "Availability" , will be reported as past due portfolio at the moment in which said event occurs.

53

The transfer to past due portfolio of the credits referred to in item 2 of the previous paragraph will be subject to the exceptional term of 120 or more days of default from the date on which:

a)

the credit resources are disbursed for the purpose for which they were granted;

b)

the borrower starts a new labor relationship for which he has a new employer, or

c)

Fovissste and Infonavit have received the partial payment of the corresponding amortization. The exception contained in this item will be applicable provided that it concerns credits under the ROA scheme, and each of the payments made during said period represent, at least, 5% of the agreed amortization.

The exceptions contained in this paragraph are not exclusive of each other.

54

Regarding the maturity terms referred to in items 2 and 3 of paragraph 53 as well as the previous paragraph 54, monthly periods may be used, regardless of the number of days each calendar month has, in accordance with the following equivalences:

30 days

one month

60 days

two months

90 days

three months

55

Likewise, in case that the fixed term expires on an inactive day, said term will be understood to be concluded on the first following business day.

56

Additionally, credits that are in the circumstances to be considered as prematurely past due in terms of the applicable legislation will be registered as past due portfolio. Examples of such circumstances are that the debtors alienate the housing, encumber the properties that guarantee the payment of the granted credits, do not maintain the all-risk insurance valid for the entire time that there is a balance to their charge, or incur in the causes of rescission recorded in the respective contracts.

57

In the case of acquisitions of credit portfolio, for the determination of the days past due and its corresponding transfer to past due portfolio as indicated in paragraphs 53 to 57, it must be

take into account the defaults that the borrower has presented since its origin.

Restructurings and Renewals

58

Overdue credits that are restructured or renewed will remain within the non-performing portfolio, until there is evidence of sustained payment.

59

Single-payment principal credits at maturity, regardless of whether interest is paid periodically or at maturity, that are restructured during their term or renewed at any time will be considered as non-performing, until there is evidence of sustained payment, in accordance with what is established in paragraph 27 of this criterion.

60

Credits granted under a credit line, revolving or not, that are restructured or renewed at any time, may remain in the performing portfolio provided that there are elements justifying the borrower's payment capacity. Additionally, the borrower must have:

a) paid in full all due interest, and

b) covered all payments to which they are obligated under the contract as of the date of restructuring or renewal.

61

In the case of credit facilities granted under a line, when they are restructured or renewed independently of the credit line that supports them, they must be evaluated in accordance with this section taking into account the characteristics and conditions applicable to the restructured or renewed facility or facilities. If such analysis concludes that one or more of the facilities granted under a credit line must be transferred to non-performing portfolio due to their restructuring or renewal; the total disbursed balance of the credit line must be transferred to non-performing portfolio until there is evidence of sustained payment.

62

Performing credits with characteristics different from those indicated in paragraphs 60 to 62 above that are restructured or renewed, without at least 80% of the original credit term having elapsed, will be considered to continue being performing, only when:

a) the borrower has covered all accrued interest as of the date of renewal or restructuring;

b) the borrower has covered the principal of the original credit amount, which as of the date of renewal or restructuring should have been covered, and

c) the grace period, if any, provided for in the original credit conditions has not been extended.

63

In the event that all conditions described in the previous paragraph are not met, they will be considered as overdue from the moment they are restructured or renewed, and until there is evidence of sustained payment.

64

When it comes to performing credits with characteristics different from those indicated in paragraphs 60 to 62 above that are restructured or renewed during the course of the final 20% of the original credit term, these will be considered performing only when the borrower has:

a) paid in full all accrued interest as of the date of renewal or restructuring;

b) covered the principal of the original credit amount, which as of the date of renewal or restructuring should have been covered, and

c) covered 60% of the original credit amount.

65

In the event that all conditions described in the previous paragraph are not met, they will be considered as overdue from the moment they are restructured or renewed, and until there is evidence of sustained payment.

66

Performing credits with periodic partial payments of principal and interest that are restructured or renewed on more than one occasion, may remain in the performing portfolio if, in addition to having elements justifying the borrower's payment capacity, the borrower complies with the conditions established in paragraphs 63 or 65 above, as applicable.

67

In the case where a restructuring or renewal consolidates various credits granted by Fovissste or Infonavit to the same borrower, each of the consolidated credits must be analyzed as if they were restructured or renewed separately, and if such analysis concludes that one or more of said credits would have been transferred to non-performing portfolio due to said restructuring or renewal, then the total balance of the consolidated credit must be transferred to non-performing portfolio.

68

The provisions in paragraphs 60 to 68 shall not apply to those restructurings that on the date of the operation present payment compliance for the total amount due of principal and interest and only modify one or several of the following original credit conditions:

· Guarantees: only when they imply the expansion or substitution of guarantees with others of better quality.

· Interest rate: when the agreed interest rate is improved for the borrower.

· Payment date: only in the case that the change does not imply exceeding or modifying the payment periodicity. In no case shall the change in the payment date allow for the omission of payment in any period.

Suspension of Interest Accrual

69

The accrual of accrued interest on credit operations must be suspended at the moment the outstanding balance of the credit is considered overdue.

70

For credits that contractually capitalize interest to the debt amount, the suspension of interest accrual established in the previous paragraph shall apply.

71

While the credit remains in the non-performing portfolio, the control of accrued interest will be maintained in off-balance sheet accounts. In the event that such overdue interest is collected, it will be recognized directly in the results of the period under the item of interest income.

Unpaid Accrued Interest

72

With respect to unpaid accrued interest corresponding to credits that are considered as non-performing portfolio, an estimate must be created for an amount equivalent to the total of these, at the time of transferring the credit as non-performing portfolio.

73

In the case of overdue credits where in their restructuring the capitalization of previously recorded unpaid accrued interest in off-balance sheet accounts is agreed upon, Fovissste and Infonavit must create an estimate for 100% of said interest. The estimate may be cancelled when there is evidence of sustained payment.

Preventive Estimate for Credit Risks

74

The amount of the preventive estimate for credit risks must be determined based on the different methodologies established or authorized by the CNBV for each type of credit through general provisions, as well as by additional estimates required in various regulations and those ordered and recognized by the CNBV, and must be recognized in the results of the period corresponding.

75

The additional estimates recognized by the CNBV referred to in the previous paragraph are those constituted to cover risks that are not foreseen in the different portfolio rating methodologies, and over which prior to their constitution, Fovissste and Infonavit must inform the CNBV of the following:

a) origin of the estimates;

b) methodology for their determination;

c) amount of estimates to be constituted, and

d) time estimated to be necessary.

Write-offs, Eliminations and Recoveries of Credit Portfolio

76

Fovissste and Infonavit must periodically evaluate whether an overdue credit should remain on the balance sheet, or rather, be written off. Such write-off will be carried out by canceling the outstanding balance of the credit against the preventive estimate for credit risks. When the credit to be written off exceeds the balance of its associated estimate, before carrying out the write-off, said estimate must be increased up to the amount of the difference.

77

In addition to what is established in the previous paragraph, Fovissste and Infonavit may opt to eliminate from their assets those overdue credits that are provisioned at 100% according to what is stated in paragraphs 75 and 76, even if they do not meet the conditions to be written off. For such purposes, Fovissste and Infonavit must cancel the outstanding balance of the credit against the preventive estimate for credit risks.

78

Any recovery derived from previously written-off or eliminated credits in accordance with the two previous paragraphs, must be recognized in the results of the period within the item of preventive estimate for credit risks.

Discounts, Forgiveness, Bonuses and Discounts on the Portfolio

79

Discounts, forgiveness, bonuses and discounts, that is, the amount forgiven of the payment of the credit in partial or total form, will be recorded charged to the preventive estimate for credit risks. In the event that the amount of these exceeds the balance of the estimate associated with the credit, estimates must previously be constituted up to the amount of the difference.

Credits Denominated in UDIS

80

For the case of credits denominated in UDIS, the estimate corresponding to said credits will be denominated in the unit of account of origin that corresponds.

Cancellation of Excesses in the Preventive Estimate for Credit Risks

81

When the balance of the preventive estimate for credit risks has exceeded the amount required in accordance with paragraphs 75 and 76, the differential must be cancelled in the period in which such changes occur against the results of the period, affecting the same concept or item that originated it, that is, the preventive estimate for credit risks.

Assignment of Credit Portfolio

82

For credit portfolio assignment operations that do not meet the conditions established in criterion C-1 "Transfer of Financial Assets", to consider the operation as a transfer of ownership or only the flows linked to said financial asset are transferred, Fovissste and Infonavit must conserve in the asset the amount of the assigned credit and, recognize in the liability the amount of resources coming from the assignee.

83

In cases where the assignment of credit portfolio is carried out, in which the conditions established in criterion C-1 are met to consider the operation as a transfer of ownership, the provisions of said criterion will apply, and the estimate associated with it must be cancelled.

Transfer to Performing Portfolio

84

Overdue credits will be returned to the performing portfolio in which the pending payment balances (principal and interest, among others) are paid in full, or, if they are restructured or renewed credits, comply with the sustained payment of the credit.

Presentation Standards

Balance Sheet

85

a) the portfolio will be grouped into performing and non-performing, according to the type of credit, whether commercial or housing credits (including, ordinary amortization regime, special amortization regime and portfolio in extension);

b) the preventive estimate for credit risks must be presented in a separate item, subtracting it from the credit portfolio;

c) the effect by valuation of credits in UDIS referred to in paragraph 38 will be presented as part of the credit portfolio;

d) interests collected in advance must be presented together with the portfolio that gave rise to them;

e) it must be presented in the item of other assets, the deferred charge that, if any, had been generated by the acquisition of portfolio;

f) it will be presented in the item of deferred credits and advance collections, the excess that, if any, had originated from the acquisition of portfolio referred to in item a) of paragraph 51, as well as the commissions received in advance to the accrual of the income relative;

g) commissions collected for the granting of credit must be presented net of associated costs and expenses, presented in the item of other assets, or of deferred credits and advance collections, as applicable to their debtor or creditor nature;

h) it will be presented in the item of bank loans and from other organisms or in its case, in the item of loans or federal government support and other organisms, the liability derived from credit portfolio assignment operations;

i) it will be presented in off-balance sheet accounts, in the item called credit commitments the unused amount of the credit lines that Fovissste and Infonavit have granted, and

j) it will be presented in off-balance sheet accounts in the item of accrued interest not collected derived from non-performing credit portfolio, the amount of accrued interest not collected derived from credits that remain in non-performing portfolio.

Income Statement

86

Interest income will be grouped as accrued interest, the amortization of interest collected in advance, the accrual of deferred credit by valuation of credits in UDIS and the amortization of commissions collected for the granting of credit. Likewise, interest expenses will be grouped as the amortization of costs and expenses associated with the granting of credit.

87

It will be presented as a specific item, immediately after the financial margin, the preventive estimate for credit risks, as well as the result by valuation of UDIS, which originates from the estimate.

88

It will be presented in the item of commissions and fees collected commissions other than those related to the granting of credit.

89

The amortization of the deferred credit or deferred charge, derived from the acquisitions of credit portfolio, from the difference between the contractual value and the acquisition price up to the amount of the estimate for credit risks referred to in item a) of paragraph 51, as well as the profit or loss derived from the assignment of credit portfolio will be presented in the item of other income (expenses) of the operation, as applicable.

Disclosure Standards

90

Through notes to the financial statements, the following must be disclosed:

a) main policies and procedures established for the granting, acquisition, assignment, control and recovery of credits, as well as those related to the evaluation and monitoring of credit risk;

b) brief description of credits granted under the main financing schemes, whether granted directly by Fovissste or Infonavit, or those granted jointly with other housing institutes, financial entities or the Federal Government;

c) total amount and brief description of the characteristics of the portfolio in extension, describing the percentage that the portfolio in extension represents of the credits granted, specifying the original term, the moment in the term that the extension is requested, as well as the average time that such credits remain in extension;

d) total amount and number of credits granted referred to in the previous paragraph 54, as well as the total amount of credits that according to said paragraph were not transferred to non-performing portfolio, segregated according to the assumptions described in said paragraph 54;

e) accounting policies and methods used to identify troubled commercial credits, whether performing or overdue;

f) policies and procedures established to determine concentrations of credit risk;

g) breakdown of the total balance of commercial credits, identifying them as troubled and non-troubled, both performing and overdue;

h) breakdown of the performing and non-performing portfolio distinguishing those denominated in national currency and in UDIS;

i) identification by type of credit (business or commercial activity and housing), of the balance of the non-performing portfolio from the date it was classified as such, in the following terms: 1 to 180 natural days, 181 to 365 natural days, 366 natural days to 2 years and more than 2 years overdue;

j) the amounts of commissions and costs and expenses recognized for the granting of the credit; weighted average term for their amortization, description of the concepts that integrate the commissions for the origination of such credits and the costs and expenses associated with such commissions, as well as elements that justify their direct relationship with the granting of the credit;

k) explanation of the main variations in the non-performing portfolio identifying, among others: restructurings, renewals, adjudications, discounts, write-offs, transfers to the performing portfolio, and from the performing portfolio;

l) brief description of the methodology to determine preventive estimates for credit risk and extension;

91

m) rating by risk degree, portfolio amount, as well as the preventive estimate for credit risks, disaggregated according to the stratification contained in the methodologies for the rating of the credit portfolio and by type of credit (business or commercial activity and housing). Likewise, the amount of the portfolio exempt from said rating must be disclosed;

n) balance of the preventive estimate for credit risks, breaking it down according to the methodologies for the rating of the credit portfolio, as well as by type of credit (business or commercial activity and housing);

o) movements that have been made to the preventive estimate for credit risks during the period by its creation, write-offs, cancellations, discounts, forgiveness, bonuses, discounts and adjudications, among others;

p) amount derived from the cancellation of the preventive estimate for credit risks, and the reasons that motivated said cancellation;

q) amount and origin of estimates recognized by the CNBV, as well as the methodology used for their determination;

r) amount of overdue credits that according to paragraph 77 were eliminated from their assets, disaggregating their integration according to the following: balance at the beginning of each period, amount of new credits reserved at 100% and the amount of recoveries;

s) the main policies and procedures relative to the granting of restructurings and renewals, including restructurings or renewals that consolidate various credits granted by the same organisms to the same borrower, as well as the elements taken into account to evidence sustained payment;

t) total accumulated amount of what was restructured or renewed by type of credit (business or commercial activity and housing) distinguishing those originated in the period. Each of these amounts must be broken down into:

i. overdue credits that were restructured or renewed;

ii. restructurings or renewals that were transferred to non-performing portfolio for having been restructured or renewed, in compliance with paragraph 60;

iii. restructured or renewed credits that remained in the performing portfolio in accordance with paragraphs 61 to 67;

iv. consolidated credits that as a result of a restructuring or renewal were transferred to non-performing portfolio, in accordance with paragraph 68, and

v. restructured credits to which the criteria relative to the transfer to non-performing portfolio were not applied based on paragraph 69.

u) amount and nature of additional guarantees and concessions granted in restructured credits;

v) total amount of the acquired credit portfolio, as well as the estimates related to said portfolio;

w) total amount of the credit portfolio assignments that Fovissste and Infonavit have carried out with and without transfer of ownership;

x) amount of recoveries of previously written-off or eliminated credit portfolio;

y) breakdown of interest and commissions by type of credit (business or commercial activity and housing);

z) amount of interest income that was recognized in the credit in question, at the time of the capitalization referred to in paragraph 74;

aa) amount of credit lines registered in off-balance sheet accounts, and

bb) brief description of the effects in the credit portfolio derived from the application of the different methodologies established through general provisions or authorized by the CNBV for each type of credit, as well as the additional estimates required in various regulations and those ordered and recognized by the CNBV.

B4 to B-8

. . .

C-1 and C-2

. . .

D-1 to D-4

. . . "

D-1 to D-4

. . . "

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