Introduction to Sociedad Hipotecaria Federal (SHF) and its “Hipoteca Digital”
Sociedad Hipotecaria Federal (SHF) aimed to re-enter first-property financing with the launch of “Hipoteca Digital,” targeting social housing. However, this product faces operational delays and the absence of a promotion strategy.
Background on SHF
SHF is a Mexican development finance institution established in 1995, primarily focused on providing credit for housing and infrastructure projects. It operates under the umbrella of the Ministry of Finance and Public Credit.
The “Hipoteca Digital” Initiative
“Hipoteca Digital” was designed in 2021 to cater to underserved segments of the population with mixed incomes, aiming to address the gap left by commercial banks and housing institutes. The product was intended to facilitate traditional housing acquisition through a technology-based platform.
Implementation Challenges and Delays
According to the Auditoría Superior de la Federación (ASF) report, “Hipoteca Digital” faced significant delays. The product’s design was completed in 2021, but its implementation only began in 2025.
- Operational delays: SHF did not meet the established program schedule, with implementation still ongoing by the end of 2024.
- COVID-19 impact: The pandemic led to the suspension of various in-person and coordination activities with financial intermediaries, contributing to the delay.
- Lack of promotion strategy: SHF failed to implement a clear promotion strategy for “Hipoteca Digital,” hindering its reach and adoption.
FOVI’s Inactivity and Social Housing Mandate
The FOVI, managed by SHF, did not engage in any new credit activities during 2024 despite having available liquidity and valid products. Instead, it focused on debt recovery, neglecting its mandate to channel resources towards social housing financing through financial intermediaries.
- No commercial targets: SHF, as FOVI’s fiduciary, did not set any commercial targets for the fund’s products or grant credits for social housing construction, acquisition, and improvement.
- Credit placement reports: SHF failed to submit credit placement reports for direct and indirect credits during 2024, as required by guidelines.
SHF’s Response and Corrective Actions
In response to ASF’s criticisms, SHF initiated corrective actions, including updating its manuals and internal processes. The bank of development also acknowledged the formal start of these efforts.
Key Questions and Answers
- What is SHF? Sociedad Hipotecaria Federal (SHF) is a Mexican development finance institution established in 1995, focusing on providing credit for housing and infrastructure projects.
- What is “Hipoteca Digital”? “Hipoteca Digital” is a credit product launched by SHF in 2021, targeting underserved population segments with mixed incomes to facilitate traditional housing acquisition through a technology-based platform.
- Why was “Hipoteca Digital” delayed? The product faced delays due to operational challenges, including the impact of the COVID-19 pandemic and the absence of a clear promotion strategy.
- What is FOVI, and why was it inactive in 2024? The Fondo de Operación y Financiamiento Bancario a la Vivienda (FOVI) is a public trust managed by SHF, which was inactive in 2024 despite having available resources. This inactivity resulted from SHF’s focus on debt recovery instead of fulfilling its mandate to channel resources towards social housing financing.
