[{"section_id":"president-greeting","payload":[{"type":"content","data":{"title":"CEO Greeting ","subtitle":null,"title_position":"left","container":"left","image":194,"content":"<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">On behalf of the Mongolian Mortgage Corporation, I wish you and your family a happy New Year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">We are a private sector financial institution that has been working for 16 years for the great cause of providing housing to citizens and developing the housing finance system. In the last eight years, due to cooperation with state authorities and commercial banks within the Affordable Housing Finance Program framework, more than&nbsp;<strong style=\"box-sizing: border-box;\">100,000<\/strong>&nbsp;citizens became proud owners of homes with 8% and 6% interest rate mortgages and created happiness with their loved ones. MIK will continue providing Mongolian families with cheap mortgage financing in the coming years.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">During the challenging years of the pandemic, the government decided to postpone the payment of mortgage loans five times for a total of&nbsp;<strong style=\"box-sizing: border-box;\">32<\/strong>&nbsp;months in cooperation with commercial banks. The investors, the Bank of Mongolia, and commercial banks, which play a vital role in the smooth circulation of mortgage loans, have received more than&nbsp;<strong style=\"box-sizing: border-box;\">400 billion<\/strong>&nbsp;MNT in coupon payments in the form of cash and credit from the reserve fund of the SPCs. It is even more apparent during the pandemic that the model of the stable and accessible housing financing system we have established can bear the risk.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">We retained the trust shown to us by foreign investors by fully paying off the balance of the&nbsp;<strong style=\"box-sizing: border-box;\">300 million USD<\/strong>&nbsp;loan brought from the international capital market in 2019. International standards of information security, risk management, and compliance systems have been implemented as an internationally recognized company to introduce best practices into internal operations.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">Once again, I wish investors and partners who trusted and cooperated with us a happy new year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">Sincerely,<\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\">B. Gantulga Executive Director<\/p>"}}]},{"section_id":"shareholder","payload":[{"type":"accordion","data":{"title":null,"subitems":[{"title":"Shareholders ","content":"<p>Board of Directors<\/p>\n<p>Acting Chairman of the Board of Directors and Independent Board of Director&nbsp;<\/p>\n<p>CH.KHASHCHUUUN - Associate Professor of the National University of Mongolia<\/p>\n<p>&nbsp;Board Directors:<\/p>\n<p>A.ENKHJIN - Director General, Reserve Management Financial Markets Department, Bank of Mongolia&nbsp;<\/p>\n<p>S.TSERENDASH - Chief Business Development Officer of Development bank of Mongolia&nbsp;<\/p>\n<p>T.DAVAAJAV - Director of Treasury Department of Trade and Development Bank<\/p>\n<p>B.UURTSAIKHBAATAR. - CEO of Capitron bank<\/p>\n<p>S.BATCHIMEG - &nbsp;Chief Executive Officer of \"TDB Securities SC\" LLC<\/p>\n<p>M.MUNKHBAATAR - &nbsp;Consultant of \"Asia Diversified Real Estate Fund One\" LLC<\/p>\n<p>Independent Board Directors:<\/p>\n<p>E.SHIJIR - Project Manager of Mining and Metallurgy complex project&nbsp;<\/p>\n<p>U.GANZORIG - Chairman of the Board of &ldquo;Mandal daatgal&rdquo; JSC&nbsp;<\/p>\n<p>Board committees<\/p>\n<p>Nomination and Remuneration Committee<\/p>\n<p>The Nomination and Remuneration Committee is responsible for nominating, electing and removing Board members; extending terms of office; determining the remuneration policy for our Board, the management team, and other authorized persons of the company; and making decisions on matters related to human resource planning and the creation of stable working conditions.<\/p>\n<p>Chairman of the Nomination and Remuneration Committee: Ch.Khashchuluun<\/p>\n<p>Members: E. Shijir, U.Ganzorig, M.Munkhbaatar<\/p>\n<p>Finance and Audit Committee<\/p>\n<p>Finance and Audit Committee is responsible for developing, implementing and monitoring our internal controls system and examines the sufficiency and accuracy of our financial reporting, internal controls, and risk management activities. &nbsp;Our Finance and Audit Committee also monitors the preparation and execution of our Company budget as well as the conclusion of major transactions and conflict of interest transactions. Moreover, our Finance and Audit Committee monitors all aspects of the financial management of our Company including the agreements, investments, and securities of our Company. &nbsp;Our internal audit department assesses potential risks to our operations and reports and presents recommendations to the Finance and Audit Committee.<\/p>\n<p>Chairman of the Finance and Audit Committee: &nbsp;E.Shijir&nbsp;<\/p>\n<p>Members: Ch.Khashchuluun, U.Ganzorig, T.Davaajav&nbsp;<\/p>"}]}}]},{"section_id":"corporate-governance","payload":[{"type":"content","data":{"title":"Corporate governance ","subtitle":null,"title_position":"left","container":"full","image":null,"content":"<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\"><span style=\"box-sizing: border-box; font-size: 12px;\">As the company expands and stabilizes its operations, \"MIK HFC\" LLC is emphasizing corporate governance issues and aiming to develop its corporate governance in accordance with the best international practices. \"MIK HFC\" LLC, as the first professional organization in Mongolia aiming to develop the primary and secondary mortgage markets and create a long-term financing system with smooth functions, is striving to play a historical leading role in development and establishing higher standards. For this purpose, the company has amended its charter and is looking forward to constant improvements.<\/span><\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\"><span style=\"box-sizing: border-box; font-size: 12px;\">Recently, \"MIK HFC\" LLC approved and has been implementing basic guidelines and procedures that regulate the company&rsquo;s main operations, including the Package Procedures on Mortgage Loan Purchase and Servicing, Procedure on Collecting Mortgage Portfolios and Secondary Review, and Procedure on Issuance of Asset-Backed Securities. The management principles and standards of the aforementioned procedures have been applied to the operations of all seven subsidiaries, from \"MIK Asset One SPC\" LLC to \"MIK Asset Nine&nbsp;SPC\" LLC.<\/span><\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\"><span style=\"box-sizing: border-box; font-size: 12px;\">Corporate governance oriented activities have come into implementation through decisions that were made by all shareholders with the joint effort of the company workforce, because the company&rsquo;s priority is to enable equal access for all shareholders, to be transparent, and to ensure responsibility for meeting obligations to our shareholders and public.<\/span><\/p>\n<p style=\"box-sizing: border-box; margin: 0px 0px 10px; line-height: 1.65; caret-color: #272727; color: #272727; font-family: Montserrat-Medium; font-size: 15px; text-align: justify; float: inherit !important;\"><span style=\"box-sizing: border-box; font-size: 12px;\">\"MIK HFC\" LLC will ensure its leading position in the housing finance market in the country, as it studies the best international practices of corporate governance standards in domestic and foreign institutions which have similar functions, and implements them in the local market by fulfilling the interests of shareholders and their growing expectations for the future.&nbsp;<\/span><\/p>"}}]},{"section_id":"vision-mission-values","payload":[{"type":"cards","data":{"title":null,"cols":null,"type":null,"subitems":[{"image":20,"title":"Vision","subtitle":null,"description":"We will create a housing financing ecosystem to support the comfortable life of Mongolian households.","link":null},{"image":22,"title":"Mission","subtitle":null,"description":"Increases access to mortgage credit by ensuring continuity of housing finance.","link":null},{"image":22,"title":"Values","subtitle":null,"description":"Ethos, Sustainable development, Expertise","link":null}]}}]},{"section_id":"our-history","payload":[{"type":"tabs","data":{"title":"\u0411\u0438\u0434\u043d\u0438\u0439 \u0442\u04af\u04af\u0445","type":"horizontal","subitems":[{"title":"2023","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On June 8th, 2023**","subtitle":"Mongolian Mortgage Corporation has fully implemented the ISO 37301:2021 ","description":"Mongolian Mortgage Corporation has fully implemented the ISO 37301:2021 International Compliance Management Standard in its operations.Mongolian Mortgage Corporation has fully implemented the ISO 37301:2021 International Compliance Management Standard in its operations.","link":null},{"image":null,"title":"**On May 11th, 2023**","subtitle":"Mongolian Mortgage Corporation had all its employees undergo","description":"Mongolian Mortgage Corporation had all its employees undergo a medical examination.Mongolian Mortgage Corporation had all its employees undergo a medical examination.","link":null},{"image":null,"title":"**On April 28,2023**","subtitle":"The regular meeting of shareholders was held.","description":"The regular meeting of shareholders was held.","link":null},{"image":null,"title":"**On April 20, 2023**","subtitle":"The Chief Executive Officer of \u201cMIK Holding\u201d JSC B.Gantulga","description":"The Chief Executive Officer of \u201cMIK Holding\u201d JSC B.Gantulga, and the Chief Executive Officer of \u201cCity Capital Housing Corporation\u201d JSC M. Govisaikhan, were signed a memorandum of understanding during the \"Ulaanbaatar - International Investment and Partnership Forum 2023\".\n\nThis cooperation will make progress on public and private housing projects aimed at reducing air, soil, and environmental pollution in the capital city of Ulaanbaatar, as well as forming a long-term, stable, and optimal funding mechanism for housing projects for ger district area redevelopment.","link":null},{"image":null,"title":"**On March 6, 2023**","subtitle":"The Mongolian Mortgage Corporation (MIK), which plays an important role in the effective","description":"The Mongolian Mortgage Corporation (MIK), which plays an important role in the effective and reliable implementation of the housing finance system in Mongolia and the development of the secondary financing market, is a member of professional associations that bring together companies and organizations with similar activities in the region and internationally.","link":null},{"image":null,"title":"**On Feb 3, 2023**","subtitle":"\u201cMIK Asset Thirty-Two SPC\u201d LLC issued Residential Mortgage-Backed Securities worth MNT 560 billion.","description":"According to a special license issued by the FRC, MIK Asset Thirty-Two SPC LLC, founded by Mongolian Mortgage Corporation HFC LLC, issued mortgage-backed bonds on February 3, 2023, with a term of up to 30 years, worth MNT 560 billion. Thus, 6964 households had their housing mortgage loan terms approved, securing 30-year tenure of mortgage loans to live comfortably in their residential places.","link":null}]},{"title":"2022","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On December 15, 2022**","subtitle":"Presented the Company's 3rd quarter update to investors","description":"Presented the Company's 3rd quarter update to investors","link":null},{"image":null,"title":"**On October 06, 2022**","subtitle":"Mongolian Mortgage Corporation's 16th anniversary","description":"Mongolian Mortgage Corporation's 16th anniversary","link":null},{"image":null,"title":"**On September 21-23, 2022**","subtitle":"Chief Executive Officer of MIK, B. Gantulga, participated in the conference on \"Developing and Financing Green Housing in Asia\" ","description":"Chief Executive Officer of MIK, B. Gantulga, participated in the conference on \"Developing and Financing Green Housing in Asia\" and attended the regular meeting of \"ASMMA\" member organizations in Kuala Lumpur, Malaysia","link":null},{"image":null,"title":"**On September 15, 2022**","subtitle":"On the occasion of the 1st anniversary of the over-the-counter market","description":"On the occasion of the 1st anniversary of the over-the-counter market, forum was organized in cooperation with the Association of Securities Traders and the Financial Regulatory Commission, and MIK participated as a sponsor.","link":null},{"image":null,"title":"**On October 10, 2022**","subtitle":"MIK participated in the \"Sustainable Development Goals\" open day organized by the United Nations.","description":"MIK participated in the \"Sustainable Development Goals\" open day organized by the United Nations.","link":null},{"image":null,"title":"**On August 15, 2022**","subtitle":null,"description":"\"MIK Holding\" JSC presented its financial and operational report for the first half of 2022 to the public at the Mongolian Stock Exchange","link":null},{"image":null,"title":"**On July 6, 2022**","subtitle":"MSE concluded that \"MIK Holding\" JSC fully fulfilled its obligations.","description":"MSE concluded that \"MIK Holding\" JSC fully fulfilled its obligations.","link":null},{"image":null,"title":"**On June 24, 2022**","subtitle":"Representatives of banking and finance, led by the Deputy Minister of Finance of Kyrgyzstan, visited MIK and exchanged experiences.","description":"Representatives of banking and finance, led by the Deputy Minister of Finance of Kyrgyzstan, visited MIK and exchanged experiences.","link":null},{"image":null,"title":"**On April 29, 2022**","subtitle":"A regular meeting of shareholders of \"MIK Holding\" JSC was held, and issues such as the company's 2021 operational and financial report and amendments to the company's charter were discussed and approved.","description":"A regular meeting of shareholders of \"MIK Holding\" JSC was held, and issues such as the company's 2021 operational and financial report and amendments to the company's charter were discussed and approved.","link":null},{"image":null,"title":"**On April 19, 2022**","subtitle":"Independent member of the Board of Directors of \"MIK Holding\" JSC, economist Ch. Khaschuluun has been appointed as the deputy chairman of the board of directors of \"MIK Holding\" JSC.","description":"Independent member of the Board of Directors of \"MIK Holding\" JSC, economist Ch. Khaschuluun has been appointed as the deputy chairman of the board of directors of \"MIK Holding\" JSC.","link":null},{"image":null,"title":"**On April 15, 2022**","subtitle":"Chief Executive Officer B. Gantulga participated as a panelist in the discussion on \"Bond market development, regulatory environment and issues to be considered for bond issuance\" of \"IPO Mongolia 2022 Forum\".","description":"Chief Executive Officer B. Gantulga participated as a panelist in the discussion on \"Bond market development, regulatory environment and issues to be considered for bond issuance\" of \"IPO Mongolia 2022 Forum\".","link":null},{"image":null,"title":"**On March 30, 2022**","subtitle":"The Chief Executive Officer of \"MIK Holding\" JSC, B. Gantulga, participated as a panelist in the sub-discussion on \"Revival of Green Development\" of the Mongolian Economic Forum.","description":"The Chief Executive Officer of \"MIK Holding\" JSC, B. Gantulga, participated as a panelist in the sub-discussion on \"Revival of Green Development\" of the Mongolian Economic Forum.","link":null},{"image":null,"title":"**On March 30, 2022**","subtitle":null,"description":"\"MIK Holding\" JSC has joined the \"Billion Trees\" national movement initiated by the President of Mongolia and plans to plant one million trees.","link":null},{"image":null,"title":"**On March 18, 2022**","subtitle":null,"description":"In accordance with the decision of State Great Khural to amend \u201cLaw on COVID-19 prevention, fight, and mitigation of its socioeconomic impact\u201d, the mortgage payment deferral program have been extended until December 31, 2022.","link":null},{"description":null,"image":null,"title":null,"subtitle":null,"link":null},{"description":null,"image":null,"title":null,"subtitle":null,"link":null}]},{"title":"2021","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On December 30, 2021**","subtitle":null,"description":"\"MIK Asset Twenty Seven SPC\" LLC issued mortgage-backed securities worth 80.66 billion MNT and \"MIK Asset Twenty Eight SPC\" LLC issued mortgage-backed securities worth 76.41 billion MNT respectively","link":null},{"image":null,"title":"**On December 18, 2021**","subtitle":null,"description":"\u201cMongolian Mortgage Corporation HFC\u201d LLC won the \u201cForbes Mongolia Finance Awards 2021\u201d and received the \u201cBiggest Fund Raise\u201d award.","link":null},{"image":null,"title":"**On November 18, 2021**","subtitle":"In cooperation with the Ministry of Construction and Urban Development, a forum on \u201cHousing and Finance\u201d was organized.","description":"In cooperation with the Ministry of Construction and Urban Development, a forum on \u201cHousing and Finance\u201d was organized.","link":null},{"image":null,"title":"**On November 08, 2021**","subtitle":"\u201cMIK Asset Twenty Six SPC\u201d LLC issued mortgage-backed securities worth over 101.9 billion MNT.","description":"\u201cMIK Asset Twenty Six SPC\u201d LLC issued mortgage-backed securities worth over 101.9 billion MNT.","link":null},{"image":null,"title":"**On October 06, 2021**","subtitle":null,"description":"Mongolian Mortgage Corporation's 15th anniversary","link":null},{"image":null,"title":"**On September 17, 2021**","subtitle":null,"description":"MIK Holding JSC became a member of the Mongolian Sustainable Finance Association (MFSA).","link":null},{"image":null,"title":"**On September 08, 2021**","subtitle":"Within the framework of social responsibility, the \"Laminar flow surgery room of the General Department of Anesthesia\" was renovated at the First State Central Hospital.","description":"Within the framework of social responsibility, the \"Laminar flow surgery room of the General Department of Anesthesia\" was renovated at the First State Central Hospital.","link":null},{"image":null,"title":"**On August 30, 2021**","subtitle":null,"description":"Moody's has reaffirmed the credit rating of MIK HFC LLC at \"B3\" or \"stable\".","link":null},{"image":null,"title":"**On June 29, 2021**","subtitle":null,"description":"In accordance with the decision of State Great Khural to amend \u201cLaw on COVID-19 prevention, fight, and mitigation of its socioeconomic impact\u201d, the mortgage payment deferral program have been extended until December 31, 2021.","link":null},{"image":null,"title":"**June 28, 2021**","subtitle":"S&P Global changed its outlook on MIK HFC LLC to \u201cNegative\u201d from \u201cStable\u201d.","description":"S&P Global changed its outlook on MIK HFC LLC to \u201cNegative\u201d from \u201cStable\u201d.","link":null},{"image":null,"title":"**April 29, 2021**","subtitle":"The regular Shareholders meeting of MIK Holding JSC was held and elected the members of the Board of Directors.","description":"The regular Shareholders meeting of MIK Holding JSC was held and elected the members of the Board of Directors.\n\n","link":null},{"image":null,"title":"**On March 18, 2021**","subtitle":null,"description":"Moody\u2019s changed Mongolian Mortgage Corporation\u2019s outlook from negative to stable.","link":null},{"image":null,"title":"**On March 4, 2021**","subtitle":"ISMMA meeting was organized virtually.","description":"ISMMA meeting was organized virtually.","link":null},{"image":null,"title":"**On February 26, 2021**","subtitle":null,"description":"MIK Asset Twenty Six LLC was established.","link":null},{"image":null,"title":"**On February 09, 2021**","subtitle":null,"description":"MIK Asset Twenty Five SPC LLC issued RMBS in the amount of over MNT 108 billon.","link":null},{"image":null,"title":"**On February 01, 2021**","subtitle":null,"description":"MIK HFC LLC raised USD 250 million worth of bonds on the internationl capital market at 8.85% for 3 year tenor.","link":null},{"image":null,"title":"**On January 13, 2021**","subtitle":null,"description":"FRC granted special permission to MIK Asset Twenty Five LLC to issue RMBS of MNT 100 billion.","link":null}]},{"title":"2020","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On December 11, 2020**","subtitle":"The 7th Asian Fixed Income Summit (AFIS) organized virtually.","description":"The 7th Asian Fixed Income Summit (AFIS) organized virtually.","link":null},{"image":null,"title":"**On November 25, 2020**","subtitle":"In co-operation with Japan Housing Finance Agency organized an online seminar on \u201cGreen Housing Financing - 2020\u201d.","description":"In co-operation with Japan Housing Finance Agency organized an online seminar on \u201cGreen Housing Financing - 2020\u201d.","link":null},{"image":null,"title":"**On November 18, 2020**","subtitle":"The Government of Mongolia has extended the mortgage payment deferral program for mortgage loans issued under the Affordable housing finance program until July 1, 2021.","description":"The Government of Mongolia has extended the mortgage payment deferral program for mortgage loans issued under the Affordable housing finance program until July 1, 2021.","link":null},{"image":null,"title":"**On November 12, 2020**","subtitle":"Due to the \u201cCOVID-19\u201d we have work remotely.","description":"Due to the \u201cCOVID-19\u201d we have work remotely.","link":null},{"image":null,"title":"**On October 01, 2020**","subtitle":null,"description":"The Governor of the Bank of Mongolia issued a Decree to amend the \u201cResidential mortgage loan financing procedure\u201d to reduce the interest rate of housing mortgage loans to 6%.","link":null},{"image":null,"title":"**On September 25, 2020**","subtitle":"Change in the composition of the Board of Directors.","description":"Change in the composition of the Board of Directors.","link":null},{"image":null,"title":"**On July 08, 2020**","subtitle":"MIK Asset Twenty-Four SPC LLC issued RMBS in the amount of MNT over 112 billion.","description":"MIK Asset Twenty-Four SPC LLC issued RMBS in the amount of MNT over 112 billion.","link":null},{"image":null,"title":"**On June 25, 2020**","subtitle":"Standard & Poor's reaffirmed the company's credit rating at 'B stable'.","description":"Standard & Poor's reaffirmed the company's credit rating at 'B stable'.","link":null},{"image":null,"title":"**On May 20, 2020**","subtitle":"The Bank of Mongolia, commercial banks and MIK HFC LLC renewed the General Housing Financing Agreement.","description":"The Bank of Mongolia, commercial banks and MIK HFC LLC renewed the General Housing Financing Agreement.","link":null},{"image":null,"title":"**On May 11, 2020**","subtitle":null,"description":"Moody's downgraded the company's credit rating by one notch to \u201cB3, negative\u201d at the same level as Mongolia's credit rating.","link":null},{"image":null,"title":"**On April 30, 2020**","subtitle":"The regular shareholders meeting of \"MIK Holding\" JSC was held online for the first time in accordance with the current situation.","description":"The regular shareholders meeting of \"MIK Holding\" JSC was held online for the first time in accordance with the current situation.","link":null},{"image":null,"title":"**On April 17, 2020**","subtitle":null,"description":"The Government of Mongolia is taking measures to ease households\u2019 financial burden during the \"COVID-19\u201d pandemic which included to freeze mortgage payments for 6 months.","link":null},{"image":null,"title":"**On April 03, 2020**","subtitle":null,"description":"Due to the COVID-19 pandemic, the government has decided to defer the repayment of mortgage loans for 3 + 3 months.","link":null},{"image":null,"title":"**On March 26, 2020**","subtitle":"MIK Asset Twenty-Three SPC LLC issued RMBS in the amount of MNT over 87 billion.","description":"MIK Asset Twenty-Three SPC LLC issued RMBS in the amount of MNT over 87 billion.","link":null},{"image":null,"title":"**On March 26, 2020**","subtitle":"MIK Asset Twenty-Two SPC LLC issued RMBS in the amount of MNT over 95 billion.","description":"MIK Asset Twenty-Two SPC LLC issued RMBS in the amount of MNT over 95 billion.","link":null},{"image":null,"title":"**On January 11, 2020**","subtitle":null,"description":"An irregular shareholders meeting of MIK Holding JSC has been convened.","link":null},{"image":null,"title":"**2020 \u043e\u043d\u044b 02 \u0434\u0443\u0433\u0430\u0430\u0440 \u0441\u0430\u0440\u044b\u043d 01**","subtitle":null,"description":"\"AmCham Mongolia\"-\u0438\u0439\u043d \u0433\u0438\u0448\u04af\u04af\u043d \u0431\u0430\u0439\u0433\u0443\u0443\u043b\u043b\u0430\u0433\u0430\u0430\u0440 \u041c\u0418\u041a \u0425\u043e\u043b\u0434\u0438\u043d\u0433 \u0425\u041a \u044d\u043b\u0441\u044d\u043d \u043e\u0440\u043b\u043e\u043e","link":null},{"image":null,"title":"**2020 \u043e\u043d\u044b 01 \u0434\u04af\u0433\u044d\u044d\u0440 \u0441\u0430\u0440\u044b\u043d 11**","subtitle":null,"description":"\u201c\u041c\u0418\u041a \u0425\u043e\u043b\u0434\u0438\u043d\u0433\u201d \u0425\u041a-\u0438\u0439\u043d \u0445\u0443\u0432\u044c\u0446\u0430\u0430 \u044d\u0437\u044d\u043c\u0448\u0438\u0433\u0447\u0434\u0438\u0439\u043d \u044d\u044d\u043b\u0436\u0438\u0442 \u0431\u0443\u0441 \u0445\u0443\u0440\u043b\u044b\u0433 \u0437\u0430\u0440\u043b\u0430\u043d \u0445\u0443\u0440\u0430\u043b\u0434\u0443\u0443\u043b\u0430\u0432.","link":null}]},{"title":"2019","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On December 26, 2019**","subtitle":"MIK Asset Twenty-One SPC LLC issued RMBS in the amount of MNT over 97 billion.","description":"MIK Asset Twenty-One SPC LLC issued RMBS in the amount of MNT over 97 billion.","link":null},{"image":null,"title":"**On October 11, 2019**","subtitle":"Mongolian Mortgage Corporation HFC (MIK HFC) has signed a Memorandum of Cooperation with the Japan Housing Finance Agency in Tokyo, Japan.","description":"Mongolian Mortgage Corporation HFC (MIK HFC) has signed a Memorandum of Cooperation with the Japan Housing Finance Agency in Tokyo, Japan.","link":null},{"image":null,"title":"**On August 06, 2019**","subtitle":"MIK Asset Twenty SPC LLC issued RMBS in the amount of MNT over 120 billion.","description":"MIK Asset Twenty SPC LLC issued RMBS in the amount of MNT over 120 billion.","link":null},{"image":null,"title":"**On July 09, 2019**","subtitle":"MIK Asset Nineteen SPC LLC issued RMBS in the amount of MNT over 100 billion.","description":"MIK Asset Nineteen SPC LLC issued RMBS in the amount of MNT over 100 billion.","link":null},{"image":null,"title":"**On May 20, 2019**","subtitle":"MIK HFC LLC was named the best taxpayer in the capital city","description":"MIK HFC LLC was named the best taxpayer in the capital city","link":null},{"image":null,"title":"**On May 13, 2019**","subtitle":"Mongolian Mortgage Corporation HFC's 300 million USD Bond awarded for \"Best Deal\" for the \"Bloomberg Awards 2018\".","description":"Mongolian Mortgage Corporation HFC's 300 million USD Bond awarded for \"Best Deal\" for the \"Bloomberg Awards 2018\".","link":null},{"image":null,"title":"**On April 01, 2019**","subtitle":"Became a member of the International Secondary Mortgage Market Association.","description":"Became a member of the International Secondary Mortgage Market Association.","link":null},{"image":null,"title":"**On February 12, 2019**","subtitle":"The bond issue was increased by $ 50 million to a total of $300 million due to high pre-orders.","description":"The bond issue was increased by $ 50 million to a total of $300 million due to high pre-orders.","link":null},{"image":null,"title":"**On January 29, 2019**","subtitle":"MIK HFC LLC traded $250 million worth of three-year bonds with an interest rate of 9.75% in the international financial markets.","description":"MIK HFC LLC traded $250 million worth of three-year bonds with an interest rate of 9.75% in the international financial markets.","link":null}]},{"title":"2018","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On December 27, 2018**","subtitle":"MIK Asset Eighteen SPC LLC issued RMBS in the amount of MNT over 92 billion.","description":"MIK Asset Eighteen SPC LLC issued RMBS in the amount of MNT over 92 billion.","link":null},{"image":null,"title":"**On December 27, 2018**","subtitle":"MIK Asset Eighteen SPC LLC issued RMBS in the amount of MNT over 92 billion.","description":"MIK Asset Eighteen SPC LLC issued RMBS in the amount of MNT over 92 billion.","link":null},{"image":null,"title":"**On November 15, 2018**","subtitle":"MIK Asset Seventeen SPC LLC issued RMBS in the amount of MNT over 100 billion.","description":"MIK Asset Seventeen SPC LLC issued RMBS in the amount of MNT over 100 billion.","link":null},{"image":null,"title":"**On October 05, 2018**","subtitle":null,"description":"Mongolian Mortgage Corporation HFC LLC signed a Memorandum of Understanding with Cagamas Berhad National Mortgage Corporation of Malaysia. The agreement is aimed at supporting the housing market and housing finance. The two companies will enhance their corporation, preform joint studies on housing finance, as well as sharing experiences and know how.","link":null},{"image":null,"title":"**On August 09, 2018**","subtitle":"MIK Asset Sixteen SPC LLC issued RMBS in the amount of MNT over 100 billion.","description":"MIK Asset Sixteen SPC LLC issued RMBS in the amount of MNT over 100 billion.","link":null},{"image":null,"title":"**On July 02, 2018**","subtitle":"Mongolian Mortgage Corporation HFC LLC signed a Memorandum of Understanding with Korea Housing Finance Corporation.","description":"Mongolian Mortgage Corporation HFC LLC signed a Memorandum of Understanding with Korea Housing Finance Corporation. The agreement is aimed at supporting the housing market and housing finance. The two companies will enhance their corporation, specifically finding solutions to problems in the market, as well as sharing experiences and know how.","link":null},{"image":null,"title":"**On June 02, 2018**","subtitle":"Mongolian Mortgage Corporation HFC LLC successfully organized the 5th Asian Fixed Income Summit in cooperation with Ministry of Construction and Urban Development, the Ministry of Finance as well as the Financial Regulatory Commission.","description":"Mongolian Mortgage Corporation HFC LLC successfully organized the 5th Asian Fixed Income Summit in cooperation with Ministry of Construction and Urban Development, the Ministry of Finance as well as the Financial Regulatory Commission.","link":null},{"image":null,"title":"**On June 15, 2018**","subtitle":"MIK Asset Fifteen SPC LLC issued RMBS in the amount of MNT over 129 billion on June 15, 2018.","description":"MIK Asset Fifteen SPC LLC issued RMBS in the amount of MNT over 129 billion on June 15, 2018.","link":null},{"image":null,"title":"**On April 30, 2018**","subtitle":null,"description":"The plenary Shareholders\u2019 meeting of MIK Holding JSC convened.","link":null},{"image":null,"title":"**On March 29, 2018**","subtitle":"On March 29, 2018 MIK Holding JSC and MIK HFC LLC has been rated on par with Mongolia\u2019s sovereign rating by Fitch international rating agency ratings \u201cB-, stable\u201d.","description":"On March 29, 2018 MIK Holding JSC and MIK HFC LLC has been rated on par with Mongolia\u2019s sovereign rating by Fitch international rating agency ratings \u201cB-, stable\u201d.","link":null},{"image":null,"title":"**On March 16, 2018**","subtitle":"MIK Holding JSC and MIK HFC LLC has been rated on par with Mongolia\u2019s sovereign rating by Moody\u2019s international rating agency ratings \u201cB3, stable\u201d.","description":"MIK Holding JSC and MIK HFC LLC has been rated on par with Mongolia\u2019s sovereign rating by Moody\u2019s international rating agency ratings \u201cB3, stable\u201d.","link":null},{"image":null,"title":"**On January 31, 2018**","subtitle":"MIK Asset Fourteen SPC LLC issued RMBS in the amount of MNT over 139 billion.","description":"MIK Asset Fourteen SPC LLC issued RMBS in the amount of MNT over 139 billion.","link":null}]},{"title":"2017","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On November 27, 2017**","subtitle":"MIK has been organized and sponsored \"Bloomberg Finance Forum 2017\" with FRC and National News Corporation on November 27. 2017.","description":"MIK has been organized and sponsored \"Bloomberg Finance Forum 2017\" with FRC and National News Corporation on November 27. 2017.","link":null},{"image":null,"title":"**On August 2nd, 2017**","subtitle":null,"description":"MIK HFC LLC made changes to its Company structure, by decree of the Board","link":null},{"image":null,"title":"**On May 22, 2017**","subtitle":"Mr. Gantulga Badamkhatan was appointed as Chief Executive Officer of MIK Holding JSC and MIK HFC LLC, by MIK Holding JSC Board decree.","description":"Mr. Gantulga Badamkhatan was appointed as Chief Executive Officer of MIK Holding JSC and MIK HFC LLC, by MIK Holding JSC Board decree.","link":null},{"image":null,"title":"**On May, 2017**","subtitle":null,"description":"MIK HFC LLC was certified for the first time  ISO\/ IEC 27001: 2013 \"Information Security Certificate\" issued by the International Organization for Standardization in Mongolia.","link":null},{"image":null,"title":"**Issued RMBS of 2017**","subtitle":"\"MIK Asset Ten SPC\" LLC, \"MIK Asset Eleven SPC\" LLC issued RMBS of 160 billion MNT on February 1. ","description":"\"MIK Asset Ten SPC\" LLC, \"MIK Asset Eleven SPC\" LLC issued RMBS of 160 billion MNT on February 1. \"MIK Asset Twelve SPC\" LLC  - 262 billion MNT on May 17. \"MIK Asset Thirteen SPC\" LLC -179,2 billion MNT on October 27.","link":null}]},{"title":"2016","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2016 year**","subtitle":"In 2016 International Finance awards named \"MIK HFC\" LLC as a \"Best Issuer Of RMBS Mongolia\".","description":"In 2016 International Finance awards named \"MIK HFC\" LLC as a \"Best Issuer Of RMBS Mongolia\".","link":null},{"image":null,"title":"Issued RMBS of 2016","subtitle":"Issued RMBS of 2016","description":"\"MIK Asset Eight SPC\" LLC- 186.3 billion MNT on February 5. \"MIK Asset Nine SPC\" LLC- 106,1 billion MNT on April 22.","link":null}]},{"title":"2015","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**On 2015 year**","subtitle":null,"description":"The European Business Assembly named MIK HFC LLC \u201cBest Enterprise\u201d and CEO D.Gantugs \u201cManager of the Year\u201d.","link":null},{"image":null,"title":"**On 2015 year**","subtitle":"Mongolian Mortgage Corporation expanded and became a group company named MIK Holding JSC.","description":"Mongolian Mortgage Corporation expanded and became a group company named MIK Holding JSC.","link":null},{"image":null,"title":"**On December 23, 2015**","subtitle":"MIK Holding JSC listed on the MSE and raised 37.2 billion MNT by launching an IPO on December 23, 2015.","description":"MIK Holding JSC listed on the MSE and raised 37.2 billion MNT by launching an IPO on December 23, 2015.","link":null},{"image":null,"title":"**On December 11, 2015**","subtitle":null,"description":"Issued RMBS of 2015\n\nIssued RMBS: MIK Asset Four SPC\u201d LLC - 452.25 billion MNT on January 30. MIK Asset Five SPC LLC -294.3 billion MNT on June 10. MIK Asset Five SPC LLC - 452.25 billion MNT on June 10. MIK Asset Seven SPC LLC -293.8 billion MNT on December 11.","link":null}]},{"title":"2014","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2014 year**","subtitle":null,"description":"The CFI.co Awards, headquartered in London, named MIK HFC LLC Asia's best issuer of mortgage-backed bonds in 2014.","link":null},{"image":null,"title":"**2014 year**","subtitle":null,"description":"The General Authority of Social Insurance named MIK HFC LLC the \u201cTop Employer\" and \"Best Social Insurance Premium Paying Organization\u201d and presented certificates of honor.","link":null},{"image":null,"title":"**Issued RMBS of 2014**","subtitle":null,"description":"MIK Asset Two SPC LLC issues RMBS of 222 billion MNT on July 10.  MIK Asset Three SPC LLC issues RMBS of 324.5 billion MNT on November 30.","link":null}]},{"title":"2013","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2013 year**","subtitle":null,"description":"Development Bank of Mongolia (DBM) became a shareholder of MIK HFC LLC.","link":null},{"image":null,"title":"**2013 year**","subtitle":null,"description":"MIK HFC LLC was awarded \"Best Achievement of 2013\" by Bloomberg Awards.MIK HFC LLC was awarded \"Best Achievement of 2013\" by Bloomberg Awards.","link":null},{"image":null,"title":"**2013 year**","subtitle":null,"description":"Concluded an MoU with the Bank of Mongolia and Ministry of Construction and Urban Development to implement the Construction Sector Support and Residential Housing Price Stabilization sub-program.","link":null},{"image":null,"title":"**2013 year**","subtitle":null,"description":"The Bank of Mongolia, MIK HFC LLC, and commercial banks concluded the General Agreement on House Financing for the implementation of the housing finance program of the Government of Mongolia.","link":null},{"image":null,"title":"**2013 year**","subtitle":null,"description":"Ms. Gantugs Damdin was appointed as Chief Executive Officer of MIK Holding JSC and MIK HFC LLC, by MIK Holding JSC Board decree.","link":null},{"image":null,"title":"**2013 year**","subtitle":null,"description":"FRC approved and granted MIK Asset One LLC special permission for the issuance of RMBS.","link":null},{"image":null,"title":"**2013 year**","subtitle":null,"description":"MIK Asset One SPC LLC issued an initial RMBS of 322.9 billion MNT on December 23, 2013.","link":null}]},{"title":"2012","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2012 year**","subtitle":null,"description":"Obtained a license from FRC for the issuance of asset-backed securities and becomes a housing finance company (HFC).","link":null}]},{"title":"2011","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2011 year**","subtitle":null,"description":"FRC enacts Procedure on Issuance of Asset-Backed Securities.","link":null},{"image":null,"title":"**2011 year**","subtitle":null,"description":"Organized the Asia Pacific Regional Conference on Housing Finance in cooperation with the Asia Pacific Union for Housing Finance and Frankfurt School of Finance and Management.","link":null},{"image":null,"title":"**2011 year**","subtitle":null,"description":"Commercial banks purchased additional MIK shares and MIK\u2019s equity fund increased.","link":null},{"image":null,"title":"**2011 year**","subtitle":null,"description":"MIK signs an MoU with the Mongolian National Construction Association and Mongolian National Center of Commerce and Industry for cooperation on the Private Sector 10,000 Family Housing program.","link":null}]},{"title":"2010","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2010 year**","subtitle":null,"description":"Organized a meeting to discuss with commercial banks about the Development of the Mongolian House Financing Market project funded by the German Bank for Reconstruction and Development.","link":null}]},{"title":"2009","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2009 year**","subtitle":null,"description":"The Financial Regulatory Commission registered and approved MIK\u2019s request to issue its first bond.","link":null},{"image":null,"title":"**2009 year**","subtitle":null,"description":"Mongolian Parliament approved the Law on Real Estate Collateral processed by a working group including the MIK.","link":null}]},{"title":"2008","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2008 year**","subtitle":null,"description":"German Bank for Reconstruction and Development (KfW) and the Ministry of Finance concluded a cooperation agreement on providing technical assistance to MIK.","link":null},{"image":null,"title":"**2008 year**","subtitle":null,"description":"Bank of Mongolia approved the Residential Mortgage Financing Procedure which was drafted with MIK.","link":null},{"image":null,"title":"**2008 year**","subtitle":null,"description":"MIK became a member of the International Union for Housing Finance.","link":null}]},{"title":"2007","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"**2007 year**","subtitle":null,"description":"Mrs. Enkhbayar Tsedendorj was appointed as Cheif Executive Director of Mongolian Mortgage Corporation by the decision of Board of Directors meeting.","link":null},{"image":null,"title":"**2007 year**","subtitle":null,"description":"Memorandum of Understanding between the Ministry of Finance, the Bank of Mongolia, and MIK was signed for the implementation of a German Bank for Reconstruction and Development (KfW) initiated project.","link":null}]},{"title":"2006","cols":null,"type":null,"content":null,"subitems":[{"image":null,"title":"****On October 6, 2015****","subtitle":"Mongol Post Bank, Khan Bank, Xac Bank, Trade and Development Bank, and Zoos Bank) jointly organized a meeting to establish a company to support the","description":"Bank of Mongolia and ten commercial banks (including Anod Bank, Golomt Bank, Capital Bank, Capitron Bank, Mongol Post Bank, Khan Bank, Xac Bank, Trade and Development Bank, Ulaanbaatar city bank and Zoos Bank) jointly organized a meeting to establish a company to support the development of primary and secondary mortgage markets and established Mongolian Mortgage Corporation (MIK). D.Ashidmaa, councilor of the Economic Policy Renovation and Competency Project, was appointed as the acting CEO of MIK.","link":null}]}]}}]},{"section_id":"our-business","payload":[{"type":"content","data":{"title":"Our business","subtitle":null,"title_position":"center","container":"full","image":2,"content":"<p><strong>Business Models<\/strong><\/p>\n<p>MIK HFC LLC operates under two business models:<\/p>\n<p>The securitization model is to purchase government subsidized mortgage loans without recourse terms from the originating banks to securitize RMBS, though creating SPCs. These RMBS are composed of Senior (90%) and Junior (10%) tranches, which are allocated back to the originating banks. The interest rates on the mortgage loans and RMBS under this model are fixed according to the government&rsquo;s Affordable Housing Program.<\/p>\n<p>The liquidity model is to purchase market rate mortgage loans with recourse from commercial banks and hold them on MIK HFC&rsquo;s balance sheet, this model is set in place to increase liquidity for commercial banks to disburse mortgage loans. Currently, this part of the business is funded with MIK HFC LLC&rsquo;s own funding and the policy loans from German Bank for Reconstruction and Development (KfW).<\/p>\n<p><strong>Securitization<\/strong><\/p>\n<p>We purchase mortgages without recourse from commercial banks in Mongolia and securitize the receivables due from individual borrowers from these mortgages. &nbsp;We issue RMBS, which are secured by the receivables from our purchased mortgages without recourse, through our SPCs and establish a new SPC for each issuance.<\/p>\n<p>We receive offers to purchase mortgages without recourse from originating commercial banks and we evaluate these mortgages in accordance with our eligibility criteria. &nbsp;Our mortgage asset assessment division ensures all purchased mortgages satisfy our eligibility criteria and prepares the information to be submitted to the FRC for their approval to issue a new series of RMBS. After we receive approval from the FRC to issue a new series of RMBS, we set a completion date for the issuance. Based on our mortgage assets assessment, we group eligible mortgages together on a cut-off day, which is 10 to 14 calendar days prior to the completion date. &nbsp;We purchase eligible mortgages at their outstanding value as of the cut-off date from various originating commercial banks through our SPCs. &nbsp;Upon purchase, all rights, title and interests of the originating commercial banks in the mortgages, including in respect of any charges, guarantees, insurance or collateral, are transferred to the SPC established to for the purchase of those mortgages.<\/p>\n<p>Settlements is concluded through (i) RMBS issued to the originating commercial bank secured by the receivables due under the underlying purchased mortgages without recourse, in proportion to the mortgages purchased from that bank, and (ii) cash payments from interest income earned from our purchased mortgages.<\/p>\n<p>The originators, in their capacity as servicers, will continue to administer their respective portfolios after the securitization exercise.<\/p>\n<p><strong>Liquidity<\/strong><\/p>\n<p>We purchase mortgages with recourse at their outstanding value from commercial banks in Mongolia to provide liquidity to these commercial banks, allowing them to originate additional mortgages. &nbsp;We purchase mortgages with recourse with cash from the interest income from our purchased mortgages and borrowed funds, including funds borrowed from KfW through the Government under the Government Housing Program.&nbsp;<\/p>\n<p>Under the purchase agreements for these mortgages, if any portion of a payment under a purchased mortgage with recourse is overdue for more than 90 days, we have the right to require the originating commercial bank to either repurchase or replace the mortgage.&nbsp;<\/p>\n<p>A repurchase requires the originating commercial bank to pay in cash an amount equal to the carrying amount of the delinquent mortgage and accrued interest on or prior to the settlement day, or fifth calendar day, of the next month.&nbsp;<\/p>\n<p>A replacement requires the originating commercial bank to replace the delinquent mortgage with another performing mortgage with similar terms.<\/p>\n<p>Compared to mortgages without recourse, we believe mortgages with recourse provide to us an additional guarantee to claim the right of payment, in the form of mortgage receivables from the originating commercial banks and the underlying residential properties that are used as collateral to the mortgages.<\/p>\n<p>We carefully monitor the payment status of the mortgages we purchase to determine whether a mortgage should be repurchased or replaced in a prompt manner. In 2018, delinquent mortgages with an outstanding amount of MNT327.2 million, respectively, were replaced or repaid in accordance with our purchase with recourse agreements.<\/p>\n<p>We receive interest under the purchased mortgages with recourse from the originating commercial banks.&nbsp;<\/p>"}}]},{"section_id":"social_responsibility","payload":[{"type":"slider","data":{"cols":"6","type":"logo","subitems":[{"image":153,"title":"Mongolian Bankers Association","subtitle":null,"description":null,"link":"https:\/\/mba.mn"},{"image":154,"title":"Mongolian National Chamber of Commerce and Industry","subtitle":null,"description":null,"link":"https:\/\/www.mongolchamber.mn"},{"image":156,"title":"Mongolian Natioanal Construction Association","subtitle":null,"description":null,"link":"http:\/\/www.mnca.mn"},{"image":162,"title":"Business Council of Mongolia","subtitle":null,"description":null,"link":"https:\/\/bcmongolia.org\/en\/"},{"image":164,"title":"International Union of Housing Finance \/IUHF\/","subtitle":null,"description":null,"link":"https:\/\/www.housingfinance.org"},{"image":160,"title":"Housing Finance Information Network \/HOFINET\/","subtitle":null,"description":null,"link":"http:\/\/www.hofinet.org"},{"image":158,"title":"Asian Secondary Mortgage Market Association \/ASMMA\/","subtitle":null,"description":null,"link":"http:\/\/www.asmma.asia\/"},{"image":155,"title":"Merican Chamber of Commerce in Mongolia","subtitle":null,"description":null,"link":"https:\/\/www.amcham.mn"},{"image":159,"title":"Mongolian Sustainainable Finance Association","subtitle":null,"description":null,"link":"https:\/\/www.toc.mn"}]}}]}]