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Mexico Banking

The enactment of NAFTA helped abolish the barriers found in the banking and securities industries.  Previously non-existent services essential to real estate transactions such as title insurance, escrow services, and mortgage insurance, are now expanding and developing.  Some developments include:

• Stewart Title Mexico is the leading firm that offers escrow services and title insurance
• AIG United Guaranty and GE Financial, U.S. mortgage companies, have agreements with Mexico’s Federal Mortgage Society, SHF.  SHF is a government-backed agency whose purpose is to develop a secondary market for mortgage debt and to promote home lending.  Backed by these financial companies, SHF offers banks insurance against non-payment of mortgage debt.
• Although SHF is the only entity permitted by law to sell mortgage insurance, the entrance of foreign financial companies such as AIG, Stewart Title Mexico, and GE have helped push the further development of mortgage lending.

Foreign Banks in Mexico include:

• Credit Suisse
• HSBC
• Royal Bank of Canada
• Barclay’s
• Banamex (part-owned by CitiBank USA)
• Banco Santander (part-owned by Bank of America