Macroprudential regulation of mortgage lending and collateral valuation: current regulatory challenges

Анотація

Introduction. The contemporary rethinking of macroprudential regulation, capital buffers, and mechanisms for assessing mortgage collateral reflects a shift among financial regulators toward a more preventive, technology-driven approach to ensuring financial stability. The study examines the system of macroprudential regulation of the mortgage market and the mechanisms for collateral valuation, as well as the reconsideration of the role of capital buffers under conditions of global risks and price shocks. The purpose of the study is to conduct a comprehensive analysis of the effectiveness of modern financial stability instruments and to identify new regulatory challenges associated with geopolitical risks, price shocks, digitalization, and the green transition. Methodology. The research is based on a systemic analysis of central bank strategies, a comparative study of the experience of Germany (BaFin) and Ukraine (NBU), and an assessment of EU regulatory and legal frameworks. Main results indicate that LTV and DSTI limits are the most effective tools for containing credit cycles; however, their interaction creates nonlinear risks for the financial system. The revision of sectoral systemic risk buffers (sSyRB) in 2025 demonstrates a shift toward adaptive and preventive supervision. It is also established that the EU Artificial Intelligence Act (2024) creates new frameworks for algorithmic pricing by classifying mortgage scoring as a high-risk system. Conclusions emphasize the need to integrate ESG factors into prudential requirements to reduce risks and release capital reserves, to reconsider approaches to collateral valuation, and to improve the formation of the countercyclical capital buffer. Practical implications include recommendations to strengthen supervision of non-bank institutions in order to prevent regulatory arbitrage and the migration of risks into the shadow sector.

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