BaFin clarifies that increases in the value of real estate serving as collateral for Mortgage Pfandbriefs are generally not permitted. However, there are two exceptions:
- value-increasing modernizations or other changes to the property
 
- new credit decisions
 
With this position, BaFin is following its previous audit practice. For Pfandbrief banks, therefore, nothing has changed compared to the previous procedure for monitoring mortgage lending values.