Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 1 Chapter10ResidentialMortgageLoans Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 2 LearningObjectives Afterreadingthischapter youwillunderstandwhatamortgageiswhothemajororiginatorsofresidentialmortgagesaretheborrowerandpropertycharacteristicsconsideredbyalenderinevaluatingthecreditriskofanapplicantforamortgageloanwhattheservicingofaresidentialmortgageloaninvolvesthetypesofresidentialmortgageloansbasedonlienstatus creditclassification interest ratetype amortizationtype creditguarantees loanbalances andprepaymentsandprepaymentpenalties Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 3 LearningObjectives continued Afterreadingthischapter youwillunderstandwhataprepaymentisthecashflowofamortgageloanwhataprepaymentpenaltymortgageiswhatahomeequityloanistherisksassociatedwithinvestinginmortgagesthesignificanceofprepaymentrisk Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 4 OriginationofResidentialMortgageLoans Theoriginallenderiscalledthemortgageoriginator 抵押貸款發(fā)放人Theprincipaloriginatorsofresidentialmortgageloansarethrifts 儲蓄機構 commercialbanks andmortgagebankers 貸款抵押銀行 Mortgageoriginatorsmayservicethemortgagestheyoriginate forwhichtheyobtainaservicingfee Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 5 OriginationofResidentialMortgageLoans continued Whenamortgageoriginatorintendstosellthemortgage itwillobtainacommitmentfromthepotentialinvestor buyer Twogovernment sponsoredenterprises GSEs andseveralprivatecompaniesbuymortgages Becausetheseentitiespoolthesemortgagesandsellthemtoinvestors theyarecalledconduits 導管企業(yè) Whenamortgageisusedascollateralfortheissuanceofasecurity themortgageissaidtobesecuritized 抵押貸款證券化 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 6 UnderwritingStandards承銷標準 Payment to IncomeRatio還款額與收入之比Thepayment to incomeratio PTI istheratioofmonthlypaymentstomonthlyincome whichmeasurestheabilityoftheapplicanttomakemonthlypayments bothmortgageandrealestatetaxpayments ThelowerthePTI thegreaterthelikelihoodthattheapplicantwillbeabletomeettherequiredmonthlymortgagepayments Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 7 UnderwritingStandards continued Loan to ValueRatio貸款額與抵押品價值之比Theloan to valueratio LTV istheratiooftheamountoftheloantothemarket orappraised valueoftheproperty Thelowerthisratiois thegreatertheprotectionforthelenderiftheapplicantdefaultsonthepaymentsandthelendermustrepossessandselltheproperty TheLTVhasbeenfoundinnumerousstudiestobethesinglemostimportantdeterminantofthelikelihoodofdefault Therationaleisstraightforward Homeownerswithlargeamountsofequityintheirpropertiesareunlikelytodefault 這是良好的違約預測指標 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 8 TypesofResidentialMortgageLoans Therearedifferenttypesofresidentialmortgageloans Theycanbeclassifiedaccordingtothefollowingattributes lienstatus留置地位creditclassification信用類別interestratetype利率類型amortizationtype分期還款類型creditguarantees信用擔保loanbalances貸款余額prepaymentsandprepaymentpenalties提前還款好提前還款罰款 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 9 TypesofResidentialMortgageLoans continued LienStatus留置地位Thelienstatusofamortgageloanindicatestheloan sseniorityintheeventoftheforcedliquidationofthepropertyduetodefaultbytheobligor Foramortgageloanthatisafirstlien thelenderwouldhavefirstcallontheproceedsoftheliquidationofthepropertyifitweretoberepossessed Amortgageloancouldalsobeasecondlienorjuniorlien andtheclaimsofthelenderontheproceedsinthecaseofliquidationcomeaftertheholdersofthefirstlienarepaidinfull Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 10 TypesofResidentialMortgageLoans continued CreditClassification信用類型Aloanthatisoriginatedwheretheborrowerisviewedtohaveahighcreditqualityisclassifiedasaprimeloan Aloanthatisoriginatedwheretheborrowerisoflowercreditqualityorwheretheloanisnotafirstlienonthepropertyisclassifiedasasubprimeloan 次貸 Whilethecreditscoreshavedifferentunderlyingmethodologies thescoresgenericallyarereferredtoas FICOscores FICOscoresrangefrom350to850 ThehighertheFICOscoreis thelowerthecreditrisk Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 11 TypesofResidentialMortgageLoans continued CreditClassificationInrefinancing whentheloanamountrequestedexceedstheoriginalloanamount thetransactionisreferredtoasacash out refinancing 套現再融資Ifinstead thereisfinancingwheretheloanbalanceremainsunchanged thetransactionissaidtobearate and termrefinancingorno cashrefinancing 利率與期限再融資或非套現再融資 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 12 TypesofResidentialMortgageLoans continued CreditClassification信用分類Thefrontratio 前端比率 iscomputedbydividingthetotalmonthlypayments whichincludeinterestandprincipalontheloanpluspropertytaxesandhomeownerinsurance bytheapplicant spre taxmonthlyincome Thebackratio 后端比率 iscomputedinasimilarmanner Themodificationisthatitaddsotherdebtpaymentssuchasautoloanandcreditcardpaymentstothetotalpayments Thecreditscoreistheprimaryattributeusedtocharacterizeloansaseitherprimeorsubprime Prime orA grade loansgenerallyhaveFICOscoresof660orhigher frontandbackratioswiththeabove notedmaximumof28 and36 andLTVslessthan95 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 13 TypesofResidentialMortgageLoans continued InterestRateType利率類型Theinterestratethattheborroweragreestopay referredtoasthenoterate 票面利率 canbefixedorchangeoverthelifeoftheloan Forafixed ratemortgage FRM 固定利率 theinterestrateissetattheclosingoftheloanandremainsunchangedoverthelifeoftheloan Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 14 TypesofResidentialMortgageLoans continued InterestRateTypeForanadjustable ratemortgage ARM 可調整利率 asthenameimplies thenoteratechangesoverthelifeoftheloan Thenoterateisbasedonboththemovementofanunderlyingrate calledtheindexorreferencerate andaspreadovertheindexcalledthemargin TwocategoriesofreferencerateshavebeenusedinARMs market determinedratescalculatedratesbasedonthecostoffundsforthrifts Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 15 TypesofResidentialMortgageLoans continued InterestRateTypeThebasicARMisonethatresetsperiodicallyandhasnoothertermsthataffectthemonthlymortgagepayment Typically themortgagerateisaffectedbyothertermsthatinclude periodicratecaps期間利率上限lifetimeratecapandfloor存續(xù)期利率上限和下限Aperiodicratecaplimitstheamountthattheinterestratemayincreaseordecreaseattheresetdate MostARMshaveanupperlimitonthemortgageratethatcanbechargedoverthelifeoftheloan Thislifetimeratecapisexpressedintermsoftheinitialrate ARMsmayalsohavealowerlimit floor ontheinterestratethatcanbechargedoverthelifeoftheloan Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 16 TypesofResidentialMortgageLoans continued AmortizationType分期還款類型Theamountofthemonthlyloanpaymentthatrepresentstherepaymentoftheprincipalborrowediscalledtheamortization Traditionally bothFRMsandARMsarefullyamortizingloans Whatthismeansisthatthemonthlymortgagepaymentsmadebytheborroweraresuchthattheynotonlyprovidethelenderwiththecontractualinterestbutalsoaresufficienttocompletelyrepaytheamountborrowedwhenthelastmonthlymortgagepaymentismade Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 17 TypesofResidentialMortgageLoans continued AmortizationTypeFullyamortizingfixed rateloanshaveapaymentthatisconstantoverthelifeoftheloan Forexample supposealoanhasanoriginalbalanceof 200 000 anoterateof7 5 andatermof30years Thenthemonthlymortgagepaymentwouldbe 1 398 43 TheformulaforcalculatingthemonthlymortgagepaymentiswhereMP monthlymortgagepayment MB0 originalmortgagebalance i noteratedividedby12 indecimal andn numberofmonthsofthemortgageloan 這是等額本息還款 如何推導 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 18 LoanAmortizationSchedule Itshowshowaloanispaidoffovertime Itbreaksdowneachpaymentintotheinterestcomponentandtheprincipalcomponent Let sillustratethisusingRob s4 year 10 000loanwhichcallsforannualpaymentsof 3 432 05 Recallthattheinterestrateonthisloanis14 peryear LoanAmortizationSchedule 3 432 05 1 400 LoanAmortizationSchedule LoanAmortizationSchedule 10 000 本金 P232的表展示了30年的 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 23 討論 等額本息和等額本金誰還的利息少呢 你認為那個更劃算 更占便宜 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 24 TypesofResidentialMortgageLoans continued AmortizationTypeTocalculatetheremainingmortgagebalanceattheendofanymonth thefollowingformulaisused whereMBt mortgagebalanceaftertmonths MB0 originalmortgagebalance i noteratedividedby12 indecimal andn numberofmonthsofthemortgageloan Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 25 TypesofResidentialMortgageLoans continued AmortizationTypeTocalculatetheportionofthemonthlymortgagepaymentthatisthescheduledprincipalpaymentforamonth thefollowingformulaisused whereSPt scheduledprincipalrepaymentformontht MB0 originalmortgagebalance i noteratedividedby12 indecimal andn numberofmonthsofthemortgageloan Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 26 TypesofResidentialMortgageLoans continued AmortizationTypeEXAMPLE Supposethatformonth12 t 12 wehaveMB0 200 000 i 0 00625 n 360 thenthescheduledprincipalrepaymentformonth12is SPt計算的是在第t個月償還的本金 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 27 TypesofResidentialMortgageLoans continued AmortizationTypeForanARM themonthlymortgagepaymentadjustsperiodically Thus themonthlymortgagepaymentsmustberecalculatedateachresetdate Thisprocessofresettingthemortgageloanpaymentisreferredtoasrecastingtheloan 對于可調整利率抵押貸款需要做貸款重估 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 28 TypesofResidentialMortgageLoans continued CreditGuarantees信用擔保Incontrasttogovernmentloans 政府貸款 thereareloansthathavenoexplicitguaranteefromthefederalgovernment Suchloansaresaidtobeobtainedfrom conventionalfinancing 常規(guī)貸款andthereforearereferredtointhemarketasconventionalloans Aconventionalloancanbeinsuredbyaprivatemortgageinsurer 私人抵押貸款保險商 只有政府貸款美國政府全額信用保證 房利美和房地美沒有 但是一些私人抵押貸款保險商會提供保險 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 29 ConformingLoans合規(guī)貸款 FreddieMacandFannieMaearegovernment sponsoredenterprises GSEs whosemissionistoprovideliquidityandsupporttothemortgagemarket WhileFannieMaeandFreddieMaccanbuyorsellanytypeofresidentialmortgage themortgagesthatarepackagedintosecuritiesarerestrictedtogovernmentloansandthosethatsatisfytheirunderwritingguidelines Theconventionalloansthatqualifyarereferredtoasconformingloans AconformingloanissimplyaconventionalloanthatmeetstheunderwritingstandardofFannieMaeandFreddieMac Thus conventionalloansinthemarketarereferredtoasconformingconventionalloansandnonconformingconventionalloans 合規(guī)和非合規(guī)常規(guī)貸款 看是否滿足 兩房 的標準 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 30 ConformingLoans continued Qualifyingforaconformingloanisimportantforboththeborrowerandthemortgageoriginator ThisisbecausethetwoGSEsarethelargestbuyersofmortgagesintheUnitedStates Hence loansthatqualifyasconformingloanshaveagreaterprobabilityofbeingpurchasedbyFannieMaeandFreddieMactobepackagedintoanMBS Asaresult theyhavelowerinterestratesthannonconformingconventionalloans 中國的住房公積金貸款也有類似之處 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 31 TypesofResidentialMortgageLoans continued LoanBalancesForgovernmentloansandtheloansguaranteedbyFreddieMacandFannieMae therearelimitsontheloanbalance Theloanlimits referredtoasconforminglimits 合規(guī)限額 forFreddieMacandFannieMaeareidenticalbecausetheyarespecifiedbythesamestatute Loanslargerthantheconforminglimitforagivenpropertytypearereferredtoasjumboloans 巨額貸款 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 32 TypesofResidentialMortgageLoans continued PrepaymentsandPrepaymentPenalties提前還款和罰金Homeownersoftenrepayallorpartoftheirmortgagebalancepriortothescheduledmaturitydate Theamountofthepaymentmadeinexcessofthemonthlymortgagepaymentiscalledaprepayment Thistypeofprepaymentinwhichtheentiremortgagebalanceisnotpaidoffiscalledapartialpaymentorcurtailment Whenacurtailmentismade theloanisnotrecast Instead theborrowercontinuestomakethesamemonthlymortgagepayment Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 33 TypesofResidentialMortgageLoans continued PrepaymentsandPrepaymentPenaltiesThemorecommontypeofprepaymentisonewheretheentiremortgagebalanceispaidoff Allmortgageloanshavea dueonsale clause whichmeansthattheremainingbalanceoftheloanmustbepaidwhenthehouseissold Effectively theborrower srighttoprepayaloaninwholeorinpartwithoutapenaltyisacalledanoption Amortgagedesignthatmitigatestheborrower srighttoprepayistheprepaymentpenaltymortgage 提前還款懲罰貸款 提前還款會讓貸款人面臨什么風險 Copyright 2010PearsonEducation Inc PublishingasPrenticeHall 10 34 RisksAssociatedwithInvestinginMortgageLoans Investorsfacefo