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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,10-,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Copyright 2010PearsonEducation,Inc.Publishingas PrenticeHall,10-1,Chapter10,ResidentialMortgageLoans,Copyright 2010PearsonEducation,Inc.Publishingas PrenticeHall,10-2,LearningObjectives,After reading this chapter,youwillunderstand,whata mortgageis,whothemajor originators ofresidentialmortgages are,theborrowerandproperty characteristics consideredbya lenderinevaluating the credit risk of anapplicant for amortgage loan,whattheservicing of aresidentialmortgageloan involves,thetypes ofresidentialmortgage loansbased onlien status,creditclassification,interest-rate type,amortization type,credit guarantees,loanbalances,and prepayments and prepaymentpenalties,Copyright,2010 PearsonEducation,Inc.PublishingasPrenticeHall,10-3,LearningObjectives,(continued),Afterreading thischapter,you willunderstand,what aprepaymentis,thecashflow of amortgageloan,what aprepaymentpenalty mortgage is,what ahomeequityloanis,therisksassociatedwith investinginmortgages,thesignificance of prepaymentrisk,Copyright,2010 PearsonEducation,Inc.PublishingasPrenticeHall,10-4,OriginationofResidentialMortgageLoans,Theoriginallender is calledthe,mortgageoriginator,.,抵押贷,款,款发放,人,人,Theprincipal originators of residential mortgage loans arethrifts,（储蓄,机,机构）,commercialbanks,andmortgagebankers,（贷款,抵,抵押银,行,行）,.,Mortgageoriginatorsmayservicethemortgages theyoriginate,forwhichtheyobtaina,servicingfee,.,Copyright,2010 PearsonEducation,Inc.PublishingasPrenticeHall,10-5,OriginationofResidentialMortgageLoans,(continued),When amortgageoriginatorintends to sellthe mortgage,itwill obtaina commitmentfromthepotential investor(buyer).,Twogovernment-sponsoredenterprises(GSEs)andseveral privatecompanies buymortgages.,Because these entities poolthesemortgages andsell themtoinvestors,they arecalled,conduits,（导管,企,企业）,.,When amortgageisusedascollateral fortheissuanceofasecurity,the mortgage is saidtobe,securitized,（抵押,贷,贷款证,券,券化）,.,Copyright,2010 PearsonEducation,Inc.PublishingasPrenticeHall,10-6,UnderwritingStandards,承销标,准,准,Payment-to-IncomeRatio,还款额,与,与收入,之,之比,The,payment-to-incomeratio,(,PTI,)is theratioofmonthly payments to monthlyincome,whichmeasurestheabilityoftheapplicant to makemonthlypayments(bothmortgageandrealestatetax payments).,Thelowerthe PTI,the greaterthe likelihoodthattheapplicant willbeabletomeet therequiredmonthly mortgage payments.,Copyright,2010 PearsonEducation,Inc.Publishing asPrentice Hall,10-7,Underwriting Standards,(continued),Loan-to-Value Ratio,贷款额与抵,押,押品价值之,比,比,The,loan-to-value ratio,(LTV)is the ratio of theamount oftheloanto the market(or appraised)valueof the property.,The lowerthisratiois,the greater theprotection forthelender ifthe applicant defaults onthepayments and the lender must repossess and sell the property.,The LTV has been found innumerousstudies tobe the singlemostimportantdeterminant ofthe likelihoodof default.,The rationale is straightforward:Homeownerswithlargeamounts of equity in their properties are unlikely todefault.,这是良好的,违,违约预测指,标,标！,Copyright,2010 PearsonEducation,Inc.Publishing asPrentice Hall,10-8,Typesof ResidentialMortgageLoans,Therearedifferenttypesof residentialmortgageloans.,Theycan be classified according tothefollowingattributes:,lienstatus,留置地位,credit classification,信用类别,interest rate type,利率类型,amortization type,分期还款类,型,型,credit guarantees,信用担保,loanbalances,贷款余额,prepayments andprepayment penalties,提前还款好,提,提前还款罚,款,款,Copyright,2010 PearsonEducation,Inc.Publishing asPrentice Hall,10-9,Typesof ResidentialMortgageLoans,(continued),LienStatus,留置地位,The,lienstatus,of amortgage loan indicates the loansseniorityin the event oftheforced liquidation of thepropertydue to defaultby the obligor.,For amortgageloanthatis a,firstlien,thelender would have firstcallon the proceedsof the liquidationof the propertyif it were tobe repossessed.,A mortgageloancould also bea,second lien,or,junior lien,andtheclaims ofthe lenderon the proceeds inthe case of liquidation come afterthe holders ofthe firstlienare paid in full.,Copyright,2010 PearsonEducation,Inc.Publishing asPrentice Hall,10-10,Typesof ResidentialMortgageLoans,(continued),CreditClassification,信用,类,类型,Aloanthatisoriginatedwheretheborrowerisviewedtohaveahighcreditqualityisclassifiedasa,primeloan,.,Aloanthatisoriginatedwheretheborrowerisoflowercreditqualityorwheretheloanisnotafirstlienonthepropertyisclassifiedasa,subprimeloan,.,次贷,！,！,Whilethecreditscoreshavedifferentunderlyingmethodologies,thescoresgenericallyarereferredtoas,“,“FICOscores.,”,”,FICOscoresrangefrom350to850.,ThehighertheFICOscoreis,thelowerthecreditrisk.,Copyright,2010PearsonEducation,Inc.PublishingasPrenticeHall,10-11,TypesofResidentialMortgageLoans,(continued),CreditClassification,Inrefinancing,whentheloanamountrequestedexceedstheoriginalloanamount,thetransactionisreferredtoasa,cash-out-refinancing,.,套现,再,再融,资,资,Ifinstead,thereisfinancingwheretheloanba
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