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1、住房抵押贷款内涵,住房抵押贷款是以某特定住房作为担保的贷款，它是贷款人和借款人双方同意将住房抵押给贷款人，以作为偿还贷款的担保。住房抵押贷款赋予了贷款人（抵押权人）在借款人（抵押人）不能支付合同约定的还款时没收抵押物的权利。,能够通过抵押贷款购买的住房可分为单户住宅（容纳14户的住宅）和多户住宅（4户以上居住的所有公寓式住宅、合股所有的住宅和公寓）。,住房抵押贷款分为两类： 非传统贷款：联邦住房管理局（Federal Housing Administration，FHA）、退伍军人管理局（Veterans Administration，VA）和农村发展管理局（Rural Development
2、 Administration，RDA）提供担保。 传统贷款,住房抵押贷款发放渠道,住房抵押贷款提供给借款人的渠道主要包括三个：零售、批发和代理商。 零售渠道（retail channel）直接与消费者接触，即借款人到金融机构的柜台与金融机构发生贷款交易。 批发渠道（wholesale channel）提供了从发放贷款的经纪人那里购买贷款的中介，而代理商渠道则使贷款可以从一个由小型的独立实体构成的网络购得。,对抵押贷款的审查,三个主要因素：偿还能力、信用和抵押物 指标：还款收入比（payment-to-income，PTI）、债务收入比（debt-to-income，DTI），衡量抵押物情况的
3、贷款价值比（loan-to-value，LTV），以及衡量借款人信用资质等,PTI指标中的还款额包括本金、利息、税收、和保险 DTI中的债务包括PTI指标中的还款额的成分，以及在借款人的信用报告中记载的其它债务，如汽车贷款、信用卡、学生贷款等在内的其它分期还款债务 PTI和DTI比率越小说明借款人还款能力越强。,LTV是贷款额与住房的市场价（或评估价）的比率 借款人的信用资质评估在很大程度上依赖于从Experian、Trans Union和Equifax等信用报告机构获得的信用报告和FICO信用评分,按抵押贷款的信用等级分类,（1）优质抵押贷款（Prime Mortgage） 优质抵押贷款是面
4、向信用等级高（信用分数在700分以上）、收入稳定可靠，债务负担合理 主要选用最为传统的30年或15年固定利率抵押贷款,（2）次级抵押贷款（Subprime Mortgage） 次级抵押贷款的借款人：信用分数低于660分；在过去的12个月里有2次及2次以上30天的拖欠，或在过去的24个月里有1次及1次以上的60天拖欠；在过去24个月里曾丧失赎回权，又重新恢复或被作为损失；过去5年内曾经破产；DTI超过50%。 借款人在申请次级贷款时，不必向房地产金融机构出具收入证明文件 次级抵押贷款要收取更高的贷款利率和贷款费用。,（3）ALT-A抵押贷款(“Alternative A”贷款) 泛指面向那些信用
5、记录不错或很好，但却缺少或完全没有固定收入、存款、资产等合法证明文件的借款人发放的抵押贷款 既包括信用分数在640到700之间的主流阶层，也包括分数高于700的高信用度客户中的相当一部分人 ALT-A抵押贷款的LTV一般在70%100%之间，通常刚好低于80%，其利率普遍比优质贷款产品高75到125个基点。,Chapter 3 Fixed Rate Mortgage,1. History of mortgage nonamortizing amortizing,2. Mechanics of Fixed Rate Mortgage,2.1 the mortgage payment presen
6、t value of an annuity=,Monthly payments:,Mortgage constant=,(1+i/12)12n-1,i/12(1+i/12)12n,eg: loan=$100,000, i=10%, n=30, monthly payments loan=monthly payments/MC(10%,30) monthly payments=loan MC(10%,30) =877.57,2.2 amortization of the mortgage,principal,interest,components,amount,years,principal,i
7、nterest,2.2.1 figure:,Table: P50,2.2.2 after-tax cost eg: a borrower in a 28% marginal tax bracket, monthly payments=877.57 A. the first month: principal repayment=44.24 interest repayment=833.33 after-tax cost=44.24+833.33(1-28%)=644.24,B. the 360th month principal repayment=870.32 interest repayme
8、nt=7.25 after-tax cost=870.32+7.25(1-28%) =875.54,2.3 outstanding balance of mortgage,=loan-repayed principal,eg: the 6th month outstanding balance =877.57/MC(10,29.5) =99,729,2.4 the effective cost of the mortgage APR 2.4.1 APR with no points or fee eg: 100,000-0=877.57/MC(i,360) APR=10% 2.4.2 APR
9、with two discount points eg: 100,000-2,000 =877.57/MC(i,360) APR=10.24%,2.5 effective cost and early repayment prepayment without penalty eg: pay off at the end of the 5th year,A. APR without points and fee 100,000-0=877.57/MC(i,60),APR=10%,B. APR with two points APR=10.52%,30 years: 10.24% 5 years:
10、 10.52%,holding period,the effective cost,2.6 the effective cost of prepayment with penalties eg: 10 years, 5% 100,000-0=877.57/MC(i,60)+ (877.57/MC(10,25)(1+5%) / (1+i)60 APR=10.74%,PPM eg: 3 year, 2% penalty 5 year, 6 month interest penalty,2.7 Mortgage refinancing 2.7.1 making refinancing decisio
11、n revenue: payment savings cost: prepayment penalties, refinancing cost on the new loan compare the present value of the revenue and the cost,eg: FRM, 30 years, 100,000, 10%, 5 years later, FRM, 25 years, 7.5%, 3% prepayment penalty, 4% refinancing cost outstanding balance =(100,000*MC(10%/12,360)/M
12、C(10 %/12,300) =96,574,prepayment penalty=96,574*3%=2,897 refinancing cost=96,574*4%=3,863 total cost=2,897+3,863=6,760 payments of new loan =96,574*MC(7.5 %/12,300)=713.67 payment savings =(877.57-713.67) /MC(8%/12,300) =21,2366,760 So its better to refinance.,2.7.2 considering the planned holding
13、period eg: plan to hold 13 years ending balance of the 13th year of the existing loan =877.57/MC(10 %/12,204) = 85,934 ending balance of the 8th year of the new loan =713.67/MC(7.5 %/12,204)=82,153,balance saving=85,934-82,153=3,781 present value of savings = (877.57-713.67) / MC(8 %/12,96) +3,781/(
14、1+8%/12)96 =13,5926,760 So its better to refinance.,2.8 fixed-rate mortgages and interest rate risk,market rate,market value of it,eg: 10%, 30 years, 5 years later, 12% face value= 877.57/MC(10,25)=96,574 market value= 877.57/MC(12,25) =83,322 face value market value,2.9 LTV LTV=Loan/Value CLTV=Outstanding Balance/Value eg:,
