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1、Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-1,Chapter 10Residential Mortgage Loans,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-2,Learning Objectives,After reading this chapter, you will understand what a mortgage is who the major originators of res
2、idential mortgages are the borrower and property characteristics considered by a lender in evaluating the credit risk of an applicant for a mortgage loan what the servicing of a residential mortgage loan involves the types of residential mortgage loans based on lien status, credit classification, in
3、terest-rate type, amortization type, credit guarantees, loan balances, and prepayments and prepayment penalties,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-3,Learning Objectives (continued),After reading this chapter, you will understand what a prepayment is the cash flow o
4、f a mortgage loan what a prepayment penalty mortgage is what a home equity loan is the risks associated with investing in mortgages the significance of prepayment risk,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-4,Origination of Residential Mortgage Loans,The original lende
5、r is called the mortgage originator. 抵押贷款发放人 The principal originators of residential mortgage loans are thrifts （储蓄机构）, commercial banks, and mortgage bankers （贷款抵押银行）. Mortgage originators may service the mortgages they originate, for which they obtain a servicing fee.,Copyright 2010 Pearson Educa
6、tion, Inc. Publishing as Prentice Hall,10-5,Origination of Residential Mortgage Loans (continued),When a mortgage originator intends to sell the mortgage, it will obtain a commitment from the potential investor (buyer). Two government-sponsored enterprises (GSEs) and several private companies buy mo
7、rtgages. Because these entities pool these mortgages and sell them to investors, they are called conduits （导管企业）. When a mortgage is used as collateral for the issuance of a security, the mortgage is said to be securitized （抵押贷款证券化）.,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall
8、,10-6,Underwriting Standards 承销标准,Payment-to-Income Ratio 还款额与收入之比 The payment-to-income ratio (PTI) is the ratio of monthly payments to monthly income, which measures the ability of the applicant to make monthly payments (both mortgage and real estate tax payments). The lower the PTI, the greater t
9、he likelihood that the applicant will be able to meet the required monthly mortgage payments.,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-7,Underwriting Standards(continued),Loan-to-Value Ratio 贷款额与抵押品价值之比 The loan-to-value ratio (LTV) is the ratio of the amount of the loan
10、 to the market (or appraised) value of the property. The lower this ratio is, the greater the protection for the lender if the applicant defaults on the payments and the lender must repossess and sell the property. The LTV has been found in numerous studies to be the single most important determinan
11、t of the likelihood of default. The rationale is straightforward: Homeowners with large amounts of equity in their properties are unlikely to default. 这是良好的违约预测指标！,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-8,Types of Residential Mortgage Loans,There are different types of
12、 residential mortgage loans. They can be classified according to the following attributes: lien status 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 credit guarantees 信用担保 loan balances 贷款余额 prepayments and prepayment penalties 提前还款好提前还款罚款,Copyright 2010 Pearson Ed
13、ucation, Inc. Publishing as Prentice Hall,10-9,Types of Residential Mortgage Loans(continued),Lien Status 留置地位 The lien status of a mortgage loan indicates the loans seniority in the event of the forced liquidation of the property due to default by the obligor. For a mortgage loan that is a first li
14、en, the lender would have first call on the proceeds of the liquidation of the property if it were to be repossessed. A mortgage loan could also be a second lien or junior lien, and the claims of the lender on the proceeds in the case of liquidation come after the holders of the first lien are paid
15、in full.,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-10,Types of Residential Mortgage Loans(continued),Credit Classification 信用类型 A loan that is originated where the borrower is viewed to have a high credit quality is classified as a prime loan. A loan that is originated wh
16、ere the borrower is of lower credit quality or where the loan is not a first lien on the property is classified as a subprime loan. 次贷！ While the credit scores have different underlying methodologies, the scores generically are referred to as “FICO scores.” FICO scores range from 350 to 850. The higher the FICO score is, the lower the credit risk.,Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall,10-11,Types of Residential Mortgage Loans(continued),Credit Classification
