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1、“征信产品在商业银行信用风险管理中的应用”国际研讨会 SYMPOSIUM ON “CREDIT REPORTING AND RETAIL & SME FINANCE” SYMPOSIUM ON “CREDIT REPORTING AND RETAIL & SME FINANCE” 主办主办 Sponsored bySponsored by：中国人民银行中国人民银行 The Peoples Bank of ChinaThe Peoples Bank of China国际金融公司国际金融公司 International Finance CorporationInternational Financ
2、e Corporation 20072007年年6 6月月20-2120-21日日 中国天津中国天津 20-21 June 2007 Tianjing, China20-21 June 2007 Tianjing, China1如何在住房按揭贷款中有效地使用征信机构服务如何在住房按揭贷款中有效地使用征信机构服务 HOW TO USE CREDIT BUREAUSHOW TO USE CREDIT BUREAUSTO DO BETTER MORTGAGE LENDINGTO DO BETTER MORTGAGE LENDING主讲人主讲人 ByBy国际金融公司住房融资咨询顾问国际金融公司住房融资
3、咨询顾问 N N 科库拉鲁潘科库拉鲁潘 N. KokularupanN. KokularupanConsultant, Housing Finance Group, International Finance CorporationConsultant, Housing Finance Group, International Finance Corporation本演讲内容系作者观点，并不代表国际金融公司的观点本演讲内容系作者观点，并不代表国际金融公司的观点 Views expressed in this paper are that of the author and does not r
4、epresent the views of IFCViews expressed in this paper are that of the author and does not represent the views of IFC2导言导言 INTRODUCTIONINTRODUCTION什么是征信 What is Credit Reporting - 对财务关系表现信息的收集、共享和分发的过程 Process of gathering, sharing and distributing information regarding performance of financial rela
5、tionships征信服务可以由以下机构提供 Credit Reporting can fall under (a) 征信机构 Credit Bureaus (b) 公共信贷登记系统 Credit Registries征信机构和公共信贷登记系统在运营方面有区别 Operational differences between a Credit Bureau and a Credit Registry3信用信息系统的特征信用信息系统的特征 ATTRIBUTES OF A ATTRIBUTES OF A CREDIT INFORMATION SYSTEMCREDIT INFORMATION SYST
6、EM最好同时包括负面和正面信息 Contains both negative and positive information - 可信赖 Trust - 可靠且全面的数据 Reliable and comprehensive data4美国的征信机构美国的征信机构 CREDIT REPORTING CREDIT REPORTING AGENCIES IN USAAGENCIES IN USA美国的3大征信机构： USA 3 major credit reporting agencies namely: - Experian、Equifax和TransUnionExperian, Equifa
7、x and Trans Union - 属私营机构 Private Companies 5信贷评分信贷评分 CREDIT SCORESCREDIT SCORES衡量逾期或违约风险的数值结果 Numbers calculated to measure risk of delinquency or default被美国大多数住房按揭贷款人用于借款人评级 Used by most mortgage lenders in US to rank borrowers确定借款人是否符合借贷条件 Determine borrowers qualifications for a loan放贷额度 Quantum
8、 of loan按揭利率 Mortgage rate6信贷评分的使用日益普遍信贷评分的使用日益普遍 GROWTH IN USE GROWTH IN USE OF CREDIT SCORESOF CREDIT SCORES 信贷评分使用率的增长源于：信贷评分使用率的增长源于： Increasing use of credit scores results from:(a) 技术进步 Technological advances(b) 风险定价 Risk-based pricing(c) 消费者越来越能够直接获得信贷评分 Increasing direct consumer access for
9、credit scores7个人信用报告个人信用报告 CONSUMER CREDIT REPORTCONSUMER CREDIT REPORT收录了个人信用偿还历史的实际记录收录了个人信用偿还历史的实际记录 Contains factual record of individuals credit payment history 包括四大方面内容：包括四大方面内容： Generally covers 4 broad areas:(a) 身份识别信息 Identifying information(b) 所有账户的信用信息 Credit information on all accounts(c
10、) 公共记录 Public records(d) 查询信息 Inquiries8住房按揭贷款和征信服务的使用住房按揭贷款和征信服务的使用 MORTGAGE MORTGAGE LENDING AND THE USE OF CREDIT BUREAUSLENDING AND THE USE OF CREDIT BUREAUS住房按揭贷款人面临来自盈利、合规和竞争方面的压力 Mortgage lenders face pressures such as need to achieve profitability, comply with complex regulatory framework an
11、d competition住房按揭贷款人的放贷政策反映了该机构自身的风险偏好、利润率要求和所处细分市场的特征 Mortgage lenders underwriting policies will reflect institutions appetite for risk, level of profits and its market segmentation信贷评分模型具有预测能力，使贷款人能够评估违约的可能性 Credit scoring models have predictive power, thus enabling lenders to assess the likeliho
12、od of default通过使用信贷评分模型和自动化放贷流程，放贷速度和准确程度都得以提高，从而使更多的借款人受益 Increasing number of borrowers have benefitted from the speed and accuracy provided by the use of Credit Scoring Models and automated underwriting9住房按揭贷款和征信服务的使用（续）MORTGAGE LENDING AND THE USE OF CREDIT BUREAUS MORTGAGE LENDING AND THE USE O
13、F CREDIT BUREAUS (Continued)(Continued)在美国，住房按揭贷款和住房按揭金融业已经历了几十年的发展历程 In US, mortgage lending and mortgage finance industry experienced decades of development随着中国住房按揭行业的发展有必要研究美国模式，找出适应中国现有法律体制和监管安排的内容 As residential mortgage industry develops in China useful to review the US model to suit the curre
14、nt institutional legal and regulatory arrangements in China 个人征信系统曾在美国住房按揭贷款行业的各个方面发挥了重要作用，而且还在继续发挥作用。要在中国创建一个先进的征信体系是一项艰巨的任务 Consumer credit reporting played and plays a crucial role in every facet of US mortgage lending. Not easy to establish an advanced system of credit reporting in China住宅行业需要从银
15、行和投资者那里获得资金。有必要在中国实行住房按揭贷款证券化，而要进行证券化，就需要准确的信贷模型以衡量按揭支持证券中蕴含的风险 Housing requires money from banks and investors. Need to develop securitization of mortgage loans in China and securitization requires accurate credit models to measure risks embedded in mortgage backed securities 10个人信贷评分和住房按揭贷款风险个人信贷评
16、分和住房按揭贷款风险 CONSUMER CONSUMER CREDIT SCORE AND MORTGAGE CREDIT SCORE RISKCREDIT SCORE AND MORTGAGE CREDIT SCORE RISK住房按揭贷款的主要风险因素分为以下住房按揭贷款的主要风险因素分为以下3类：类： Main mortgage risk factors are grouped under 3 categories: 借款人特征 Borrower Characteristics 贷款特征 Loan Characteristics 担保物特征 Collateral Characterist
17、ics以上均为静态变量，随着时间的推移，这些风险因素的相对重要性也可能产生变化 All are static variables which could change the relative importance of risk factors over time 11住房按揭贷款总体风险模型住房按揭贷款总体风险模型 MODELLING MODELLING TOTAL RISK OF MORTGAGETOTAL RISK OF MORTGAGE提前还贷风险与信贷风险提前还贷风险与信贷风险 Prepayment Risk versus Credit Risk- 当发生违约或提前还贷时，住房按揭
18、贷款合同即告终止当发生违约或提前还贷时，住房按揭贷款合同即告终止 Mortgage contract terminates on default or prepayment of the loan- 从住房按揭贷款人的角度看存在从住房按揭贷款人的角度看存在2种风险种风险 2 types of risk from mortgage investors perspective:(a) 违约风险违约风险 Default risk(b) 提前还贷风险提前还贷风险 Prepayment risk 12住房按揭贷款总体风险模型住房按揭贷款总体风险模型 （续）（续） MODELLING TOTAL RISK
19、 OF MORTGAGE (Continued)MODELLING TOTAL RISK OF MORTGAGE (Continued)导致借款人提前还贷的原因如下： Borrower prepays for following reasons:(a)市场按揭利率已经下降 Market mortgage interest rate has declined(b)房屋所有人已积累了相当的家庭资产（住房价值已上升），希望借到比未偿还本金更多的钱 House owner has accumulated substantial home equity and wants to borrow large
20、r amount of money than unpaid principal(c)家庭经济或人口状况发生改变 Change in the economic or demographic conditions in the household(d)在亚洲国家存在”无债一身轻”的传统观念 In Asian countries - debt avoidance culture导致违约的原因则更为复杂 Default is more difficult to comprehend触发因素 Triggered by:(a)房屋价值下降 Negative home equity(b)家庭变故离异等 St
21、ressful family events divorce etc.(c)被解雇 Lay off from work(d)生意不稳定或工薪阶层被减薪 Swings in business or cut in salary for fixed wage earners13住房按揭贷款总体风险模型住房按揭贷款总体风险模型 （续）（续） MODELLING TOTAL RISK OF MORTGAGE (Continued)MODELLING TOTAL RISK OF MORTGAGE (Continued)上世纪90年代之前采用人工放贷方式放贷流程运作缓慢，风险分析能力有限，贷款定价完全由风险因
22、素决定。这对于拥有良好偿还历史记录的借款人较为不利。Prior to 1990s manual underwriting slow process and limited ability to analyze risk factors involved and price loans based on risk factors. Disadvantageous to borrowers with excellent payment track record现在，诸如信贷风险模型和自动化放贷等强有力的工具使住房按揭贷款人能够更容易地评估和管理信贷风险 Now, powerful tools su
23、ch as credit risk models and automated underwriting make it easier for mortgage lenders to assess and manage credit risk14使用征信机构产品服务时需要注意的几个使用征信机构产品服务时需要注意的几个问题问题 ISSUES IN USING CREDIT BUREAUSISSUES IN USING CREDIT BUREAUS放贷决策过程对信贷评分的依赖程度逐渐上升；贷款人，特别是住房按揭贷款人，需要考虑的问题 Increased reliance on credit scor
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