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1、Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-1Chapter10ResidentialMortgageLoansCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-2LearningObjectivesAfterreadingthischapter,youwillunderstandwhatamortgageiswhothemajororiginatorsofresidential
2、mortgagesaretheborrowerandpropertycharacteristicsconsideredbyalenderinevaluatingthecreditriskofanapplicantforamortgageloanwhattheservicingofaresidentialmortgageloaninvolvesthetypesofresidentialmortgageloansbasedonlienstatus,creditclassification,interest-ratetype,amort
3、izationtype,creditguarantees,loanbalances,andprepaymentsandprepaymentpenaltiesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-3LearningObjectives(continued)Afterreadingthischapter,youwillunderstandwhataprepaymentisthecashflowofamortgageloanwhataprepaymen
4、tpenaltymortgageiswhatahomeequityloanistherisksassociatedwithinvestinginmortgagesthesignificanceofprepaymentriskCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-4OriginationofResidentialMortgageLoansTheoriginallenderiscalledthemortgageoriginator.抵押贷款发放人Th
5、eprincipaloriginatorsofresidentialmortgageloansarethrifts（储蓄机构）,commercialbanks,andmortgagebankers（贷款抵押银行）.Mortgageoriginatorsmayservicethemortgagestheyoriginate,forwhichtheyobtainaservicingfee.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-5Origination
6、ofResidentialMortgageLoans(continued)Whenamortgageoriginatorintendstosellthemortgage,itwillobtainacommitmentfromthepotentialinvestor(buyer).Twogovernment-sponsoredenterprises(GSEs)andseveralprivatecompaniesbuymortgages.Becausetheseentitiespoolthesemortgagesandsellthem
7、toinvestors,theyarecalledconduits（导管企业）.Whenamortgageisusedascollateralfortheissuanceofasecurity,themortgageissaidtobesecuritized（抵押贷款证券化）.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10-6UnderwritingStandards承销标准Payment-to-IncomeRatio还款额与收入之比Thepayment-
8、to-incomeratio(PTI)istheratioofmonthlypaymentstomonthlyincome,whichmeasurestheabilityoftheapplicanttomakemonthlypayments(bot
