7. 不動產融資工具抵押貸款:以不動產為抵押標的
Mortgage : Two Parties
Deed of Trust : Three Parties
Promissory Note
Title Pledge7
8. Note + PledgeFundsPledge and lien are extinguished
with performance of mortgage
contract MORTGAGEBorrower
(Mortgagor)Lender
(Mortgagee)A bilateral financial contract8
9. NoteFundspledge
of titleTitle
goes
to borrow
if no
defaultif default
property
is sold
and proceeds
goes to
lenderDEED OF TRUSTBorrower
(Trustor)Lender
(Beneficiary)TrusteeA three-party financial contract9
10. 抵押貸款契約重要內容Parties to the contract
Loan amount
Term of loan
Interest rate
Amortization period
Property description
Priority of loan
Acceleration clause, once default
Escalation clause, once selling house
Prepayment clause
callable mortgage
non-callable mortgage10
11. 抵押貸款契約重要內容Due-on-Sale Clause
Default Clause (put option)
Personal Liability Clause
Deficiency Judgment
Foreclosure
Redemption Rights
Equitable right
Statutory right
Escrow Provisions11
12. 貸款結束Termination by satisfying contract
ending lien against pledged property
trustee provides deed of release
defeasance clause
Termination by mutual agreement
Refinance
Recasting
Termination by foreclosure12
13. Redemption Rightsdate of
defaultForeclosure
suite filedForeclosure
saleEnd of
Statutory periodEquitable Right of
Redemption PeriodStatutory Right of
Redemption PeriodFORECLOSURE PROCESS13
14. 各式的抵押貸款契約Fixed Rate Mortgage (FRM)
Adjustable Rate Mortgage (ARM)
Graduated Payment Mortgage (GPM)
Shared Appreciation Mortgage (SAM)
A mortgage loan wherein the borrower gives the lender a portion of the property’s appreciation in return for a lower rate of interest
Reverse Annuity Mortgage (RAM)
The lenders make a monthly payments to a homeowner who later repay in a lump sum
Growing Equity Mortgage (GEM)
A fixed-rate loan with increasing monthly payments that pays off early.
Balloon Mortgage14
15. 還有Junior Mortgage
Purchase Money Mortgage
Land Contract
Wraparound Mortgage15
16. 貸款攤銷方式 Interest only mortgage (bullet loans)
Partially amortizing or balloon mortgage
Fully amortizing16
17. Lenders所面臨的風險Credit risk:
risk that money borrowed might not returned timely
Default risk:
risk that money lent might not be repaid
Cash flow risk:
risk that market conditions will alter scheduled cash flows
prepayment risk
inflation risk
exchange risk
interest rate risk
Liquidity risk:
risk that money will be needed before it is due17