Chapter 08:
Underwriting and Financing
Residential Properties 承销和融
资住宅
McGraw-Hill/Irwin

Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved.

Underwriting Default Risk
 Qualifying the borrower and property 符合
条件的借款人和财财
– Borrower loan application 借款人的贷款申请
– Property appraisal 房地产评估

 Default insurance 财财保财
 Payment-to-income ratio
 Loan-to-value ratio 财款与价比率
财财 财
8-2

Classification of Mortgage Loans
 Conventional Mortgages 常规抵押贷款
– Usually no more than 80% loan to value ratio 通常不超过 80% 的
贷款价值比率
– No government guarantee or insurance 不政府担保或保险
– Conforming loans 符合贷款
 Meet government sponsored enterprises (“GSE”) loan limit requirements 满足政府支持企业 (GSE) 贷款限制要求

– Nonconforming 不符合的
 “Jumbo” loans“ 巨型”贷款
∙ Large dollar amount loans∙ 大金额的贷款
∙ Higher interest rate∙ 更高的利率

 Subprime 次贷
 ALTA (or “low-doc”)
8-3

Classification of Mortgage Loans
 Insured Conventional Mortgages 传统抵押贷
款保险
– LTV usually > 80% ltv 通常 > 80%
– Private Mortgage Insurance 私人抵押财财
款保
财财
 Insurer assumes default risk of the larger loan 保险公司
承担违约风险更大的贷款
 Covers loan amount > 80% LTV 包括贷款金额 LTV >
80%
 Generally no loan maximum but 95% is as far as most insurers will go 一般没有贷款最大但 95% 是大多数保险
公司而言
8-4

Classification of Mortgage Loans
 FHA Insured Mortgages FHA 担保抵押贷款
– Lender completely insured against default loss
借款人完全保证违约损失
– Strict qualification procedures for borrower and property 严格的资格程序借款人和财产
– Lower borrower down payments 减少借款人首付
– Loan maximums 贷款最大值
– Section 203b most common program

8-5

Classification of Mortgage Loans
 VA Guaranteed Mortgages VA 担保抵押贷款
– Qualified veterans 合格的退伍军人
– Guarantee may not exceed 25% of loan 保证不得超过
25% 的贷款
– Veteran pays a funding fee 老兵支付融资费用
– Certificate of reasonable value (“CRV”) 证书的合理值
(CRV)
– Loan entitlement 贷款的权利
– Unlike FHA program, the VA is providing a loan guarantee, not default insurance 不像联邦住房管理局计
划 ,VA 是提供贷款担保 , 而不是默认的保险
8-6

Underwriting Process
 Borrower Income 借款人收入
– Verify employer, wages, expected continuity
核实雇主、工资、预期的连续性
– Verify other income 验证其他收入
 Will it continue? 会继续吗 ?
 Is it verifiable on prior tax returns? 可核查在之前退
税吗 ?

– Dual income 双收入
 Stability of joint income 关节的稳定收入
8-7

Underwriting Process
 Borrower Assets 借款人财 财
– Verify closing cost and down payment funds
验证关闭成本和支付资金
– Additional savings and investments 额外的储
蓄和投资

 Credit History 信用财 财
– Credit reports 信用报告
– Credit scoring models 信用评分模型
8-8

Underwriting Process
 Housing Expenses 住房费用
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Principal & Interest 本金和利息
Mortgage insurance 抵押贷款保险
Property taxes 房产税
Hazard insurance 风险保险
Homeowners association dues (if applicable) 房主协
会会费 ( 如适用 )

 Other Obligations 其他义务
– Auto loans,