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Fixed-incomesecuritiesCHAPTER10RESIDENTIALMORTGAGELOANSCHAPTERSUMMARY

Thischapterconcentratesonthecharacteristicsofmortgageloans,theparticipantsinthemortgagemarket,themostpopularmortgageloandesigns,andthemarketformortgageloans.WHATISAMORTGAGE

Amortgage

isaloansecuredbythecollateralofspecifiedrealestateproperty,whichobligestheborrowertomakeapredeterminedseriesofpayments.PARTICIPANTSINTHEMORTGAGEMARKET

mortgageoriginatorsmortgageservicersmortgageinsurers.PARTICIPANTSINTHEMORTGAGEMARKET

mortgageoriginators:Theoriginallenderiscalledthemortgageoriginatorincludingthrifts,commercialbanks,mortgagebankers,lifeinsurancecompanies,andpensionfunds.PARTICIPANTSINTHEMORTGAGEMARKET◆Thetwoprimaryfactorsindeterminingwhetherthefundswillbelent√

payment-to-income(PTI)√loan-to-value(LTV)PARTICIPANTSINTHEMORTGAGEMARKET

◆Mortgageoriginatorscan

√holdthemortgage√sellthemortgage

√usethemortgagethemselvesascollateralfortheissuanceofasecurity

PARTICIPANTSINTHEMORTGAGEMARKET◆conduits:

agenciesandprivatecompanieswhobuyandpoolthesemortgagesandsellthemtoinvestors.PARTICIPANTSINTHEMORTGAGEMARKETMortgageServicers◆Servicingofamortgageinvolves

√collectingmonthlypaymentsandforwardingproceedstoownersoftheloan

√

sendingpaymentnoticestomortgagors

√maintainingrecordsofprincipalbalances

PARTICIPANTSINTHEMORTGAGEMARKETMortgageServicers

◆Therearesourcesofrevenuefrommortgageservicing

√servicingfee√interest√

potentialsourceforotherloansPARTICIPANTSINTHEMORTGAGEMARKETMortgageInsurersALTERNATIVEMORTGAGEINSTRUMENTSLevel-PaymentFixed-RateMortgage:

theborrowerpaysinterestandrepaysprincipalinequalinstallmentsoveranagreed-uponperiodoftime.ALTERNATIVEMORTGAGEINSTRUMENTSMP

=monthlymortgagepaymentn=numberofmonthsMB0=originalmortgagebalancei=simplemonthlyinterestrate(annualinterestrate/12).ALTERNATIVEMORTGAGEINSTRUMENTSAdjustable-RateMortgage(ARM):

aloaninwhichthecontractrateisresetperiodicallyinaccordancewithsomeappropriatelychosenreferencerate.ALTERNATIVEMORTGAGEINSTRUMENTS

◆TwocategoriesofreferencerateshavebeenusedinARMs

√market-determinedrates√calculatedratesbasedonthecostoffundsforthrifts

ALTERNATIVEMORTGAGEINSTRUMENTSBalloonMortgages:In

aballoonmortgage,theborrowerisgivenlong-termfinancingbythelender,butatspecifiedfuturedatesthecontractrateisrenegotiated.Theballoonpaymentistheoriginalamountborrowedlesstheamountamortized.ALTERNATIVEMORTGAGEINSTRUMENTSPrepaymentPenaltyMortgages(PPM)

:ThebasicstructureofaPPMincludesaspecifiedtimeperiod(lockoutperiod)duringwhichprepaymentsarenotpermittedexceptforthesaleofthemortgagedproperty.ALTERNATIVEMORTGAGEINSTRUMENTSReverseMortgages:

aredesignedforseniorhomeownerswhowanttoconverttheirhomeequityintocash.RISKSASSOCIATEDWITHINVESTINGINMORTGAGESCreditRiskLiquidityRiskInterest-RateRiskPrepaymentRiskRISKSASSOCIATEDWITHINVESTINGINMORTGAGESCreditriskistheriskthatthehomeowner/borrowerwilld