Cc t chc cho vay th chp

Ban u, ngnh cng nghip tit kim c thnh lp vi nhim v cung cp cc khon vay th chp cho
cc gia nh . Quc hi t chc nhng s thu ht ngi gi tin bng cch cho php S & Ls phi tr li
sut cao hn mt cht tin gi . Trong nhiu nm qua, ngnh tit kim lm cng vic ca mnh. Qu
ngn hn bng cch thu ht tin gi v s dng cc qu ny cho vay th chp di hn. u tc
tng trng ca ngnh cng nghip cho vay nh nhiu thnh cng ca mnh cho cc t chc ny . (Cc
ngnh cng nghip tit kim c tho lun thm trong Web Chng 25). Cho n nhng nm 1970, li
sut vn tng i n nh , v khi bin ng xy ra , h c xu thu hp. Nhng trong nhng nm 1970,
li sut tng nhanh , cng vi lm pht, v qu tit kim tr thnh nn nhn ca ri ro li sut. Khi li
sut th trng tng , gi tr ca cc danh mc u t c nh li sut cho vay th chp ca h gim . V
nhng tn tht cc qu tit kim, h khng cn l ngun chnh ca cc khon cho vay th chp.
Mt vn nghim trng vi th trng th chp u l cc t chc tit kim b hn ch chi nhnh trn
ton quc bi lut lin bang v tiu bang v b cm cho vay bn ngoi th trng cho vay thng thng
ca h , khong 100 dm t vn phngca h. V vy, ngay c khi mt t chc pht trin rt a dng ,
vi hng ngn cc th loi cho vay khc nhau, tt c cc khon vay u n t cng mt vng. Khi kinh
t khu vc c vn , nhiu khon vay s ng cng mt lc . V d, Texas v Oklahoma tri qua
mt cuc suy thoi vo gia nm 1980 do gi du gim . nhiu vic th chp bt ng bi v gi tr bt
ng sn gim cng mt lc nh t l tht nghip khu vc tng . Cc khu vc khc ca t nc vn
khe mnh l khng gip ch g cho ngi cho vay a phng.
Hnh 14.2 cho thy th phn ca th trng th chp c t chc bi chnh t chc cho vay th chp
M . n nay, nh u t ln nht l \\t chc th chp v tn thc . ( t cha th chp v tn thc c
tho lun sau trong chng ny. )
Phn 5 Th trng ti chnh
Dch v cho vay
Nhiu ngi trong s cc t chc cho vay th chp khng mun gi li cc danh mc u t ln, chng
khon di hn . Ngn hng thng mi , v d , c c ngun vn t cc ngun ngn hn. u t vo
cc khon vay di hn s buc h phi chu ri ro li xut cao. Ngn hng thng mi , qu tit kim , v
hu ht loi hnh cho vay khc kim tin thng qua cc l ph m h kim c chuyn cho vay cc t
chc u t khc. Chi ph cho vay thng bng 1 % s tin cho vay , mc d chi ph thay i theo th
trng.
Mt khi mt khon vay c thc hin , nhiu ngi cho vay ngay lp tc bn khon vay cho nh
u t khc. Khch hng vay c th khng thc c rng ngi cho vay ban u chuyn giao cc
khon cho vay . Bng cch bn cc khon vay, ngi to qu c th tip tc cho vay cc khon cho vay
khc , do to ra thu nhp t ph b sung.
Mt s nh u t cng cung cp dch v ca khon vay. Cc dch v cho vay to thu thp cc khon
thanh ton t khch hng vay, vt qua gc v li cho cc nh u t , gi h s cn thit ca giao dch,
v duy tr ti khon lu tr. Ti khon lu tr c thit lp cho hu ht cc khon vay th chp cho
php vay thc hin thanh ton thu v bo him cho khch hng vay. Ngi cho vay thch lm cc
khon thanh ton v h c th bo v an ton cho khon vay. Cng ty cho vay thng kim c 0,5%
mi nm trn tng s tin cho vay i vi nhng n lc ca h. Tm li, c ba yu t vi hu ht cc
khon vay th chp :
1. Ngi cho ch u t vay.
2. Nh u t nm gi khon vay.
3. Cc i l dch v x l cc th tc giy t .
Mt, hai, hoc ba trung gian khc nhau c th cung cp cc chc nng ny cho bt kz ngi cho vay c
th. Cho vay th chp ang ngy cng thu li t web . Hp E- Ti chnh tho lun v ngun mi ny ca
cc khon vay th chp.
E- TI CHNH nh c Web cho vay th chp Mt lnh vc kinh doanh b nh hng ng k bi Web l
ngn hng th chp. Trong lch s, ngi vay n ngn hng a phng , tit kim v cho vay, v cc
cng ty th chp ngn hng c c th chp cc khon vay . Nhng vn phng ny thanh l{ cc
khon vay v bn li h . Trong nhng nm gn y, hng trm cc cng ty th chp ngn hng mi trn
web xut hin. Th trng th chp l rt thch hp cung cp dch v trc tuyn v nhiu l do .
u tin, n c thng tin c bn v khng c sn phm phi c vn chuyn hoc kim k . Th hai ,
sn phm ( khon vay ) l ng nht qua cc nh cung cp . Mt khch hng vay khng thc s quan
tm ngi cung cp tin min l n c cung cp mt cch hiu qu . Th ba , bi v ngi mua nh c
xu hng khng c c khon vay th chp rt thng xuyn, h c t trung thnh vi bt kz ngi
cho vay th cp. Cui cng , ngi cho vay trc tuyn thng c th cung cp cc khon vay chi ph
thp hn bi v h c th hot ng vi chi ph thp hn so vi cc cng ty phi cho n cng chng.
Th trng th chp trc tuyn lm cho n d dng hn nhiu ngi cho vay mua sm li sut v cc
iu khon . qua truy cp mt ng dng, ngi vay c th c c mt s la chn thay th ngi cho
ngi cho vay t cc Web cng ty dch v . Sau ngi i vay c th chn s la chn ph hp nht
vi yu cu ca h. Cc cng ty th chp trc tuyn , chng hn nh cho vay Tree , thc hin cho vay
th chp cnh tranh hn. iu ny c th dn n mc gi thp hn v dch v tt hn . n c ngi
cho vay cng dn n cung cp mt mng thng gy nhm ln ca la chn thay th cho vay m hu
ht ngi i vay gp kh khan gii thch . iu ny lm cho l chn so snh hn kh khn hn so vi ch
n gin l so snh li sut. Vay s dng dch v la chn trc tuyn cho cc khon vay phi lu { rng
cc ngh s la o tm thy mt cch d dng c c thng tin c nhn . H thit lp mt trang
web cho vay khng c tht v c li sut cc kz hp dn thu ht khch hng . Mt khi h thu thp
tt c cc thng tin cn thit qut sch ti khon ngn hang ca bn, tit kim, v th tn dng, h
ng ca trang web ca h v m khc.

Cc ngn hng thng mi
26%
Tit kim v cho vay
5%
Hip hi th chp v tn thc
53%
C quan lin bang v khc
14%
Cc cng ty bo him nhn th
2%
Hnh 14.2 Chia s ca th trng th chp c t chc bi t chc MortgageLending chnh
Ngun: D tr Lin bang Bulletin, thng 4 nm 2010 , Bng 1.54 .
Chng 14
Th trng th chp
th trng th chp th cp
Chnh ph lin bang thnh lp th trng th cp cho cc khon th chp . Nh chng ti ghi nhn trc
, th trng th chp pht trin to ln nhng sp trong thi kz i suy thoi. gip thc y
hot ng kinh t ca quc gia , chnh ph thnh lp mt s c quan mua cc khon th chp . Hip
hi Th chp Quc gia Lin bang ( Fannie Mae ) l thit lp mua cc khon th chp t qu tit kim
cc t chc ny c th c nhiu cc khon vay th chp hn . C quan ny s ti tr cho nhng v
mua bn bng cch bn tri phiu ra cng chng. Ti cng mt thi im , Cc Qun l{ nh t lin bang
c thnh lp m bo cho cc hp ng th chp nht nh. iu ny lm cho n d dng hn
trong vic bn cc khon th chp bi v ngi mua khng cn phi c quan tm vi lch s tn dng
ca ngi vay hoc gi tr ca ti sn th chp . Mt chng trnh bo him tng t c thit lp
thng qua Cu chin binh bo m cc khon vay cho cc cu chin binh sau khi chin tranh th gii
II.
Mt li th ca cc khon cho vay c bo him l h c yu cu phi c vit trn hp ng vay
tiu chun. Tiu chun ny l mt yu t quan trng trong vic tng trng ca th trng th cp cho
cc khon th chp .
Nh th trng th cp cho cc hp ng th chp hnh thnh , mt trung gian mi , cc ngn hng th
chp, xut hin. Bi v cng ty ny khng chp nhn tin gi, h c th m vn phng trn c
nc. Ngn hng th chp c ngun gc ca cho vay , ti tr cho h ban u vi vn t c. Sau khi mt
nhm cc khon vay tng t thc hin, h s c thu xp v bn cho mt trong nhng c quan
lin bang hoc vo qu bo him hoc tr cp .
C mt s li th th chp ngn hng. Bi v kch thc ca chng , h c th nm bt c quy
m kinh t trong cho vay nguyn v dch v . H cng c th b cc khon vay t khu va khc nhau li
vi nhau , gip gim thiu ri ro ca h. S cnh tranh gia tang cc khon vay gia cc t chc trung
gian dn n gi thp hn cho vay.
Chng khon ca n th chp
Trung gian vn cn phi i mt vi mt s vn khi c gng bn ti sn th chp . u tin l cc
khon th chp thng l qu nh c th c bn bun . trung bnh cho vay th chp ngi nh mi
hin nay l $ 250,000. y l thp hn nhiu so vng $ 5.000.000 rt nhiu thit lp cho thng , v d.
Nhiu t chc u t khng mun i ph vi cc mnh gi nh nh vy.Vn th hai vi bn ti
sn th chp trong th trng th cp l h khng c chun ha . H c thi gian khc nhau
trng thnh , li sut, v iu khon hp ng . M lm cho n kh khn gom mt s lng ln cc
ti sn th chp vi nhau. Th ba , cc khon vay th chp l tng i tn km phc v . So snh cc
dch v cho vay th chp i hi phi c mt tri phiu doanh nghip . Ngi cho vay phi thu thp hng
thng thanh ton, thng tr tin thu bt ng sn , bo him , dch v v ti khon d tr. Khng ai
trong s ny l cn thit nu mt tri phiu c mua. Cui cng, cc khon th chp c nguy c mc
nh khng r. Cc nh u t trong cc khon th chp khng mun dnh nhiu thi gian nh gi
tn dng ca khch hng vay . Nhng vn ny truyn cm hng cho to ra s an ton ti sn th chp
, cn c gi l th chp chng khon ha .
Chng khon th chp c bn l g?
Vo cui nm 1960, th trng th cp cho cc khon th chp gim , ch yu l v cu chin binh t
c vay vn m bo . Chnh ph t chc li Fannie Mae v cng to ra hai c quan mi : Hip hi Th
chp chnh ph Quc gia( GNMA , hoc Ginnie Mae ) v cho vay th chp Trang ch cng ty lin bang (
FHLMC ,hoc Freddie Mac ) . Ba c quan m by gi c th cung cp chng khon mi c h tr bi
c hai bo him v , ln u tin , th chp khng c bo him. Mt thay th cho bn cc khon th
chp trc tip vi nh u t l to ra mt chng khon mi c h tr bi ( bo m bng ) mt s
lng ln cc khon th chp to thnh l nhng g c gi l lin doanh th chp. Mt y thc , nh
mt ngn hng hoc mt c quan chnh ph , t chc th chp, phc v nh l ti sn th chp i vi
an ninh mi . Qu trnh ny c gi l chng khon ha . Loi ph bin nht ca chng khon th chp
l th chp pass-through , mt chng khon c cc khon thanh ton th chp ca ngi vay thng qua
ngi c y thc trc khi c gii ngn cho cc nh u t trong passthrough th chp. Nu ngi
vay tr trc cc khon vay ca h , cc nh u t nhn c chnh hn mong i. V d, cc nh u
t c th mua chng khon th chp m li sut bnh qun l 6%. Nu li sut gim v khch hng vay
ti cp vn mc gi thp hn t gi, chng khon s tr ht sm. Kh nng th chp s tr trc v
buc cc nh u t tm kim cc khon u t thay th , thng l vi li nhun thp , l nguy c
gi l ti tri tr.
Nh l iu hin nhin trong hnh 14.3 , khi lng la ca t chath chp ni bt tng u n
t nm 1984. L{ do m t chc th chp tr thnh nn ph bin l h cho php vic to ra cc chng
khon mi ( nh passthroughs th chp ) m lm cho u t vo cc khon vay th chp hiu qu hn.
V d, mt t chc u t c th u t vo mt th chp ln pass-through bo m bng th chp mt
tp th hn l u t vo nhiu hp ng th chp nh v khng ging nhau.
Cc loi chng khon Pass- Thng qua C mt s loi th chp pass-through chng khon: GNMA
chuyn dch sang ngi, FHLMC pass- thun , v t nhn chuyn dch sang ngi . Hip hi Th chp
Quc gia chnh ph ( GNMA ) Pass- Throughs Ginnie Mae bt u m bo pass-through chng khon
vo nm 1968. K t , s ph bin ca cc cng c ny tng ln ng k .Mt lot cc trung gian
ti chnh , bao gm c cc ngn hng thng mi v cc cng ty th chp, c ngun gc Ginnie Mae th
chp . Ginnie Mae tp hp cc ti sn th chp vo mt t chc v cc vn pass-through chng
khon c th chp bi s quan tm v thanh ton vn gc t cc khon th chp . Ginnie Mae cng
m bo cc chng khon passthrough chng li mc nh. Mnh gi ti thiu thng thng cho
passthroughs l $ 25,000. Cc t ch kch thc ti thiu l 1 triu USD. Mt t chc c th sao lu
nhiu pass-through chng khon.
Home Loan Mortgage Corporation lin bang ( FHLMC ) Pass- Throughs Freddie Mac c to ra h
tr tit kim v cho vay , l khng iu kin ngun vn vay Ginnie Mae bo lnh . Freddie Mac
mua cc khon th chp cho ring mnh cc vn ti khon v cng pass-through chng khon tng
t nh do Ginnie Mae . Chng khon pass-through do Freddie Mac c gi l giy chng nhn tham
gia ( My tnh). T ch Freddie Mac c phn bit vi t ch Ginnie Mae ch chng cha (
nonguaranteed ) th chp thng thng, khng lin bang bo him, c ti sn th chp vi mc gi khc
nhau , ln hn (dao ng ln n vi trm triu la ) , v c mt mnh gi ti thiu l 100.000 USD.
Mt s i mi trong th trng FHLMC pass-through c ngha v th chp (CMO) . CMO c
chng khon c phn loi theo khi thanh ton trc c th xy ra . Nhng khc bit t chng khon
th chp truyn thng trong h m c cung cp trong cc nhm kz hn khc nhau. Cc chng khon
ny gip lm gim thanh ton trc ri ro, m l mt vn vi cc loi pass-through chng khon.
CMO h tr bi mt t ch th chp c th c chia thnh t ( Php cho "lt " ) . Khi chnh c
hon li, cc nh u t trong t u tin c tr tinu tin , sau nhng ngi trong t th
hai , v nh vy. Cc nh u t la chn mt t m ph hp vi yu cu hn. V d, nu h cn tin
mt t ca h u t trong mt vi nm, h mua t 1 hoc 2 CMO . Nu h mun u t c lu
di, h c th mua CMO t t trc. Ngay c khi mt nh u t mua mt CMO , khng c bo m v
bao lu u t s ko di . Nu li sut gim ng k, nhiu ngi vay s tr ht th chp ca h bng
cch u ti cp vn mc gi thp hn. ng dn u t th chp bt ng sn ( REMICs ) c y
quyn ca 1986 o lut ci cch thu cho php khi to vt qua tt c thu thanh ton li sut
min ph. Ch hu qu php l v thu phn bit REMICs t CMO . Pass- throughs tin ( Pips ) Ngoi cc c
quan truyn - thun , trung gian trong khu vc t nhn cung cp chng khon pass-through t nhn
pht hnh. Cc u tin ca cc Pips c cung cp bi BankAmerica nm 1977. Mt c hi th trng
th chp c sn cho cc t chc t nhn cho vay th chp ln hn kch thc ti a theo quy nh ca
Chnh ph . Nhng ci gi l jumbo mortgagesare thng i km vo t ch sao lu tin chuyn dch
sang ngi