Mortgage Loans in the Czech Republic
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1 Mortgage Loans in the Czech Republic BIVŠ Petr Kielar Overview What is the Mortgage Loan? Mortgage Loans and Mortgage Bonds Credit Process Repayment Market Overview 2 Mortgage Loan in brief Mortgagor (Borrower) Mortgagee (Lender) BANK WHAT IS THE MORGAGE LOAN? 3 4 How (where) to record a mortgage? Land Register Map Land Register Every piece of land is registered...including property rights Register is public Parcel Number 5 6 1
2 Certificate of Title Certificate Number Region Property Rights Certificate comprises more parcel numbers Buildings MORTGAGE LOANS & MORTGAGE BONDS 7 8 Mortgage Loan A mortgage loan is a loan whose redemption... is secured by lien (right of pledge) over real estate (property)... if the receivable from the loan does not exceed twice the amount of the mortgage value of the mortgaged real estate. Mortgage Bonds Mortgage bonds are bonds whose nominal value... are fully covered (backed) by the receivables arising from mortgage loans (proper coverage) and, in some cases, by an alternative method (alternative coverage). The designation hypoteční zástavní list is a part of the title of this bond. Other securities may not bear such designation Mortgage Bonds in Pictures Mortgage Bonds Mortgagor (Borrower) Mortgagee (Lender) BANK INVESTOR Mortgage Loan can exist without Mortgage Bonds (Bank can lend its "own" money) Mortgage Bonds are backed by mortgage => low lisk => high price
3 Mortgage Bonds Receivables used for backing the MB may not exceed 70 % of the pledge value of the mortgaged property securing such receivables The mortgaged property may not be encumbered with third-person lien which would be of the same or greater priority (except of lien of bilding society and some state liens etc.) 13 Alternative coverage of MB The alternative coverage of obligations arising from mortgage bonds in circulation issued by one issuer is possible only up to 10% of such nominal value and only by distinct means (cash, deposits with the Czech National Bank, government bonds etc) 14 Coverage of MB Value of property : CZK 9.0 Mio. Alternative coverage: CZK 0.7 Mio. (max. 10 % of MB value) 100 % 70 % Proper coverage: CZK 6.3 Mio. (max 70 % of property value) CREDIT PROCESS Max MB value : CZK 7.0 Mio Credit Process Collection of informations Risk assessment Decision (interest rate) Contract Filing the Mortgage Release of money Collection of informations What is the loan for? What is the collateral? Who is owner of the property? What is value (price) of collateral? Who is the borrower?...etc
4 LTV = Loan To Value Credit Risk Assessment LTV = Loan Value Property Value Property value = CZK 10 m (100 %) Loan value = CZK 7 m => LTV = 7/10 = 70 % 19 Basic rule Incomes of borrower must cover installments (joint debtor can help) incomes vs expenses of borrower stability of incomes value of collateral stability of the collateral value 20 Credit Risk Assessment Decission EL = LGD PD EAT Expected Loss Loss Given Default Probability of Default Exposure At Default 21 Interest Rate interest rates on the finance market (MB) + risk premium + premium => interest rate of the loan Conditions mortgage joint debtor insurance (property, incoms) 22 What affects the Interest Rate? Financial markets Risk of default (EL, LTV) Type of mortgage LTV ARM (Adjustable Rate Mortgage) vs FRM (Fixed Rate Mortgage) Maturity Fixed term vs open term (early repayment) REPAYMENT
5 Repayment Virtually any repayment plan is possible BUT usually periodic installments (monthly payments) that include principal and interest are used. Example Installments can be easily calculated by means of financial mathematics (based on loan volume, maturity and interest rate). Excel functions (PMT, NPER, RATE, PV) FRM vs ARM Adjustable Rate Mortgage interest rate changes with a predetermined index usually lower interest rate / higher IR risk Fixed Rate Mortgage interst rate is fixed for given term (or until maturity) By the and of the term, bank makes new offer of IR customer can accept or deny (= repay) usually higher interest rate / lower IR risk MARKET OVERVIEW Average Volume of mortgage Loan Refinanced Mortgages
6 Housing Loans in CR Market Concentration Three biggest banks issue about 90 % of the loan volume. Market share of five biggest banks is about 70 % PREDICTION PREDICTION Market Share Mortgage Loans Interest Rates Average interest rate comprising all END 35 6
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