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美国抵押贷款市场突然收紧,原因何在?

美国抵押贷款市场突然收紧,原因何在?

彭博社 2020年05月14日
贷款机构提高了信用评分和首付款要求,甚至停止发放某些类型的贷款。

美国抵押贷款利率创历史新低,但想借此机会贷款的人却遭遇了近年来最严格的贷款审批标准。

上个月,贷款机构提高了信用评分和首付款要求,甚至停止发放某些类型的贷款,这实际上关闭了大部分抵押贷款市场。

业内高管称,出现这种情况的原因包括在新冠疫情期间贷款商不愿意承担风险,美国国会允许数百万借款人延期偿还月供所产生的连带效应,以及抵押贷款业巨头房利美(Fannie Mae)和房地美(Freddie Mac)在疫情期间执行的政策等。贷款商的做法产生的影响显而易见。一个模型模拟的结果显示,自美国疫情爆发以来,抵押贷款信贷可用性下降了超过25%。

当前各州纷纷取消居家隔离令,而且春季月份预示着传统的买房旺季即将来临,这时候收紧贷款会抑制房屋销售,令陷入困境的美国经济雪上加霜。考虑到极低的借款利率,美国抵押贷款再融资的增长速度远远低于分析师的预期。

城市研究院(Urban Institute)住房金融政策中心(Housing Finance Policy Center)的高级研究员迈克尔·尼尔表示,今年3月,高风险贷款人“可以获得抵押贷款,只是贷款成本较高。而现在有些人根本贷不到抵押贷款。”

摩根大通(JPMorgan Chase & Co.)在上个月提高了贷款标准,要求贷款人的信用评分不能低于700分,而且大部分抵押贷款,包括再融资贷款,贷款人必须支付房屋价格的20%作为首付款,除非贷款人已经在该银行办理了抵押贷款。

富国银行(Wells Fargo & Co.)将从小型贷款机构购买的政府贷款整合成抵押贷款债券,并将最低信用评分提高到680分。

贷款人参与联邦政府支持的购房计划需要达到的正常最低信用评分为580分,首付比例为3.5%,银行修改后的标准远高于这一水平。

富国银行不再支持贷款人进行抵押贷款再融资,并将房屋净值套现,富国银行和摩根大通也暂停发放新的房屋净值授信额度。Truist Financial公司的发言人称,由于经济状况的影响,该公司已经暂停套现再融资高额贷款。

贷款商不愿发放再融资贷款

有迹象表明,银行甚至尝试限制正常的再融资贷款。富国银行于上周四公布的30年固定利率抵押贷款的再融资贷款利率为4%,比同类购房贷款的利率高出0.5个百分点以上。

富国银行的发言人称,公司认为该利率仍在其他贷款机构的利率范围以内。他表示,由于经济复苏的不确定性,公司暂停了房屋净值授信额度。

而摩根大通的发言人称,该银行的调整是由于经济前景不明确所做出的临时性调整。

3月初,业主纷纷利用低利率减少月供,导致再融资贷款激增。但据抵押贷款信息服务机构Black Knight公司统计,到4月中旬,衡量再融资活动的前瞻性指标再融资锁定利率较最高峰下降了80%。该公司表示,即便三四月份失业率的大幅上升,也无法解释再融资活动如此大幅度减少的原因。

房利美与房地美的政策

业内高管称,银行之所以收紧贷款发放,部分原因是为了应对房利美和房地美执行的政策。这两家公司的政策增加了部分抵押贷款的成本或风险。例如,房利美和房地美在上个月表示,将购买贷款人已经延期偿还的抵押贷款。但其中并不包含套现再融资。抵押贷款银行家协会(Mortgage Bankers Association)的首席经济学家迈克尔·弗拉坦托尼称,这两家公司的决定促使许多贷款机构限制发放套现再融资产品。

房利美、房地美和美国联邦住房管理局(Federal Housing Administration)等政府机构会针对他们愿意支持的抵押贷款设定标准。比如,联邦住房管理局发放贷款的信用分门槛低至580分,最低首付比例可低至3.5%。

但抵押贷款机构即使希望向房利美或房地美出售贷款,或者由联邦住房管理局提供保险,他们有时候也会自行设定更严格的审批标准。自2008年危机以来,房利美和房地美一直由美国政府控制,这两家公司会从贷款机构购买抵押贷款,并组合成数万亿美元的有担保债券,以帮助投资者防范贷款人违约的风险。

抵押贷款银行家协会在上周四的报告中表示,自2月底以来,贷款标准指标抵押贷款信贷可用性下降了26%。受影响的大部分是没有政府支持的贷款。但在4月,由房利美、房地美和联邦机构担保的抵押贷款,其贷款条件依旧是五年多来最严苛的。

贷款商的困境

许多贷款商执行限制措施,似乎是为了应对国会在3月通过的2.2万亿美元财政刺激法案。根据新法律规定,只要贷款人是从政府支持的房贷机构贷款,贷款机构必须允许受到新冠疫情影响的贷款人最长延期一年还款。

虽然贷款最终仍会偿清,但抵押贷款机构却必须向债券投资者垫付贷款人延期偿还的贷款。因此,如果贷款机构认为贷款人可能需要延期还款,他们不愿意向这类贷款人发放贷款,例如信用评分较低或者只能承担少量首付款的消费者。

抵押贷款银行家协会的弗拉坦托尼表示,对于建立流动性融通帮助贷款机构向债券持有人预付资金的提议,联邦监管机构始终不予回应,这也加剧了信贷紧缩。虽然他说大型贷款商可能不会倒闭,但他们依旧要通过提高抵押贷款要求来保护自己。

穆迪分析的首席分析师马克·扎蒂说:“我无法想象在这种环境下,还会有贷款机构愿意采取激进的策略。现在就要看谁抵御冲击的能力更强。”(财富中文网)

译者:Biz

美国抵押贷款利率创历史新低,但想借此机会贷款的人却遭遇了近年来最严格的贷款审批标准。

上个月,贷款机构提高了信用评分和首付款要求,甚至停止发放某些类型的贷款,这实际上关闭了大部分抵押贷款市场。

业内高管称,出现这种情况的原因包括在新冠疫情期间贷款商不愿意承担风险,美国国会允许数百万借款人延期偿还月供所产生的连带效应,以及抵押贷款业巨头房利美(Fannie Mae)和房地美(Freddie Mac)在疫情期间执行的政策等。贷款商的做法产生的影响显而易见。一个模型模拟的结果显示,自美国疫情爆发以来,抵押贷款信贷可用性下降了超过25%。

当前各州纷纷取消居家隔离令,而且春季月份预示着传统的买房旺季即将来临,这时候收紧贷款会抑制房屋销售,令陷入困境的美国经济雪上加霜。考虑到极低的借款利率,美国抵押贷款再融资的增长速度远远低于分析师的预期。

城市研究院(Urban Institute)住房金融政策中心(Housing Finance Policy Center)的高级研究员迈克尔·尼尔表示,今年3月,高风险贷款人“可以获得抵押贷款,只是贷款成本较高。而现在有些人根本贷不到抵押贷款。”

摩根大通(JPMorgan Chase & Co.)在上个月提高了贷款标准,要求贷款人的信用评分不能低于700分,而且大部分抵押贷款,包括再融资贷款,贷款人必须支付房屋价格的20%作为首付款,除非贷款人已经在该银行办理了抵押贷款。

富国银行(Wells Fargo & Co.)将从小型贷款机构购买的政府贷款整合成抵押贷款债券,并将最低信用评分提高到680分。

贷款人参与联邦政府支持的购房计划需要达到的正常最低信用评分为580分,首付比例为3.5%,银行修改后的标准远高于这一水平。

富国银行不再支持贷款人进行抵押贷款再融资,并将房屋净值套现,富国银行和摩根大通也暂停发放新的房屋净值授信额度。Truist Financial公司的发言人称,由于经济状况的影响,该公司已经暂停套现再融资高额贷款。

贷款商不愿发放再融资贷款

有迹象表明,银行甚至尝试限制正常的再融资贷款。富国银行于上周四公布的30年固定利率抵押贷款的再融资贷款利率为4%,比同类购房贷款的利率高出0.5个百分点以上。

富国银行的发言人称,公司认为该利率仍在其他贷款机构的利率范围以内。他表示,由于经济复苏的不确定性,公司暂停了房屋净值授信额度。

而摩根大通的发言人称,该银行的调整是由于经济前景不明确所做出的临时性调整。

3月初,业主纷纷利用低利率减少月供,导致再融资贷款激增。但据抵押贷款信息服务机构Black Knight公司统计,到4月中旬,衡量再融资活动的前瞻性指标再融资锁定利率较最高峰下降了80%。该公司表示,即便三四月份失业率的大幅上升,也无法解释再融资活动如此大幅度减少的原因。

房利美与房地美的政策

业内高管称,银行之所以收紧贷款发放,部分原因是为了应对房利美和房地美执行的政策。这两家公司的政策增加了部分抵押贷款的成本或风险。例如,房利美和房地美在上个月表示,将购买贷款人已经延期偿还的抵押贷款。但其中并不包含套现再融资。抵押贷款银行家协会(Mortgage Bankers Association)的首席经济学家迈克尔·弗拉坦托尼称,这两家公司的决定促使许多贷款机构限制发放套现再融资产品。

房利美、房地美和美国联邦住房管理局(Federal Housing Administration)等政府机构会针对他们愿意支持的抵押贷款设定标准。比如,联邦住房管理局发放贷款的信用分门槛低至580分,最低首付比例可低至3.5%。

但抵押贷款机构即使希望向房利美或房地美出售贷款,或者由联邦住房管理局提供保险,他们有时候也会自行设定更严格的审批标准。自2008年危机以来,房利美和房地美一直由美国政府控制,这两家公司会从贷款机构购买抵押贷款,并组合成数万亿美元的有担保债券,以帮助投资者防范贷款人违约的风险。

抵押贷款银行家协会在上周四的报告中表示,自2月底以来,贷款标准指标抵押贷款信贷可用性下降了26%。受影响的大部分是没有政府支持的贷款。但在4月,由房利美、房地美和联邦机构担保的抵押贷款,其贷款条件依旧是五年多来最严苛的。

贷款商的困境

许多贷款商执行限制措施,似乎是为了应对国会在3月通过的2.2万亿美元财政刺激法案。根据新法律规定,只要贷款人是从政府支持的房贷机构贷款,贷款机构必须允许受到新冠疫情影响的贷款人最长延期一年还款。

虽然贷款最终仍会偿清,但抵押贷款机构却必须向债券投资者垫付贷款人延期偿还的贷款。因此,如果贷款机构认为贷款人可能需要延期还款,他们不愿意向这类贷款人发放贷款,例如信用评分较低或者只能承担少量首付款的消费者。

抵押贷款银行家协会的弗拉坦托尼表示,对于建立流动性融通帮助贷款机构向债券持有人预付资金的提议,联邦监管机构始终不予回应,这也加剧了信贷紧缩。虽然他说大型贷款商可能不会倒闭,但他们依旧要通过提高抵押贷款要求来保护自己。

穆迪分析的首席分析师马克·扎蒂说:“我无法想象在这种环境下,还会有贷款机构愿意采取激进的策略。现在就要看谁抵御冲击的能力更强。”(财富中文网)

译者:Biz

Mortgage rates are at record lows, but borrowers hoping to take advantage are running into the toughest loan-approval standards in years.

Over the past month, lenders have put in place higher credit-score and down payment requirements, and in some cases stopped issuing certain types of loans altogether, in effect shutting down a large swath of the mortgage market.

The triggers, industry executives say, include lenders becoming risk-averse during the coronavirus crisis, knock-on effects of Congress allowing millions of borrowers to delay their monthly payments, and policies implemented amid the pandemic by mortgage giants Fannie Mae and Freddie Mac. The impact has been dramatic, with one model showing mortgage credit availability has plunged by more than 25% since the U.S. outbreak of the virus.

The tightened lending could add another headwind for the nation’s besieged economy by dampening home sales just as some states lift stay-at-home orders and the spring months herald the traditional buying season. Already, mortgage refinances are coming in at a much slower pace than analysts would expect, considering the rock-bottom borrowing rates.

In March, riskier borrowers “could get a mortgage but just pay a higher price than other people,” said Michael Neal, a senior research associate at the Urban Institute Housing Finance Policy Center. “Now, some people are just not going to get mortgages.”

JPMorgan Chase & Co. tightened its standards last month, requiring borrowers to have minimum credit scores of 700 and to make down payments of 20% of the home price on most mortgages, including refinances if the bank didn’t already manage the loan.

Wells Fargo & Co. increased its minimum credit score to 680 for government loans that it buys from smaller lenders before aggregating them into mortgage bonds.

The banks’ revised standards are far above the typical minimum score of 580 and down payment of 3.5% that borrowers need to qualify for home-buying programs supported by the federal government.

Wells Fargo is no longer letting borrowers refinance their mortgages while cashing out home equity, and both Wells and JPMorgan have suspended new home-equity lines of credit. Truist Financial Corp. has suspended some cash-out refinances for jumbo loans with high balances because of economic conditions, a spokesman said.

Refinance hesitancy

There are signs that banks are even trying to limit regular refinances. Wells Fargo on last Thursday quoted a refinance rate of 4% for a 30-year fixed-rate mortgage, more than half a percentage point higher than it quoted for the same loan if used to buy a home.

A Wells Fargo spokesman said the company believes its rates are within the range of what they see from other lenders. He said the company suspended home-equity lines of credit in light of uncertainty surrounding the economic recovery.

A JPMorgan spokeswoman said the bank’s changes are temporary and due to the unclear economic outlook.

Refinances surged in early March as homeowners utilized low rates to reduce their monthly payments. But refinance rate locks, a forward-looking measure of refinance activity, had plunged 80% from their peak by mid-April, according to Black Knight Inc., a mortgage information service. The company said that even the steep increase in unemployment in March and April couldn’t explain why refinance activity fell so dramatically.

Fannie-Freddie policies

Industry executives say the tighter underwriting is partly in response to policies put in place by Fannie and Freddie that make it expensive or risky to make certain kinds of mortgages. For instance, Fannie and Freddie said last month they would buy mortgages where the borrower had already entered forbearance. But the mortgage-finance companies excluded cash-out refinances. Mortgage Bankers Association Chief Economist Michael Fratantoni said that prompted many lenders to limit issuance of those products.

Fannie, Freddie and government agencies such as the Federal Housing Administration set standards for the mortgages they’re willing to back. For example, the FHA will insure loans where the borrower has a credit score of as low as 580 with a 3.5% down payment.

However, mortgage lenders sometimes set their own, stricter standards, even if they intend to sell the loans to Fannie or Freddie or have them insured by the FHA. Fannie and Freddie, which have been under the U.S. government’s control since the 2008 financial crisis, buy mortgages from lenders and package them into trillions of dollars of bonds with guarantees that protect investors against the risk of borrowers defaulting.

Mortgage credit availability has fallen 26% since the end of February, the Mortgage Bankers Association said in a last Thursday statement, citing an index of lending standards. Most of the pain has been for loans not supported by the government. Still, mortgages backstopped by Fannie, Freddie and federal agencies in April did have the toughest credit terms that such loans have had in more than five years.

Servicers’ peril

Many lenders appear to have put restrictions in place in response to the $2.2 trillion stimulus bill that lawmakers passed in March. Under the new law, lenders must let borrowers with government-guaranteed mortgages delay as much as a year’s worth of payments if they were impacted by coronavirus.

Even though they eventually get reimbursed, mortgage servicers are required to advance the missed payments to bond investors. That makes lenders less eager to offer loans to borrowers who they think will need forbearance, such as consumers with low credit scores and those who can only afford minimal down payments.

The MBA’s Fratantoni said the credit crunch has been exacerbated by the reticence of federal regulators to establish a liquidity facility that would help servicers advance payments to bondholders. While Fratantoni said large servicers may not go under, they’re still protecting themselves by tightening mortgage requirements.

“I can’t imagine any lender wanting to be aggressive at all in this environment,” said Moody’s Analytics chief economist Mark Zandi. “It’s how far deep into the bunker are you.”

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