Per paskutinį dešimtmetį Baltijos šalys išgyveno pilną ekonomikos ciklą - lėtą atsigavimą, spartų augimą ir staigų kritimą. Itin sparčiai vystėsi būsto paskolų ir nekilnojamojo turto rinka, todėl jau 2007 - 2008 metais buvo svarstoma dėl nekilnojamojo turto rinkos perkaitimo, nors dauguma gyventojų vis dar džiaugėsi galimybe be didesnių kliūčių gauti kreditą brangstančio būsto įsigijimui. Būgštavimai dėl ekonomikos ir jos atskirų sektorių perkaitimo buvo pagrįsti – Baltijos šalių ekonomikos 2009 m. smuko daugiausiai tarp visų ES valstybių. Taigi, įvykus nekilnojamojo turto sektoriaus ir būsto paskolų rinkos pakilimui bei nuosmukiui, galima ištirti būsto paskolų portfelį viso ekonominio ciklo periodu. Įvardinus veiksnius, labiausiai įtakojančius būsto paskolų portfelio augimą, būtų galima juos stebėti, bandyti pakeisti, ir taip ateityje išvengti potencialios ekonominės krizės arba sušvelninti galimus neigiamus ekonominio nuosmukio padarinius. Darbo tyrimo tikslas – ištirti makroekonominius veiksnius, darančius poveikį Lietuvos, Latvijos ir Estijos šalių būsto paskolų portfelio dinamikai. Darbo objektas yra Baltijos šalių būsto paskolų portfelis ir jį įtakojantys makroekonominiai veiksniai. Siekiant užsibrėžto tikslo, yra sprendžiami uždaviniai: 1) Išnagrinėti ekonominėje literatūroje pateikiamus modelius, tiriančius būsto paskolų portfelį. 2) Apibrėžti makroekonominius veiksnius, įtakojančius būsto paskolų portfelį. 3) Išanalizuoti būsto paskolų portfelio pokyčius Baltijos... [toliau žr. visą tekstą] / During the last decade Baltic countries experienced a full economic cycle – slow recovery, fast growth and sharp deterioration of whole economy. On the growth period the portfolio of mortgage loans and real estate market developed extremely rapidly, thus, since 2007 - 2008 there was discussions about the overheating of economies and bubbles of the real estate prices in the Baltic countries. However, the majority of the citizens were still taking advantage of easy accessible mortgage loans for the acquisition of desired real estate even prices were going upwards. Unfortunately, doubts about overheating of the separate parts of economies were reasonable and economies of the Baltic countries contracted the most among all EU. Therefore, with a full picture of economic cycle the analysis of portfolio of mortgage loans is being developed. Identification of the main factors that are determining growth of the portfolio of mortgage loans is important for developing a strategy to avoid possible economic crises in the future or to ease the negative effects of economic downturn. The aim of the paper – to find out the most important macroeconomic factors that are determining the dynamic of mortgage portfolio in Lithuania, Latvia and Estonia. The object of the paper – the mortgage portfolio of the three Baltic countries and macroeconomic factors of the mortgage portfolio. To reach the aim of the paper such tasks were developed: 1) Examine the theory and the models that are analyzing the... [to full text]

This thesis deals with the valuation of property in connection with mortgage financing. First chapters are devoted to analyzing the current state of the real estate market and mortgage financing in Czech Republic. The second half focuses on the specifics of valuing real estate as mortgage collateral. The last chapter consists of a practical working example of a apartment building valuation.

In the mortgage industry, many mortgage lenders cannot manage mortgage workflow systems while meeting and exceeding organizational objectives. Organizations with an above-industry average turnaround time (ATT) to complete a retail mortgage transaction (RMT) from origination to funding experience revenue losses. Grounded in the proposition that mortgage loan purpose (MLP), mortgage loan type (MLT), and subject property type (SPT) impact ATT to complete an RMT, the purpose of this causal-comparative study was to assess the impact of MLP, MLT, and SPT on ATT to complete an RMT. Using archival data records (N = 146) from a selected mortgage institution in the state of Florida, the results of the 2 x 2 x 2 factorial ANOVA showed that there were no main or interaction effects F(5,140) = 0.42, p = .83. Implications for social change include the possibility for mortgage lenders to implement improved workflow processes to reduce costs and improve efficiency metrics and intrinsic value, thereby benefitting organizational stakeholders such as employees and consumers.

The goal of this diploma work was comparison the conditions of providing the mortgage loans before and during the financial crisis. In the first part of this work I define the basic parameter of the mortgage loans as a category of this loans, period of interest, interest rate, repaying and ensuring mortgage loans and also state assistaence. In the second part of this work I analyzed the current situation in the mortgage market in the Czech Republic with a period before the financial crisis especially with the year 2007. I also compared the conditions of the concrete mortgage loan from the year 2006 with the year 2012, which provided Hypoteční banka, a.s.In a model comparison I compared offers of mortgage loans in selected banks (Česká spořitelna, a.s, Komerční banka, a.s., Hypoteční banka, a.s, Raiffeisenbank, a.s., and Wüstenrot, a.s. to find out which bank has a best conditions for the applicants for mortgage loans.I compared the mortgage loans for purchase and reconstruction.

This research investigates the role of efficiency in attracting long-term finance to the mortgage sector. Within the framework of the traditional economic theory, the new institutional theory and the theory of mortgage collateral, the study investigates the efficiency of primary mortgage banks and the perceived efficiency of the larger system within which they operate using quantitative and qualitative techniques. Quantitative data were extracted from the financials of 27 mortgage banks in Nigeria, which constitute about 90% of the size of the entire industry in Nigeria, as measured by banks’ total assets. These were analyzed using data envelopment analysis (DEA) and stochastic cost frontier (SCF) analysis to determine the efficiency of mortgage banks in Nigeria. In-depth interviews and focus group discussions were conducted among 40 CEOs of mortgage banks in Nigeria to investigate the perceived efficiency of both the banks and the entire mortgage sector. This sample constitutes about 54.2% of the CEOs in the industry and represents all geopolitical zones and ethnic groups where mortgage banks exist in the country. A review of housing finance policies, systems and sources of funds in thriving emerging economies was also conducted with the aim of drawing lessons from them that are applicable to improving the efficiency of the Nigerian mortgage sector. The findings from the review formed the basis of a mixed method questionnaire survey to investigate the existing and potential sources of funds for housing finance, to assess the acceptability and suitability of lessons drawn from other countries in Nigeria and to make policy recommendations for improving the efficiency of the Nigerian mortgage sector. The findings reveal that on average, mortgage banks in Nigeria are 33% - 49% efficient compared to best practice firms within the sector. Ownership structure and bank size influence the efficiency of these banks. Banks owned by private organizations and commercial banks are more efficient than those owned by the government or religious organizations. Banks with average total assets in excess of ₦5 Billion are more technically efficient than those with total asset less than ₦5 Billion. Practitioners perceive the mortgage banks and the larger system within which they operate as only about 10% efficient. This perceived efficiency is much lower than the technical efficiency measured in the quantitative assessment. Through the lens of institutional theory, this low rating is attributed to the negative perception of the institutional structures of the mortgage sector by mortgage finance practitioners. The findings also reveal that two categories – external and internal factors – impair the efficiency of the sector. The regulative constraints account for 55% of challenges to efficiency, normative constraints account for 24%, while cultural cognitive constraints account for 21%. The study identified accumulated deposits in pension funds, unclaimed dividends, funds in dormant accounts of commercial banks and other financial institutions, and funds from insurance companies, as possible sources of long-term funds for housing finance, while a concerted effort is being made to set up a secondary mortgage facility. The findings also reveal that effective government policies, regulation and amendment of existing laws would help improve the efficiency of the mortgage banking sector and attract investors to this sector.

Research report submitted to the Department of Building, University of the Witwatersrand in partial fulfiment of the degree MSc (Building) by Course Work / The objective of this report is to investigate certain structural imbalances in the South African financial system to assess if the technique of' mortgage securitization may serve to alleviate deficiencies in the provision of housing finance as well as prerequisite in creating a secondary mortgage market in South Africa. (Abbreviation abstract ) / Andrew Chakane 2018

O estudo busca identificar como a expansão do mercado de crédito brasileiro pode amenizar o problema de déficit habitacional no país através da criação de mais moradias. Entre 2000 e 2010, o país adotou novas regras institucionais que permitiram um aumento da oferta de crédito. Dentre elas podemos citar a lei de alienação fiduciária e mudanças na lei de direcionamento de crédito que expandiram o volume de financiamento habitacional. Comparando os dados do Censo 2000 com o Censo 2010, também é possível perceber que houve alguma melhora no problema de déficit habitacional, uma vez que houve redução do número médio de moradores por domicílio e por dormitório. Uma maneira de verificar como a expansão do mercado de crédito esteve relacionada a essa melhora, é identificar qual o impacto do financiamento na criação de moradias. Esse estudo utilizou dados dos municípios brasileiros nos anos de 2000 e 2010 para tentar responder essa questão empiricamente. Os resultados indicam que uma expansão de 100% do volume de financiamento aumenta em cerca de 10% o número de domicílios. Esse resultado foi obtido utilizando o método de variável instrumental, pois é possível que crédito seja uma variável endógena devido a uma características locais não observadas, como o preço dos imóveis. A variável instrumental proposta foi crédito para empresas, pois existem aspectos locais que devem expandir o crédito em diversas modalidades. Para embasar a análise empírica, foi desenvolvido um modelo teórico que destacou a importância de controlar por fatores como renda e demografia. Na análise empírica, a estrutura etária da população demonstrou ter um papel relevante na demanda por moradias. Por fim, esse resultado permaneceu robusto controlando por outras fontes de heterogeneidade local. / The study seeks to identify how the expansion in Brazilian credit market can relieve the problem of housing shortage by creating more housing. Between 2000 and 2010, the country adopted new institutional rules that allowed an increase in credit supply. Among them we can mention the fiduciary law and changes in non-earmarked credit regulation that expanded the volume of mortgage. Comparing the data from the 2000 census with the 2010 census, we can see that there was some improvement in the problem of housing shortage, since there was a reduction in the average number of residents per household and per bedroom. One way to verify how the credit market expansion was related to this improvement is to identify how mortgage impacts on household formation. This study used data from municipalities for the years 2000 and 2010 to try to answer this question empirically. The results indicate that an increase of 100% in credit volume increases by 10% the number of households. The results indicate that an increase of 100% in outstanding credit increases by about 10% the number of households. This result was obtained using an instrumental variable, since it is possible that credit is an endogenous due to unobserved local characteristics, such as real estate prices. Credit for legal entities was proposed as an instrumental variable, since there are local aspects that may expand credit in general. To support the empirical analysis, it was developed a theoretical model that emphasized the importance of controlling for factors such as income and demographics. In empirical analysis, age has shown to performance a decisive role for determining housing demand. Finally, this result remained robust after controlling for other kinds of local heterogeneity.

Mortgage backed securities are one of the most important asset classes available to fixed income investors. They are also essential to the functioning of the financial and housing market by providing liquidity to the home mortgage market. Proliferation and wide spread acceptance of mortgage backed securities resulted in a significant deduction of the interest rates for home mortgages. The 2007-2010 financial crisis sparked enhanced scrutiny of the accuracy of the pricing of mortgage backed securities. The purpose of the present thesis is to develop a computer based mathematical methodology to accurately price individual mortgages that are the fundamental assets underlying every mortgage backed security. The focus of this paper is to correctly account for inherent interest rate and prepayment risk. Default risk is not subject of this project. Interest rate risk is handled in the framework of the arbitrage free Black-Derman-Toy (BDT) model. Public Securities Association’s (PSA) model is used to simulate prepayment risk. Monte Carlo simulation methodology is developed to evaluate the properly discounted current value of the risky cash flows and hence value the mortgages. The computational algorithms are implemented in R.

This dissertation centers on the role of adverse shocks to household balance sheets in understanding consumer default behavior. The first chapter studies the role of foreclosure contagion: the role of proximate foreclosures in causally triggering other nearby residential defaults and foreclosures. I find that foreclosure activity causally increases nearby rates of consumer defaults. This paper uses an instrument further examined in the second essay which analyzes the role for adverse selection and moral hazard in mortgage markets; using as a distinction the initial and post-reset interest rates paid on Adjustable-Rate Mortgage contracts. The final essay analyzes the role for cancer diagnosis shocks on household default behavior.

Within the context of the 2007/2008 subprime crisis, we examine the impact and relevance of previous ex ante residential mortgage research to prevent and mitigate mortgage default and develop a general taxonomy of (ex-ante) government intervention. We continue by investigating the various forms of (ex-post) default mitigation options prevalent in the United States and innovatively categorise them into one of three categories based on whether the mortgage contract has been renegotiated. We examine the strategic renegotiation option, alongside the more traditional ruthless or strategic default option, for a US owner-occupier residential mortgage holder and non-owner occupier residential mortgage holder uniquely deriving closed form solutions to calculate the optimal ex-ante LTV (Loan to Value) and ex-post exercise moment where a heterogeneous borrower exercises a renegotiation option. We finally relax the perpetual ability to pay assumption underlying strategic default and negotiation to investigate default and negotiation triggered by both an inability to pay and unwillingness to pay. We simulate the overall effect of (institutionalised) renegotiation under these two assumptions, comparing the effect of a stylised HAMP program on the overall default, foreclosure and prepayment probabilities of owner occupied residential homeowners in the absence of a HAMP program. We conclude that the traditional option theoretic assumption that homeowners "can always pay" is a very strong assumption the consequence of which could induce relevant policy makers to incorrectly interpret and act on conclusions and recommendations flowing from historical option theoretic mortgage research.