美國抵押貸款市場突然收緊，原因何在？
彭博社
2020-05-14
美國抵押貸款利率創歷史新低，但想借此機會貸款的人卻遭遇了近年來最嚴格的貸款審批標準。
上個月，貸款機構提高了信用評分和首付款要求，甚至停止發放某些類型的貸款，這實際上關閉了大部分抵押貸款市場。
業內高管稱，出現這種情況的原因包括在新冠疫情期間貸款商不愿意承擔風險，美國國會允許數百萬借款人延期償還月供所產生的連帶效應，以及抵押貸款業巨頭房利美（Fannie Mae）和房地美（Freddie Mac）在疫情期間執行的政策等。貸款商的做法產生的影響顯而易見。一個模型模擬的結果顯示，自美國疫情爆發以來，抵押貸款信貸可用性下降了超過25%。
當前各州紛紛取消居家隔離令，而且春季月份預示著傳統的買房旺季即將來臨，這時候收緊貸款會抑制房屋銷售，令陷入困境的美國經濟雪上加霜?？紤]到極低的借款利率，美國抵押貸款再融資的增長速度遠遠低于分析師的預期。
城市研究院（Urban Institute）住房金融政策中心（Housing Finance Policy Center）的高級研究員邁克爾·尼爾表示，今年3月，高風險貸款人“可以獲得抵押貸款，只是貸款成本較高。而現在有些人根本貸不到抵押貸款?！?/p>
摩根大通（JPMorgan Chase & Co.）在上個月提高了貸款標準，要求貸款人的信用評分不能低于700分，而且大部分抵押貸款，包括再融資貸款，貸款人必須支付房屋價格的20%作為首付款，除非貸款人已經在該銀行辦理了抵押貸款。
富國銀行（Wells Fargo & Co.）將從小型貸款機構購買的政府貸款整合成抵押貸款債券，并將最低信用評分提高到680分。
貸款人參與聯邦政府支持的購房計劃需要達到的正常最低信用評分為580分，首付比例為3.5%，銀行修改后的標準遠高于這一水平。
富國銀行不再支持貸款人進行抵押貸款再融資，并將房屋凈值套現，富國銀行和摩根大通也暫停發放新的房屋凈值授信額度。Truist Financial公司的發言人稱，由于經濟狀況的影響，該公司已經暫停套現再融資高額貸款。
貸款商不愿發放再融資貸款
有跡象表明，銀行甚至嘗試限制正常的再融資貸款。富國銀行于上周四公布的30年固定利率抵押貸款的再融資貸款利率為4%，比同類購房貸款的利率高出0.5個百分點以上。
富國銀行的發言人稱，公司認為該利率仍在其他貸款機構的利率范圍以內。他表示，由于經濟復蘇的不確定性，公司暫停了房屋凈值授信額度。
而摩根大通的發言人稱，該銀行的調整是由于經濟前景不明確所做出的臨時性調整。
3月初，業主紛紛利用低利率減少月供，導致再融資貸款激增。但據抵押貸款信息服務機構Black Knight公司統計，到4月中旬，衡量再融資活動的前瞻性指標再融資鎖定利率較最高峰下降了80%。該公司表示，即便三四月份失業率的大幅上升，也無法解釋再融資活動如此大幅度減少的原因。
房利美與房地美的政策
業內高管稱，銀行之所以收緊貸款發放，部分原因是為了應對房利美和房地美執行的政策。這兩家公司的政策增加了部分抵押貸款的成本或風險。例如，房利美和房地美在上個月表示，將購買貸款人已經延期償還的抵押貸款。但其中并不包含套現再融資。抵押貸款銀行家協會（Mortgage Bankers Association）的首席經濟學家邁克爾·弗拉坦托尼稱，這兩家公司的決定促使許多貸款機構限制發放套現再融資產品。
房利美、房地美和美國聯邦住房管理局（Federal Housing Administration）等政府機構會針對他們愿意支持的抵押貸款設定標準。比如，聯邦住房管理局發放貸款的信用分門檻低至580分，最低首付比例可低至3.5%。
但抵押貸款機構即使希望向房利美或房地美出售貸款，或者由聯邦住房管理局提供保險，他們有時候也會自行設定更嚴格的審批標準。自2008年危機以來，房利美和房地美一直由美國政府控制，這兩家公司會從貸款機構購買抵押貸款，并組合成數萬億美元的有擔保債券，以幫助投資者防范貸款人違約的風險。
抵押貸款銀行家協會在上周四的報告中表示，自2月底以來，貸款標準指標抵押貸款信貸可用性下降了26%。受影響的大部分是沒有政府支持的貸款。但在4月，由房利美、房地美和聯邦機構擔保的抵押貸款，其貸款條件依舊是五年多來最嚴苛的。
貸款商的困境
許多貸款商執行限制措施，似乎是為了應對國會在3月通過的2.2萬億美元財政刺激法案。根據新法律規定，只要貸款人是從政府支持的房貸機構貸款，貸款機構必須允許受到新冠疫情影響的貸款人最長延期一年還款。
雖然貸款最終仍會償清，但抵押貸款機構卻必須向債券投資者墊付貸款人延期償還的貸款。因此，如果貸款機構認為貸款人可能需要延期還款，他們不愿意向這類貸款人發放貸款，例如信用評分較低或者只能承擔少量首付款的消費者。
抵押貸款銀行家協會的弗拉坦托尼表示，對于建立流動性融通幫助貸款機構向債券持有人預付資金的提議，聯邦監管機構始終不予回應，這也加劇了信貸緊縮。雖然他說大型貸款商可能不會倒閉，但他們依舊要通過提高抵押貸款要求來保護自己。
穆迪分析的首席分析師馬克·扎蒂說：“我無法想象在這種環境下，還會有貸款機構愿意采取激進的策略?，F在就要看誰抵御沖擊的能力更強?！保ㄘ敻恢形木W）
譯者：Biz
美國抵押貸款利率創歷史新低，但想借此機會貸款的人卻遭遇了近年來最嚴格的貸款審批標準。
上個月，貸款機構提高了信用評分和首付款要求，甚至停止發放某些類型的貸款，這實際上關閉了大部分抵押貸款市場。
業內高管稱，出現這種情況的原因包括在新冠疫情期間貸款商不愿意承擔風險，美國國會允許數百萬借款人延期償還月供所產生的連帶效應，以及抵押貸款業巨頭房利美（Fannie Mae）和房地美（Freddie Mac）在疫情期間執行的政策等。貸款商的做法產生的影響顯而易見。一個模型模擬的結果顯示，自美國疫情爆發以來，抵押貸款信貸可用性下降了超過25%。
當前各州紛紛取消居家隔離令，而且春季月份預示著傳統的買房旺季即將來臨，這時候收緊貸款會抑制房屋銷售，令陷入困境的美國經濟雪上加霜?？紤]到極低的借款利率，美國抵押貸款再融資的增長速度遠遠低于分析師的預期。
城市研究院（Urban Institute）住房金融政策中心（Housing Finance Policy Center）的高級研究員邁克爾·尼爾表示，今年3月，高風險貸款人“可以獲得抵押貸款，只是貸款成本較高。而現在有些人根本貸不到抵押貸款?！?/p>
摩根大通（JPMorgan Chase & Co.）在上個月提高了貸款標準，要求貸款人的信用評分不能低于700分，而且大部分抵押貸款，包括再融資貸款，貸款人必須支付房屋價格的20%作為首付款，除非貸款人已經在該銀行辦理了抵押貸款。
富國銀行（Wells Fargo & Co.）將從小型貸款機構購買的政府貸款整合成抵押貸款債券，并將最低信用評分提高到680分。
貸款人參與聯邦政府支持的購房計劃需要達到的正常最低信用評分為580分，首付比例為3.5%，銀行修改后的標準遠高于這一水平。
富國銀行不再支持貸款人進行抵押貸款再融資，并將房屋凈值套現，富國銀行和摩根大通也暫停發放新的房屋凈值授信額度。Truist Financial公司的發言人稱，由于經濟狀況的影響，該公司已經暫停套現再融資高額貸款。
貸款商不愿發放再融資貸款
有跡象表明，銀行甚至嘗試限制正常的再融資貸款。富國銀行于上周四公布的30年固定利率抵押貸款的再融資貸款利率為4%，比同類購房貸款的利率高出0.5個百分點以上。
富國銀行的發言人稱，公司認為該利率仍在其他貸款機構的利率范圍以內。他表示，由于經濟復蘇的不確定性，公司暫停了房屋凈值授信額度。
而摩根大通的發言人稱，該銀行的調整是由于經濟前景不明確所做出的臨時性調整。
3月初，業主紛紛利用低利率減少月供，導致再融資貸款激增。但據抵押貸款信息服務機構Black Knight公司統計，到4月中旬，衡量再融資活動的前瞻性指標再融資鎖定利率較最高峰下降了80%。該公司表示，即便三四月份失業率的大幅上升，也無法解釋再融資活動如此大幅度減少的原因。
房利美與房地美的政策
業內高管稱，銀行之所以收緊貸款發放，部分原因是為了應對房利美和房地美執行的政策。這兩家公司的政策增加了部分抵押貸款的成本或風險。例如，房利美和房地美在上個月表示，將購買貸款人已經延期償還的抵押貸款。但其中并不包含套現再融資。抵押貸款銀行家協會（Mortgage Bankers Association）的首席經濟學家邁克爾·弗拉坦托尼稱，這兩家公司的決定促使許多貸款機構限制發放套現再融資產品。
房利美、房地美和美國聯邦住房管理局（Federal Housing Administration）等政府機構會針對他們愿意支持的抵押貸款設定標準。比如，聯邦住房管理局發放貸款的信用分門檻低至580分，最低首付比例可低至3.5%。
但抵押貸款機構即使希望向房利美或房地美出售貸款，或者由聯邦住房管理局提供保險，他們有時候也會自行設定更嚴格的審批標準。自2008年危機以來，房利美和房地美一直由美國政府控制，這兩家公司會從貸款機構購買抵押貸款，并組合成數萬億美元的有擔保債券，以幫助投資者防范貸款人違約的風險。
抵押貸款銀行家協會在上周四的報告中表示，自2月底以來，貸款標準指標抵押貸款信貸可用性下降了26%。受影響的大部分是沒有政府支持的貸款。但在4月，由房利美、房地美和聯邦機構擔保的抵押貸款，其貸款條件依舊是五年多來最嚴苛的。
貸款商的困境
許多貸款商執行限制措施，似乎是為了應對國會在3月通過的2.2萬億美元財政刺激法案。根據新法律規定，只要貸款人是從政府支持的房貸機構貸款，貸款機構必須允許受到新冠疫情影響的貸款人最長延期一年還款。
雖然貸款最終仍會償清，但抵押貸款機構卻必須向債券投資者墊付貸款人延期償還的貸款。因此，如果貸款機構認為貸款人可能需要延期還款，他們不愿意向這類貸款人發放貸款，例如信用評分較低或者只能承擔少量首付款的消費者。
抵押貸款銀行家協會的弗拉坦托尼表示，對于建立流動性融通幫助貸款機構向債券持有人預付資金的提議，聯邦監管機構始終不予回應，這也加劇了信貸緊縮。雖然他說大型貸款商可能不會倒閉，但他們依舊要通過提高抵押貸款要求來保護自己。
穆迪分析的首席分析師馬克·扎蒂說：“我無法想象在這種環境下，還會有貸款機構愿意采取激進的策略。現在就要看誰抵御沖擊的能力更強?！保ㄘ敻恢形木W）
譯者：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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