Investments. Mortgage lending (most important)

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Investments. Mortgage lending (most important)

Lecture notes, cheat sheets

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MORTGAGE CREDIT LENDING

Mortgage - pledge of real estate for the purpose of obtaining a loan, in which the lender has the right to retain the pledged property in the event of non-payment of the debt. Mortgage lending is based on traditional principles: urgency, repayment, payment, special importance is attached to its targeted nature and security.

Mortgages - land plots, enterprises, buildings, structures and other real estate used in business activities, residential buildings, apartments and parts of residential buildings and apartments, summer cottages, garden houses, garages and other consumer buildings, aircraft and sea vessels, inland navigation vessels and commercial properties.

These credit relations are common in countries with market economies. Because a mortgage reduces the risk for both parties. The debtor receives a loan for a long period, has the opportunity to keep the mortgaged property without risking the rest of the property. The lender gets a win-win option to repay the loan. Mortgaged real estate can generate income: rent out, be used as a production facility, etc.

The relationship between the debtor and the creditor depends on how the mortgage agreement is concluded. In the Russian Federation, it is established that a mortgage agreement must be notarized and subject to state registration. The state registration of a mortgage agreement is the basis for making a mortgage entry in the Unified State Register of Rights to Real Estate and Transactions Therewith. After the state registration of the mortgage, the registration authority issues a mortgage bond to the initial mortgagee.

A mortgage bond is a registered security certifying the right to receive performance on a monetary obligation secured by a mortgage, without presenting other evidence of the existence of this obligation, the right to pledge property encumbered with a mortgage. It defines the rights and obligations of the parties; provisions related to violations of the terms of the loan; the amount of tax, insurance and other payments made by the borrower. It deals with the procedure for the sale and alienation of the pledged property, the transfer of the mortgage to a third party.

An important point is the valuation of the property offered as collateral, since the calculations on the solvency of the debtor may not be justified, then the bank will be forced to turn to the value of the collateral to pay off the debt. The principal amount of debt under a mortgage-secured obligation under an agreement or mortgage must not exceed 70% of the market value of the immovable property that is the subject of the mortgage.

Author: Kuznetsova S.A.

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