Introduction

mortgage lending risk

Mortgage is one of the forms of collateral at which the immovable property has remained in the property of the debtor, and the lender in case of failure to fulfill its obligation acquires the right to receive satisfaction through the implementation of this property. The property on which mortgage is installed remains at the pledger in its possession and use.

The concepts of mortgage and mortgage lending should be distinguished, in which the loan is issued by the Bank secured by real estate. Mortgage loan is one of the components of the mortgage system. Upon receipt of a loan for the purchase of real estate, the purchased property itself enters the mortgage (pledge) to the bank as a guarantee of the loan return. The mortgage is also the key to the existing real estate owner to receive a loan or loan, which will be directed or for repair or construction, or other needs at the discretion of the borrower-mortar. In case of non-fulfillment of the main obligation, the penalty is drawn only to the mortgaged immovable property, and the pledgee has a predominant right to meet his claims to other debtor creditors. One of the ways to reduce the risks of the lender is mortgage insurance.

The purpose of this work is to disclose the meaning of mortgage lending

Tasks of this term paper are:

· Disclosure of the essence of mortgage lending;

· See the benefits and shortcomings of lending;

The subject of the study is the process of mortgage lending, which arose in the conditions of the modern period, both in Russia and abroad.

Essence concept and classification of mortgage lending

Essence and concept of mortgage lending

Mortgage is a loan secured by real estate, a mortgage loan is the movement of loan capital in real estate associated with the provision of monetary resources on the terms of repayment, urgency and payability. Mortgage is a loan provided in cash or in the form of mortgage securities secured by the real estate object, aimed at purchasing or building this property. Mortgage loan, being one of the forms of credit relations and a variety of loan, has all the signs inherent in him and is an expressant of certain relations between economic constituentswhich are participants in the process of providing a mortgage, i.e. individuals, financial institutions, firms, government agencies, construction companies.

With mortgage lending, the borrower receives a loan for the purchase of real estate or other purposes. His commitment to the lender is repayment of the loan, and ensures the fulfillment of this obligation the security of real estate. At the same time buy and lay, you can not only housing, but also other real estate objects - land, car, yacht, etc. Real estate acquired by the help of a mortgage is the property of a loan borrower since the acquisition.

The most common use of the mortgage in Russia is the purchase of an apartment on credit. Mortgage loans are issued by banks, and all the conditions for lending are different. At the state level in Russia, the mortgage finds support in the form of developed mortgage legislation, as well as a mortgage agencies specially created by the state. With the consent of the landlord, the subject of the mortgage may also be the right to lease of real estate.

Mortgage design is a multi-step procedure, including the collection of documents, the passage of the Bank's credit commission, the search for suitable housing, its assessment and insurance, the conclusion of the mortgage agreement. A mortgage broker can help on this path. It may also be necessary to help the real estate agency when buying an apartment on credit.

When the mortgage loan is obtained and the housing is purchased, the time of "pile" occurs. The loan repayment can be carried out both in cash and non-cash, or in strictly certain days, or on any day of the month - these conditions are determined by the creditor bank. The possibility of early repayment of the loan is also determined by the mortgage bank. The loan is "redeemed" completely when the credit account is credited completely and interest. As the sums mortgage loans Pretty great, and the project itself is long-term, then the loan is repaid by parts. You can repay a loan in several ways so that the bank and the borrower can choose the most optimal repayment option.

The borrower also needs to be remembered that there are opportunities to reduce the costs and at the loan repayment stage: it is possible to pay off a loan ahead of schedule or take advantage of the loaning (this is obtaining a loan with a lower interest rate to repay a loan with a higher rate taken earlier. To date, it appears a large number of mortgage programs With lower interest rates. Taking advantage of the shutdown, the borrower can significantly reduce the fee for housing acquired).

Methods of repayment of loans depend on the following factors: with which frequency payment is made, what are the deadlines and the amount of payments, in what form payment is carried out.

The bank-lender usually determines payment period: for example, from 5 to 10 number of each month. In the case when the borrower contribution is not in a timely manner, the lender can apply penalties. As soon as the borrower and the lender signed an agreement, the borrower receives a payment schedule with the indication of their size. Often the bank is set up very strict requirements for repaying the loan - the compliance of the listed and these amounts should be observed before kopecks. Any deviation (misunderstanding or overpayment) from the indicated amount may be considered by the Bank as a violation of obligations under the Agreement. This may cause the application of penalties.

If chosen cash form Payment of payment, it means that it is necessary to make money on a loan account through the Bank's cashier. The borrower, who chose such a form of payment, should not be forgotten that the payment is not always possible to carry out in the evening, and on weekends and holidays, banks do not work.

If the borrower is chosen by the non-cash payment method, it is necessary to translate the specified amounts from his account in a timely manner, at the account of the creditor bank. In this case, it is necessary to take into account the fact that the interbank translation itself is also a paid service and it is required to perform 1-3 working days. In order to get rid of these costs (both temporary and financial), you can open an account in a bank where a mortgage loan was taken.

There is also another way to pay for the loan by non-cash payments: translate part of the salary to the account of the creditor bank before it is received. In this case, the borrower needs to write an application addressed to the head of the enterprise where the borrower works, as well as discuss and coordinate all the details with the accounting department.

To date, most of the mortgage lending programs provide the borrower to pay off the borrower, the minimum moratorium is usually 6 months. You can pay off ahead of schedule both all credit and its part. To do this, write a statement in the form established by the creditor.

If the borrower reaches part of the loan ahead of schedule, he has the right to reduce the amount of monthly payments for the remaining period, or to maintain the amount of payments, but to reduce the payment period. If the borrower chooses a reduction in credit period, the amount of housing overpayment is significantly reduced. Which option to choose - the borrower itself decides. After the early repayment of the loan part occurred, the borrower issued a new payment schedule.

If the borrower fully repulses a loan ahead of time, then the lender needs to request an accurate amount of loan and interest on the estimated date full repayment loan. Once all the necessary payments are made, the borrower needs to make two more procedures: register the termination of the mortgage in the establishment of justice. This is necessary in order to remove the mortgage burden with housing; Notify the early repayment of the loan insurance company, which will allow returning some of the money for the unused insurance period.

At the moment of mortgage - the most reliable way Acquisition of housing, in contrast to equity construction or contribution to the construction cooperative. Money is transferred directly to the seller of housing, and not to third parties (developers or co-operative owners). Worldwide, mortgage lending develops and functions as a form of long-term financing. housing programs. Mortgage lending, on the one hand, contributes to the solution of a number of social and economic problems of the country, and, above all, the problems of providing housing, on the other - a decrease in inflation, delaying temporarily free cash citizens and enterprises.

The object of the mortgage may be the following property:

1. landprivately owned;

2. Enterprises, as well as buildings, structures and other immovable property;

3. Residential buildings, apartments and parts of residential buildings and apartments consisting of one or more isolated rooms;

4. cottages, garden houses, garages, etc.;

5. Air and sea vessels, internal dressing vessels.

Currently, in world practice there are two classical methods of mortgage lending:

1. Single-level mortgage lending model (German model);

2. Two-level mortgage lending model (American model).

In a single-level model of mortgage lending, a borrower and lender are connected with a loan. This model is based on the cyclicity of cash circulation: funds provided by the borrower are used to issue loans to its predecessors that have already completed the accumulation period.

When implementing this model, it is planned to conclude the following basic types of contracts between the borrower and the lender:

1. Agreement on the accumulative housing contribution and, then, a loan agreement, and a mortgage agreement;

2. Between the Borrower Insurance Organization - the insurance contract of the laid housing;

3. Between the borrower and the seller (builder) of housing - a contract of purchase and sale of housing.

As a lender can perform mortgage bank or loan-savings institution. For the lender, refinancing mortgage loans can be refined due to the issue of securities - mortgage sheets and, thereby minimizing possible risks. When interacting with a loan-savings institution, the borrower accumulates primary (proper) capital, which is a prerequisite for issuing a mortgage loan (borrowed capital).

In the two-level model of mortgage lending, in addition to the borrower and the lender, the mediator (Mortgage Agency) and / or the participant of the financial market (mortgage financial and investment company) participate. When implementing this model, the conclusion of the following basic types of contracts is provided:

1. Credit Agreement;

2. Mortgage agreement

3. Insurance agreement of the laid housing;

4. Purchase and sale agreement;

5. General Agreement;

6. Agency agreement;

7. Assignment agreement of the rights of mortgage loans;

8. Treaty on the procedure for carrying out securities operations mortgage agency;

9. Entrepreneurial risk insurance contract;

10. Treaty of purchase and sale of securities.

At the first stage of the implementation of contractual relations between the participants of the two-level model of mortgage lending, a loan agreement and a mortgage agreement of the main participants - the borrower and the lender are concluded. After receiving the loan, the borrower concludes a housing purchase agreement with the seller or its builder, after which the number of participants in this model increases with the goal of the risk of major participants to a minimum. With an insurance organization, entrepreneurial risk insurance and housing insurance contracts are concluded.

In the secondary mortgage market between the lender and the mortgage agency, the corresponding agreement on the assignment of the rights of the requirements for mortgage loans, as well as a contract of trust management of the acquired rights of the requirements is concluded. This allows the lender to continue to clearly control the borrower, receive commissions for the service of the loan, and to the funds received from the agency, expand credit transactions.

To obtain a mortgage loan, the borrower is in the bank standard package Documents required to address the issue of issuing a loan. At the same time, considering that real estate will act as the subject of the pledge, additionally should be presented. the following documents:

· Certificates of state registration of property rights on real estate facilities, including land;

· A document on the territorial boundaries of the land plot (area plan) issued by the Land Resources and Land Management Committee;

· Help from the land management committee and land management on the absence of arrests on the property laid by the pledger;

· Conclusion of an independent professional appraisal company (firm) on the assessment of the real value of the mortgage subject;

· Agreement with an insurance company about the insurance object of real estate;

· Project of the mortgage agreement;

· Other documents that are an integral part of the mortgage agreement.

In Russia, the mediator is a mortgage agency. Mortgage agencies are organizations that are created by the state for mortgage development. In Russia, the Federal Mortgage Lending Agency, and regional agencies that depend on the federal are now working.

The work of mortgage agencies with banks is based as follows:

· The agency determines the terms of lending, pre-consults the borrower;

· The partner bank issues a loan on the conditions given by the Agency;

· After the Agency redeems the Bank's right to the credit requirements, respectively, becomes a lender of the borrower for the entire loan period.

As a result, the borrower to solve housing problems, receives a loan as if by the state. As a rule, the terms of the loan that are offered by the Agency (term, rate, the size of the initial contribution) are the corresponding average market.

But it is important that the Bank in the Program can be clarified in terms of additional expenses. A positive aspect in collaboration with the Agency is that it has extensive experience in this market and represents the state. The borrower must decide himself - what to choose: cooperation with the agency, or directly with the bank.

Buy an apartment on credit with a mortgage agency is not more difficult than through a mortgage broker.

The mortgage loan procedure through the mortgage lending agency comes down to the following: the first part of the borrower comes to the Agency for a consultation, where the possibility of obtaining a mortgage loan is rated, the loan amount is specified, and all the necessary recommendations for collecting documents for buying an apartment on credit are specified.

Then the borrower submits the collected documents to the agency. In the case of a positive response from the agency's credit commission, he receives a letter for the Bank - confirmation of the possibility of participation in the federal program of mortgage lending.

For a certain time (usually no more than 2 months), the borrower is obliged to choose the option of housing. Also he must pass two mandatory procedures - real estate assessment and insurance.

The insurance procedure includes: insurance of the apartment - the object of collateral, the life insurance and working capacity of the borrower, insurance against restriction or loss of the borrower of property ownership, as well as recognition of the sale of the apartment for sale invalid.

Mortgage as a civilian legal institution has a long history. An analysis of legislation in this area shows that mortgage historically arose simultaneously with the advent of private property. Greek "Hipotheca" - stand, backup. The term "mortgage" itself introduced the Archon Solon in 594 BC. And was associated with the responsibility of the debtor's debtor with certain land possessions. The ongoing reforms were that everyone received the right to part with property and token at his discretion. Prior to this, the provision of the obligation was the personality of the debtor, who, in case of the impossibility of paying a debt threatened slavery. Solon offered to put a pillar in the estate with an inscription that this land serves as a certain amount of requirements. Thus, the personal responsibility of the debtor turned into a property. Such a pillar and called mortgage. Over time, the word "mortgage" began to be used to designate pledge at all, and then the collateral of only immovable property.
However, mortgage lending as the system began to form during the beginning of the development of capitalism only by the end of the XVIII century with the advent of the first specialized credit institutions. Government European countries from the first years of work of mortgage institutions paid great attention to legislative regulation of their activities. Pretty early in European countries have emerged legislative systems that regulate the foundations of mortgage lending. So, in Prussia in 1783, the charter of mortgage appeared in 1783, and in Austria in 1811 - a civil code.
In Russia, the first credit institutions were established in 1754: for the nobility - the St. Petersburg and Moscow office of the State Bank during the Senate and the Senate Office, and for merchants - in the St. Petersburg port and commerce-board. Banks led the nobility and merchants on the security of estates. In 1786, these banks were reorganized into the state borrowed bank.
In the European territory of Russia, mortgage lending was introduced by law on May 19, 1881. The special mortgage commission was established in 1882 to study the details and practices of the law. The effectiveness of the mortgage system in Russia was achieved due to its close connection with the legislation. The court did not take into the production of claims, based on facts not taken into account in the mortgage book. Thus, the record in the mortgage book was not a formal character, but was an evidentiary base in debt disputes. Mortgage introduced a clear order and in the implementation of collateral operations, excluding possible frauds. "Since the legislative entity of the ownership was provided for the subject that, before paying money on the security of real estate, the first brought to the mortgage book, the mortgage system did not allow the possibility of adopting on the same ownership of two or several persons and intentional dual sales."
By 1917, a developed credit and banking system of long-term lending was existed in Russia, which had good legislative support and was well organized. The specific Russian experience of long-term lending, and in particular, on the security of land, the diversity of credit and investment technologies and mortgage lending infrastructure, undoubtedly played a huge role in the development of both American and European mortgages, served as the basis for creating new investment and mortgage tools. .
In Russia, the post-revolutionary period, the mortgage law continued to exist, but in conditions, when for any wide application of the Institute of Pledge due to the insecurity of the effective efficiency of things, and, above all real estate. Therefore, in a period of more than seventy-year-old Soviet development of our country, mortgage lending turned into a larger mechanism, which was extremely rarely used in the operations by order of property.
Entered into force on July 16, 1998 Federal Law of the Russian Federation "On Mortgage
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(Property Pledge) "(hereinafter referred to as the Mortgage Law) significantly affected the process of forming a domestic mortgage market. Read more Formations of the regulatory framework in modern Russia Will be considered in Chapter II.
The definition of the concept of "mortgage lending" is logically preceded by the disclosure of the mortgage essence. In the literature, often under the term "mortgage" means a mortgage loan. Meanwhile, the word "mortgage" itself, although it is usually used in conjunction with the word "loan", has an independent value.
The term "mortgage" in the legal turnover covers two concepts. The first is a mortgage as legal relationship - there is a pledge of real estate in order to obtain a mortgage loan. For mortgage, it is characterized by leaving the property in the hands of the debtor. Pledge B. civil law - one of the ways to ensure the obligation - in this case bank credit. At the same time, the state registration of the collateral of any real estate is required in all cases. In case of insolvency of the debtor, the creditor's claim is satisfied from revenue from realized property mainly to other creditors or by transferring the attached property to the ownership of the mortgagee. The second concept of the mortgage involves the "mortgage" - a document certifying the deposit of property. The mortgage is a debt tool certifying the rights of the pledgee to real estate. The mortgage is usually free on the market.
In Article 334 of the Civil Code of the Russian Federation (hereinafter referred to as the text of the thesis - the Civil Code of the Russian Federation) 8 under the mortgage is a pledge land plots, enterprises, buildings, facilities, apartments and other real estate.
According to some authors, "such a definition of a mortgage is not complete. They can not be limited due to the fact that the mortgage implies not only the deposit of property. It represents a whole legal legal system for assessing the property of real estate, the authenticity of its belonging to the mortgager and the state of settlements with creditors for the specified property. Thus, in a broad sense, the word "mortgage" means a legal and legal system, which includes the procedure for determining the state of ownership of real estate and debt on it consistently for each specific moment. In this sense, the mortgage is comparable to the mathematical coordinate system "9.
IN economicly economical Mortgage is a market tool for the turnover of property rights to real estate facilities in cases where other forms of alienation (purchase and sale, exchange and other) are legally or commercially inappropriate, and allowing you to attract additional financial resources to implement various projects.
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Many widely interpret the concept of mortgage and as a loan to the security of real estate, and how to receive a loan for the purchase of real estate. However, in our opinion, the term "mortgage" should be considered as a way to provide obligations when the subject of pledge is the real estate. If the loan is issued for the purchase of housing, the term "mortgage housing lending" is used.
Merkulov V.V. It proposes to consider mortgage housing lending as "a complex mechanism that provides finances in the housing market, based on a clear and clear right and its strict implementation, operating in the market regulation of the financial relations of participants controlled by the state in order to solve certain social problems of their citizens."
Most of the authors using the term "mortgage housing lending" in their work, imply mortgage lending in general. However, in our opinion, mortgage housing lending is one of the types of mortgage lending, as it is impossible not to include in this concept and other types of lending on the security of real estate (for example, lending to legal entities and individual entrepreneurs secured by their real estate).
For the purpose of a deeper and comprehensive understanding
the term under consideration should be to highlight the functions of mortgage lending and some features of the mortgage loan, which give it advantages over other credit methods.
According to Vaxman S.A. And Sparrow O.E. You can formulate the following mortgage lending functions:

1. function of the financial mechanism for attracting investments in the scope of material production;
2. return support function borrowed money;
3. the function of stimulating the turnover and redistribution of real estate, when other methods (purchase and sale and others) are economically impractical or legally impossible;
4. forming a multi-level fictitious

capital in the form of mortgage, derivative mortgage securities and more.
You can also highlight the following distinctive features.
mortgage loan:

1. the obligation to ensure the deposit (and the property can also act as a deposit, to buy a mortgage loan);
2. duration of the loan period;
3. target nature of the mortgage loan;
4. mortgage loan refers to a low-risk banking operation. Examining the function, goals and features of mortgage lending,

it is possible to formulate the definition of the concept of "mortgage lending".
The most common and widely used concept of mortgage lending is "lending on the security of real estate, that is, lending to the use of mortgages as a repayment credit funds" Also, there are opinions that "the legal content of mortgage lending is to encumber property rights to real estate objects under their pledge, and the legal basis of mortgage lending creates mortgage law, considering the relationship between entities of law, in this case of the mortgager and mortgagee." 13
The author believes that these definitions, although they record the essence of mortgage lending, but considers it too narrow, since mortgage lending from a legal point of view provides not only by the deposit of real estate, but also a number of legally significant actions aimed at the emergence of legal relations between the subjects Mortgage lending. These, in particular, include procedural issues preceding the conclusion of a loan agreement and mortgage agreement; Check for "Legal Purity Transaction" - Analysis of documents certifying the ownership of the borrower on the property transferred to the pledge; insurance of the subject of pledge; its assessment; Actions on state registration of the transaction committed and other legally significant actions.
Thus, the author believes that the legal essence of mortgage lending allows it to scientifically determine it as a set of actions committed between the borrower and the credit institution
(a specialized mortgage institution) aimed at concluding a loan agreement (loan) on the provision of a mortgage loan (loan) secured (mortgage) in the property of a borrower of real estate, or in order to acquire a borrower of the property and in the future transfer to pledge ( Mortgage housing lending), as well as the conclusion of other contracts that fulfill its obligations by the borrower.
This approach allows you to highlight the main distinguishing features of mortgage lending.
First of all, the subject of these legal relations implies participation on the part of the mortgagee of the Mortgage Credit Institute - the Bank or another specialized mortgage institution that carries out mortgage credit operations. This is distinguished by mortgage lending from mortgage in its pure form, where any capable legal or an individual can perform a mortgagee.
Secondly, as collateral for mortgage lending, the deposit of real estate. This means that in case of non-fulfillment of obligations, the borrower, the mortgagee has the right to appeal to the mortgaged property, and mainly in front of other debtor creditors. It should be noted that the above definition suggests that real estate can be used as security for mortgage lending, the ownership of which is registered in the manner prescribed and does not cover the depreciation of property rights.
Third, the proposed definition allocates the target purpose of mortgage lending, which also distinguishes the latter from the concept of mortgage. Mortgage loans are used to acquire, restructuring and redeveloping both residential and industrial premises, land development, or used to other targets defined in the loan agreement.
Fourthly, the definition allows not to be limited to two types of legal relations arising between the debtor and the lender, namely the framework of the loan agreement and mortgage agreement, but shows that mortgage lending is a complex system of legal relations arising from each of the stages of relationships between the borrower and the lender During the lending process.

Mortgage loan is a type of loan for which it is characteristic:

• -Preative cash for a long time,
• - Credit deal for the acquisition of real estate,
• -In the quality of the collateral is the acquired property.

Thus, a distinctive feature of a mortgage loan is to combine the object of the pledge and the acquired object.

During the entire loan period, the borrower (mortgager) and the lender (mortgagee) do not fully affect the mortgaged property. Keeping the rights of possession and use, they cannot dispose of property. At the same time, the borrower should exploit real estate so that the income received allowed to repay the principal debt, pay accrued interest, taxes, insurance contributions, spend timely repairs to maintain an object in proper condition, as well as receive income into nested equity.

Mortgage loan is represented by quite numerous species that can be classified on various features, such as:

• -Naltitude credited object;
• -Karakter participation in the investment process;
• -polding debt repayment and interest payments;
• -stability interest rate on the loan;
• -stability of a contribution to repayment of obligations;
• - accounting of the lender in current income and increase;
• -The cost of investor capital;
• Prohibition of reselling financing.

For the purpose of evaluation, all mortgage loans are divided into loans with permanent and variable payments, as a schedule for repaying a loan and paying interest during the analyzed period affects the stability of income stream and, therefore, to choose an assessment method.

The first group includes self-absorbing loans providing for repayment of debt and percent equivalent amounts.

In the second group included mortgage loans for which the amount of debt service costs change over the years under the influence of a variety of factors, such as a periodic change in interest rate, the nature of the write-off of the principal debt, the procedure for payment of interest, the method of participation of the creditor in the investor income.

1. A loan with "ball" payment is a loan that assumes the repayment of the whole (or mostly part) of the debt at the end of the credit period in one or a series of payments. The varieties of this loan include:

"Loans providing for the period of lending a partial repayment of debt with the payment of interest, and at the end of the term - the" ball "payment;" loans with the payment only accrued interest and at the end of the term - "ball" payment; "The loans for which the" ball "payment includes the principal debt and the amount of interest accumulated over the period of interest;

• 2. Loans with uniform repayment of the received loan and pay percent on the balance of debt. The varieties of loan include:
  • -Credit with constant proportional repayment of debt;
  • -Credit, in the first years, only the amount of interest is paid, and in the remaining period there is a uniform debt repayment with the payment of relevant interest.
• 3. Loans involving the payment of a part of the income of the investor who acquires real estate income. At the same time distinguish:
  • -Credit with the participation of the lender in the current income, which suggests that a certain amount called by the "cycker" will be paid in excess of the loan part of the loan. This amount can be either fixed or defined as a percentage of pure operating income or cash receipts;
  • -Credit with the participation of the lender in the revenue from the sale of real estate received by the investor, or the so-called participation in the increase in value.
• 4. Loans with a changing interest rate. This form of lending allows you to reduce bank risk And adequately respond to changing market profitability during the all-year loan period. Changing the rate can be implemented as follows:
  • - Insection interest rate in accordance with the state of the market, providing for the maximum and minimum border of the new rate. In this case, no credit period is revised or the amount of one-time payments;
  • -The checking interest rate after predetermined time intervals (Canadian roll - over, negotiation rate).

The concept of the first, final and adopted mortgage arises depending on the selected method for financing real estate resale.

The first mortgage is a mortgage loan provided to finance the real estate object without burdened by mortgage debt. The first mortgage occurs both when buying an object, which has never been credited before and for real estate with existing mortgage debt. However, in this case, the seller must repay the previously received loan from the resale price. The buyer pays for real estate at the expense of its own funds and the loan obtained under this real estate acquiring the status of the first mortgage.

The adopted mortgage occurs when buying a real estate burdened by a mortgage loan, if the buyer adopts obligations under an existing mortgage loan previously obtained by the Seller.

Completed, or younger, mortgage is a loan provided by the seller or a third party with an existing first mortgage. Younger, or ending, mortgage occurs if the seller wants to keep an existing mortgage loan obtained on favorable conditionsOr the buyer cannot get a bank loan on acceptable conditions.

Advantages and disadvantages of attracting borrowed funds for the investor

Benefits of attracting borrowed funds for buying real estate Allows the investor (borrower):

• 1. Purchase a more expensive object compared to its own capital, which he has at the time of the transaction.
• 2. Diversify the real estate portfolio due to the investment of released own funds when lending to other objects.
• 3. Purchase of real estate income in installments allows the owner to pay debt lender with interest from income, brought by the same property.
• 4. Increase the rate of income on equity due to the choice of optimal financing conditions.

Considering the positive aspects of the use of borrowed funds by investor, it is necessary to note the shortcomings:

• 1. The amount returned by the lender exceeds the loan obtained, since the investor must pay interest.
• 2. Mortgage loan is a borrowed source that requires timely and full refund.
• 3. Changing the loan conditions laid down in the initial loan agreement, the fall in the process of exploitation of real estate the amount of net operational revenue can lead to a negative financial leverage.
• 4. Violation of the loan repayment schedule gives the lender the right to appeal to the laid property. In this case, real estate is sold, and debt is repaid from the sales price. The balance of the amount to the sale of real estate due to the owner may be less than the magnitude of the loan repayment.

Decision on the provision of borrowed funds

The lender decides on the provision of borrowed funds on a long-term basis secured by real estate based on the following factors:

• 1. The credited object due to the physical, economic and legal features during the entire repayment period of debt can be monitored by the creditor.
• 2. Mandatory state registration of real estate rights, as well as transactions with it, including a mortgage, serves as a legal guarantee of the fulfillment of contractual obligations by the borrower.
• 3. Long-term physical and economic life of real estate is the basis of returning not only the amount of the principal debt, but also due to interest.
• 4. A flexible system of drawing up a loan agreement, the possibility of inclusion in its special conditions make it possible to consider the change in the market profitability of credit resources, the financial sustainability of the borrower, influence the process of resale lending real estate during the repayment of the debt.
• 5. Registration of the "mortgage" according to mortgage loans allows the mortgage bank to put mortgages into circulation and replenish their credit resources.

The considered real estate features led to the fact that in countries with a developed market economy, real estate facilities are purchased with the participation of a mortgage loan.

Real estate as an optimal lending object

Real estate is an integral element of most economic processes. However, due to its characteristics, it refers to objects optimal for lending. The most important include the following:

• 1. The cost of real estate as a unit of goods is very high and requires a significant capital from the investor.
• 2. Real estate, first of all, is a land plot on which some improvements are erected, ensuring its yield; The process of using real estate generation can only be carried out on the site of its initial creation, as it is not subject to transportation.
• 3. Real estate right as the goods are subject to mandatory registration in the Unified State Register of Rights to Real Estate in the manner prescribed by the Federal Law.
• 4. Real estate has quite large physical dimensions, physical and economic aging of real estate occurs for a long time.
• 5. During the economic life of the property, it is possible to carry out capital measures that affect the amount of income, and, therefore, it can be stable, decrease and grow with time.
• 6. Investing in real estate is less depreciated, since the change in real estate value usually compensates for inflationary processes.

The feasibility of using borrowed funds when performing real estate operations, there is both a borrower and a lender.

Mortgage lending is one of the main types of banking on the provision of a loan on the security of real estate. With a mortgage, the creditor becomes a pledgee. With mortgage lending on the security of real estate (mortgage), the lender becomes a pledgee, and the debtor is the debtor on the main obligation provided by the mortgage.

From the determination of the mortgage it follows that the lender - the mortgagee does not become the owner of the laid real estate, but if the terms of the loan agreement were violated or unfulfilled - it has the right to demand satisfaction at the expense of the property, in whose hands it would not be.

Like any type of loan, mortgage lending is provided on the terms of repayment, urgency and payability. The method of ensuring the repayment is the mortgage - the key to real estate under certain conditions.

Mortgage is not independent economic category, in its essence. It serves as a material support of a loan as an independent economic relationship. Mortgage mediates the movement of the lending in the lending process. Immediately with the mortgage, the value of the value from the mortgagor to the mortgagee will only be in case of non-fulfillment of its obligations to repay the loan.

Mortgage, being an important element of credit relations, is of great importance for their development. The application of the mortgage increases the number of potential guarantors as subjects of credit relations - it is often possible only for the presence of a pledge (real estate) makes a credit transaction real. Mortgage significantly strengthens the position of the borrower and the confidence of the lender in the return of the loan. Also, the mortgage makes it possible a lower loan percentage of a mortgage loan, an increase in the loan amount and loan term, compared with unsecured loans. The presence of a pledge and real possibility of a borrower to lose its immovable property due to violation of its obligations stimulate rational, productive loan.

We can allocate four features of mortgages in general System lending.

1. Mortgage is issued strictly under a certain type of collateral, i.e. Under the proper method, immovable property, which facilitates the mortgager monitoring the safety of the subject of pledge.

2. Mortgage is a long-term type of loan, i.e. For up to 30 years, which leads to a decrease in the size of the monthly payments, but increases the cost of the loan for the guarantor. An increase in the term of the loan, in turn, allows you to increase the amount of the loan.

3. Mortgage is targeted.

4. The mortgage is considered one of the lowest banking operations of the Bank due to the fact that the loan amount is not more than 60-80% of the market value of the acquired housing, and the amount of payment (monthly) is no more than 50% of the total income of the borrower, when assessing the loan repayment probability procedure Information about confirmed on this moment, borrower income.

A modern developed economy implies widespread use of mortgage lending, the necessity of which is due to the development of commodity-money relations.

For stimulating bank investments It is necessary to include in the turnover of such resources that are subjected to inflation and loss of liquidity. These resources include land and real estate objects. The experience of leading countries of the West shows that the mortgage is the most preferred type of ensuring a large loan for a long time. Mortgage loan is the most promising direction of stimulating banking investments and the development of the credit market.

The area of \u200b\u200bthe mortgage loan can be covered by all sectors of the economy: production, agricultural, consumer.

In the consumer sector of the economy, mortgage lending contributes to the involvement of investors in housing construction. Housing mortgage lending was widespread in world banking practice. The relevance of a housing mortgage loan is due to the fact that its use allows you to resolve contradictions:

Between high prices for real estate and current income of the population;

There is a group of economic facilities between monetary savings and the need to use them in another.

Mortgage contributes to ensuring the continuity of the production process in construction. In order for the construction industry to be profitable, a quick and profitable implementation of constructed objects is needed. The use of a mortgage loan allows you to significantly expand the range of potential consumers - real estate buyers. Mortgage loan, therefore, to a certain extent contributes to the effective functioning of the construction industry.

In their way economic content Mortgage lending performs important functions that can be classified according to the following groups:

1) the functions of the mortgage lending system implemented in the real economy sector (attracting investment resources and various industries, ensuring the turnover of property rights and other);

2) functions of the mortgage lending system implemented in the financial sector of the economy (ensuring stability credit system, development of the Institute of Refinancing, Stimulating Development insurance market and others);

3) Social functions of the mortgage lending system, including the implementation of the National Project "Affordable and Comfortable Housing - Citizens of Russia".

The mortgage lending system ensures the mobilization of financial resources for investment purposes (including for investment financing and developing a wide range of real estate species), as well as to finance the acquisition of real estate.

Mortgage lending, as a long-term lending mechanism can be effectively used when lending to developers. In many countries, the mortgage is provided by developers who are granted, which makes it possible to attract more companies to the housing market, to create competition, increase the volume of housing entry and reduce its sales price. An important point is that when lending to developers (or developers) there is no need to attract funds to the population in the early stages, which significantly reduces the risks of savings loss and increases the "performing discipline" of developers.

Another interesting direction of applying mortgage lending mechanism in the real sector of the economy is targeted mortgage lending to the development of entrepreneurship.

The development of small and medium businesses is one of the most important tasks in the Russian economy. At the same time, in many regions the problem of employment of the population is relevant. In this sense, lending to the security of housing (70% of the country's population are owners of housing) opens up opportunities for long-term and inexpensive credit resources on the development of their own business.

Mortgage housing lending has an impact on a variety of sectors of the financial system of the Russian Federation, mainly to the market banking services, Collective investment market, insurance market.

The main functions of mortgage housing lending include:

· Development of the refinancing mechanism of loans;

· Creation of multiplicable fictitious capital based on mortgage;

· Diversification and stabilization loan portfolios banks;

· Stimulating the growth of the insurance market;

· Formation of additional jobs due to infrastructure development banking sector.

The mortgage lending market, formed in all corners of the Russian Federation, has created a basis for the development of the infrastructure of the industry. In addition to the appearance of large bank branches in the regions, the mortgage gave a new impetus to the development of many areas of business, in particular the insurance business. Compulsory insurance Risks for mortgage lending provided new "long-term" customers to insurance companies. Thanks to this, insurance business began to develop in the regions.

In addition to these types of entrepreneurial activity, a real estate business has received development. In the activities of real estates, a new direction emerged - Mortgage Brkingery. Mortgage brokerage as a separate business is still naisted, but many real estate agencies (almost all large) provide consultation and selection services best option Mortgage lending for its customers.

Another type of new business is collector agencies. The latter appear on the market, providing services for the collection of "bad" debts. Following world practice, such agencies very often specialize in the mortgage market. Car loans, consumer, educational lending also enters the sphere of their potential.

It should be emphasized that the active development of the mortgage lending market has a wider goal than simply maintaining the effective supply of the population in housing. The analysis allows you to characterize the mortgage market from the point of view of credit and financial markets as a leading segment of their quantitative and high-quality growth.

From the point of view of the development of the economy as a whole, the mortgage lays the foundation for the further development of financial infrastructure, the emergence of new financial mechanisms to develop real sector economics due to small and medium-sized businesses in the regions (housing, construction materials market); and also contributes to the formation of lending mechanisms of social infrastructure (educational lending).

The development of the mortgage lending system will allow to implement a number of the most important social functions of this financial institution, which should be attributed to:

· Providing accommodation in charge of housing russian citizens with average income;

· Increase in the effective demand of citizens through the development of additional tools for investing accumulated funds;

· Involvement in the real economic circulation of privatized housing.

It is believed that the first mention of the mortgage (in the lane with Greek - mortgage, pledge) took place in the laws of Solon in the VI BC.

In 594 BC e. One of the legendary "seven wise men" of antiquity Solon proposed to put on the estate of the debtor (usually on the border crossway) a pillar with an inscription, which stars that this land serves as a creditor's rights for a certain amount. Such a pillar was called a mortgage (from Greek. Lypoteka - stand, backup). It marked all debts of the owner of the land. Later, special books called mortgage were used for this purpose. Burning in ancient Greece, mortgage was developed in the Roman law of the classical period. Subsequently, German customs were significantly affected. Thanks to all these long-term processes, the most important principles of modern mortgage were formed.

Even k.p. The victorious people believed that mortgage "corresponds to the highest development of economic life. In it, society gets the best, perfect loan tool; But in handling this instrument, more art is required, caution, intelligibility, technical agility of techniques.

The need for the emergence of the mortgage was due to the needs of economic turnover, as well as reliable loan. One of the most authoritative specialists in the Roman law in pre-revolutionary Russia, the author of the popular work "System of Roman Law" V.M. The tails described two types of credit - personal and real. Personal loan is due to crediting entities to credited. The guarantee of confidence is all the movable and immovable property of the debtor in the amount of which it will have by the time the credit transaction is implemented. The essence of a real loan is that to ensure the fulfillment of the obligation in the property of the debtor, a certain thing is allocated, with respect to which the lender has certain rights. So, in case of non-fulfillment by the debtor of his obligation, the lender has the right to satisfy his demands through the sale of a dedicated thing, even if the ownership of this thing has passed to another person. Moreover, upon receipt of satisfaction, the lender, which provided a real loan, has an advantage over personal creditors.

The implementation of the loan in Roman law, along with other types of collateral, was the form of a pledge without transmitting a belonging to the creditor - Hypotheca. The Roman law considered a mortgage in the group of rights to someone else's thing, as a real law (consolidating the direct communication of the person with a thing) to order a stranger. In addition to the mortgage in Rome civil law, according to V.M. Tail, and other collateral forms of provision. The oldest form of ensuring the payment for obligations was Fiducia Cum Creditor, in which the debtor delivered to the lender the right of ownership to his thing and received a personal claim against the lender in the event of debt payment. In this form, the creditor received more rights than it was necessary in order to ensure it, and the debtor remained too little funds against the lender. Another form of liabilities developed in ancient right - Pignus was distinguished in reverse nature. Pignus was that the lender received a debtor thing in derivative, and he could hold it in his hands until the debt was paid.

Later in the Roman law of Fiducia Cum Creditor was predicted by oblivion. Two forms of collateral were developed:

· Pignus, i.e. mortgage law, in which the creditor is transferred by the right to own a thing;

· Hypotheca, i.e. The mortgage right, in which the thing remains in possession of the debtor until the delay in the secured commitment.

In Russia, the deposit of real estate has its own history. In the Russian pre-revolutionary legal system it was believed that the deposit is a real right. Recall that "real rights are issued and fixed the belonging of things (material, bodily values \u200b\u200bof property turnover) to the subjects of civil legal relations, in other words, the statics of property relations. By this, they differ from the obligatory rights that determine the transition of things and other objects of civil relations. The legal specifics of the real rights are their absolute character, distinguishing them from relative obligations. The specifics of the real rights are traditionally seen also in the fact that only individually defined things can serve as their object. The object of obligatory law is the behavior of the debtor's obligated person. "

Basics of the collateral of real estate after the start in Russia economic reforms 1990s. were introduced Civil Code Of the Russian Federation (part 1) adopted in 1994.

Modern Russian mortgage legislation can be considered finally held since the adoption Federal Law "About the mortgage (pledge of real estate)" dated July 16, 1998 NQ 102-F3, although the list of basic legislative acts on issues related to mortgage lending is quite large.

In modern Russian law, the determination of the mortgage is close to the definition contained in the draft Russian civilian deposits, but this legal institution is assigned to the obligatory right. In art. 1 of the Federal Law "On Mortgage (Pledge of Real Estate)" says: "According to the agreement on the pledge of real estate (mortgage agreement), one side of the mortgagee, which is a creditor for the obligation provided by the mortgage, has the right to obtain the satisfaction of its monetary requirements for the debtor on this obligation from The cost of the laid real estate property of the other side is the pledger mainly in front of other creditors of the pledger, for seizures established by the Federal Law. "

Introduction

Conclusion

Introduction

Acquisition of own housing is the priority need for each family: without satisfying this need, it is impossible to talk about any social priorities of society.

Based on this, the implementation of the constitutional rights of citizens to a decent dwelling is considered as the most important socio-political and economic problem. From the choice of certain approaches to solving this problem, the total scale and the pace of housing, the real well-being of people, their moral and physical well-being, political assessments and motivation of behavior are largely dependent.

Before moving on market relations The main sources of replenishment of the country's residential foundation were the state housing construction and housing construction by enterprises and organizations, cooperative and individual construction played a supporting role. In the conditions of reducing the budget financing of construction and providing the population with housing, the main source of funds for the acquisition of housing are their own funds of the population, as well as bank loans, as happens in most economically developed countries of the world.

With an acute lack of sources of housing financing, the need for housing increases at the expense of the influx of refugees from neighboring countries and the redeployment of military units. Under these conditions, it is objectively the need for long-term loans to the population for housing construction, minimally subject to inflation and the most secured timely refund. It is these requirements that the mortgage loan is responsible, secured by the key to commodity and material values. The experience of many foreign countries suggests that with the right organization and conduct of the weighted state mortgage policy, the mortgage is gradually transformed into a self-finanted system, which provides and largely determines the functioning of the housing market. At the same time, new construction is intensified due to the sharp expansion of effective demand from the population, the production of building materials, specialized equipment is increasing, new improved architectural projects appear, the development of many related sectors of the economy occurs.

In the context of reforming the Russian economy, the formation of a viable mortgage housing system is one of the urgent tasks, both on the macroeconomic and microeconomic levels. Successful solution to this task is possible only with the systemic agreement of the economic, legal and organizational parties to introduce a housing mortgage to Russian practice.

mortgage lending mortgage housing

1. The concept and essence of mortgage lending

The word "mortgage" has a Greek origin. For the first time this term appeared at the beginning of the VI century. BC. (He was introduced by Archont Solon) and was associated with the responsibility of the debtor in front of the lender with certain land possessions (initially the personality of the debtor served in the Athens, which in case of non-fulfillment of the obligation threatened).

The modern history of mortgages in Russia begins since 1998. There are two concepts of mortgages. In the narrow sense of the word "mortgage" - this is the key to real estate, and in a wide one of the forms of property securing the obligations of the debtor, in which immovable property remains in the property of the latter, and the lender in case of non-fulfillment by the debtor of his obligation acquires the right to receive satisfaction due to implementing your own property. According to this mortgage - this is a loan provided by the pledge of real estate.

Distinctive features of mortgages are as follows.

First, mortgage, like every deposit, is a way to ensure the proper execution of another (main) obligation - a loan or a loan agreement, lease agreement, contract, compensation for harm, etc. Consequently, the mortgage depends on this basic obligation, since outside of this dependence, it loses its meaning.

Secondly, the subject of mortgage is always real estate. Real property includes land plots and all that is firmly connected with it - enterprises, residential buildings, other buildings and structures.

Thirdly, the mortgage object remains in possession of the debtor. The latter remains the owner, the user and the actual owner of this property.

Fourth, the lender agreement and the debtor on the establishment of a mortgage is issued by a special document - mortgage, which is subject to a notarized certificate and state registration. Mortgage -personal security certifying the following rights of its owner: the right to receive execution on the monetary obligation provided by the mortgage, without the submission of other evidence of the existence of this obligation; The right pledge on property burdened by mortgage. Under certain conditions, the mortgage may acquire the properties of a security capable of moving from one owner to another and to be sufficiently "torn" from the initial requirement.

Finally, in the event of non-fulfillment of the obligations provided by the mortgage, the lender has the right to demand the sale of pledged property from public auction. When implementing the property laid under the contract of mortgage, the mortgage lender has advantages over other creditors in the amount of the amount specified in the mortgage.

According to the foregoing, the following can be distinguished main principles of mortgages:

· publicity, or publicity, access of each interested person to information contained in the mortgage book;

· specialty - the possibility of establishing a mortgage only to certain real estate and in a certain amount;

· reliability - entries in public books mean that there are no other rights and legal restrictions in relation to this property, except for designated;

· seniority - the advantage of one mortgage right to others, depending on the time of making it in the mortgage book;

· accountability - Mortgage is terminated only in cases directly provided for in law or contract;

· non-applicability razing statute To the rights listed in the mortgage book.

The specificity of mortgage operations nominates certain requirements for the mortgage lending mechanism, which serves as the basis for allocating it as an independent form of a loan and allows us to talk about a special segment of the financial market - the market of mortgage capital.

Mortgage capital market -this is part of the financial market, which revolves borrowed capital, secured by the pledge of real estate. The participants in the mortgage lending process are a mortgage lender, a borrower (property owner), an investor, specialized mediators, government. Investors can be various credit and financial institutions, insurance companies, pension funds, as well as the population. The main indicators characterizing the conjuncture on the mortgage market are, on the one hand, the interest rate on mortgage bonds, and on the other, the rates on mortgage loans.

In economically, the mortgage is a market tool for the turnover of property rights to real estate facilities in cases where other forms of alienation (purchase and sale, exchange) are legally or commercially inappropriate, and allows you to attract additional financial resources to implement various projects.

Especially it is necessary to highlight the functions of mortgage lending and the features of this kind of loan, which give it an advantage over other ways of lending.

Functions performed by mortgage lending, It can be formulated as follows:

function of the financial mechanism for attracting investments in the scope of material production;

function of ensuring the return of borrowed funds;

the function of stimulating the turnover and redistribution of real estate, when other methods (purchase and sale, etc.) are economically impossible or legally impossible;

the function of the formation of multi-level fictitious capital in the form of mortgage, derivative mortgage securities, etc.

TO basic requirements You can attribute the following:

the loan amount is usually not more than 60-70% of the market value of the purchased housing;

the magnitude of the monthly loan payment should not exceed 30% of the total income of the borrower and co-coaches (in the event that they are) for the corresponding estimated period;

in the procedure for estimating the loan repayment probability, the lender uses officially confirmed information on the current income of the borrower and co-coaches.

These standards and requirements are aimed at reducing risks for the lender and the borrower.

the main objective The development of long-term mortgage housing lending is to create an effectively working system of ensuring the cost of the housing of Russian citizens with average incomes, based on the market principles of acquiring housing on the monopolism of the housing market at the expense of their own funds of citizens and long-term mortgage loans. Creating a specified system will allow:

increase the effective demand of citizens and make the acquisition of housing affordable for the main part of the population;

intensify the housing market;

involve privatized accommodation in real economic circulation;

attract the population saving and other extrabudgetary financial resources to the housing sphere;

ensure the development of the construction complex;

revive the country's economy as a whole.

2. Analysis of the mortgage lending system in the Russian Federation

The mortgage market around the world works in two directions: issuing loans and their refinancing.

Under the mortgage lending system implies the creation of relevant institutions and spent mechanisms that would provide the possibility of effective mortgage lending.

Providing a mortgage loan for the purchase of housing. Currently, the main area of \u200b\u200buse of mortgage loans in all countries is financing the purchase of housing.

Regardless of the model, the provision of a mortgage loan consists of six main stages:

· stage 1 - Preliminary customer qualifications and registration of a loan;

· step 2 - collect and confirm the information received;

· stage 3 - assessment of loan repayment by a potential borrower;

· stage 4 - Decision by the Credit Committee on the provision of a loan;

· stage 5 - conclusion of a credit transaction;

· step 6 - Maintenance of a mortgage loan.

When providing a mortgage loan for the purchase of housing, the lender pays attention to the following highlights.

The level of solvency of the borrower, its ability to repay loan in a timely manner based on the analysis of its income and expenses. The following qualification relations are calculated for this purpose:

a) the monthly payment of the borrower on the housing mortgage loan to the aggregate income, it may not exceed 40%;

b) monthly long-term obligations of the borrower, minus insurance, tax and other payments for acquired property, to aggregate income, it cannot exceed 60%.

The level of creditworthiness of the borrower, its readiness to perform received financial obligations Based on the analysis of it credit history. Based on the study of the credit history of the borrower, it is determined how much the bank is responsible for performing received obligationsand also establishes the amount of the non-declared balance of the debt, time and amount of payments to its repayment.

The minimum permissible size of the initial contribution should be 30% of the cost of purchased real estate (contract value). In addition, the borrower must have a sufficient amount of its own funds to cover the costs of a credit transaction. These are the Commission to the Bank, the payment of an insurance company, a realter, appraiser; The costs associated with registration and a notarized certificate of the contract of sale and mortgage of the apartment, as well as to obtaining other documents necessary to make a transaction.

The ratio of the amount of the loan for value protection property It should not exceed 70% of the estimated value or the selling price of the purchased property, depending on which value is less. The bank checks the legality (legal purity) of ownership of the pledge, its physical condition, its value.

Only under compliance with all these conditions may be decided to provide a mortgage loan. During credit period The lender monitors the timeliness of its obligations to the borrower, and also has the right to control the state of real estate that serves as a loan.

In the Russian Federation at the legislative level, a two-level model was adopted as a reference mortgage company. To implement it created Federal Agency According to housing lending, legislative and regulatory frameworks for issuing and adding mortgages are formed. However, mortgage housing lending in Russia has not yet received mass development, which is due to its high risks and low solvency of the main segments of the population. Nevertheless, in the strategy for the development of the banking sector on the medium term, the development of mortgage lending is defined as one of the promising directions for the development of banking business.

Now in the mortgage lending market in Russia there is a number of negative trends that impede its development and make mortgage loans are increasingly accessible to the population. The main ones are the following:

.High interest rates on mortgage loans;

2.Tightening requirements for borrowers and cancellation (or suspension) by some banks of mortgage lending programs;

.A small amount of state subsidy to ensure the availability of a mortgage loan for the population. Due to the high prices for real estate, most of the population cannot use mortgage loans.

3. Problems of the Russian Mortgage

The establishment and progressive development of a system of long-term mortgage housing lending is hampered by a number of problems: the imperfection of legislation; the ineffectiveness of the registration system for real estate and transactions with it in Justice institutions; Insufficient development of the estimated and insurance case; lack of specialized mortgage banks; High cost of credit resources of commercial banks; lack of a secondary mortgage market (mortgage loans); high refinancing rates; absence effective mechanisms restrictions on the risks of banks and coverage by state bodies; high cost of loans for the borrower; low income the predominant part of the population compared to the cost of housing; lack of budget funds for granting housing subsidies socially unprotected citizens who would allow to reduce the loan load when acquiring housing; Imperfection of taxation, insufficient incentives for investment by citizens in housing.

A consistent difficulty for banks is an assessment of a borrower's solvency in the absence of a significant number of "white" income citizens. This is the problem of not only the mortgage market, but also a credit retail in general, another obstacle to reducing rates. And even if we can qualify as a suitable borrower on the criteria of the bank, we are faced with finding it difficult to find it ready accommodation on the finished market, especially new. And this, provided that the profitability of the construction sphere is somewhere 80-100%, and this is much higher than the profitability of other industries. In any normal economy, it would mean a tide of new capital, new resources and leveling the rate of profitability. But we do not happen.

It should be recognized that for the further development of the Mortgage Institute in the Russian Federation, it is necessary not easy to avoid contradictions, but also to promote the creation of a system of legislation regulating the security of real estate. Legislative acts About real estate, insurance, housing, land, taxes, mortgage banks must be agreed among themselves. System Russian legislation It turns out that regulationsRelated to various branches of law are brought into line with each other only formally, but not in content. As a result, laws can directly contradict each other, express mutually exclusive approaches to this problem.

Since the issuance of a loan for the purchase of an apartment is associated with certain technologies, for the successful operation of the mortgage model, several conditions are necessary:

· the registration system should work well;

· the insurance system that insures the apartment and the life of the borrower must be developed;

· the evaluation system should work, that is, the market should be an organization that may objectively assess the market value of housing;

· a number of service things are needed, for example, notariat. Naturally, a large role belonged to realters that should be the basis of the mortgage market. The client, referring to the real estate agency, should be able to get a mortgage service.

Despite numerous obstacles, mortgage will actively develop, as the demand for it is great.

Thus, state support of citizens should be addressful. In order to increase the availability of mortgage loans for broader categories of the Gosstroy Russia population, it conducts targeted work to reduce housing costs at the expense of design solutions and the introduction of modern materials and technological solutions for construction, as well as the development of investment and construction projects aimed at solving this task.

To successfully functioning the system, the creation of a new market environment, infrastructure, its regulation, the involvement of a plurality of participants, whose economic interests should be balanced and serve as the basis for the effective interaction of subjects within the system.

As the financial system is strengthened, the appearance of credit institutions in the domestic market with Western capital will be strengthened and confidence in banking system, among other things, from the participants of the real estate market. Most likely, the mortgage will begin to develop enough slowly, but steadily: the participants of the transaction will move towards each other with small steps.

In addition to all, it is necessary to provide a number of special housing benefits for banks carrying out mortgage activities. A rather effective measure can be the introduction of a procedure in which banks opening housing deposits and mortgage loans can have the opportunity to reduce taxable profits on the amount of long-term housing loans issued or for them, the exemption from income tax received from mortgage loans is applied. In addition, according to experts, it should be released from reserving or reduce the norms of mandatory reserves deposited by the Bank to the Central Bank of the Russian Federation, according to the means entering housing deposits.

Attracting external resources for mortgage housing lending is constrained by a high level of risk. Under these conditions, the state must fully contribute to attracting funds to renovation and the creation of fixed assets. In practice, reverse processes occur. The state securities market absorbs financial resources and makes them prohibitively expensive, taxes are unreasonably increasing the investment value. It is necessary to find such solutions that allow you to resolve the interests of all participants without infringement.

Conclusion

At the modern market for mortgage lending in Russia there are a lot of problems. First, the unsatisfied need of the population in housing, complicated by insufficient budget financing and high real estate prices. Secondly, small volumes of construction during growing demand and a large proportion of dilapidated and emergency housing. Thirdly, the inaccessibility of mortgage lending for most of the population due to high interest rates, essential initial contribution, inefficiency of state support.

Due to the growing cost, the property is becoming increasingly affordable. Under these conditions, almost the only solution housing problem - This is a mortgage loan. But for the further development of the domestic mortgage lending market, mechanisms are needed to attract cheap cash for a long time.

So that mortgage could be implemented, it is necessary to comply with at least three conditions. Must be, firstly, long-term financial resources that can be provided to customers in the form of loans; secondly, potential customers capable of confirming that their income is sufficient to repay the loan; Finally legal Housing use as collateral. If at least one of these conditions is not performed, the mass mortgage is impossible. Today in Russia, not one of the following conditions is fully fulfilled.

Mortgage lending itself is unable to solve the problem of fundamental undevelopability of housing markets. In particular, the population must be prepared to invest in maintenance existing apartments, the construction industry should be able to respond to demand, commissioning new housing, and the sale of apartments should be carried out without any problems. It is necessary to develop additional legislation and ensure support for the judicial system to consolidate the rights of creditors in order to streamline the procedure for the recovery of the debtor's property. In the absence of a properly functioning housing market, the rapid development of the mortgage lending system, in all likelihood, will only contribute to the increase in housing prices, without solving problems of improving housing conditions for most of the population.

With the help of further reforms in the field of law, strategy, regulation and institutional development, mortgage financing can make a significant contribution to the development of the Russian economy and raising the standard of living of the Russian population.

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