【精品】征信产品在商业银行信用风险管理中的应用

“征信产品在商业银行信用风险管理中的应用征信产品在商业银行信用风险管理中的应用”国际研讨会国际研讨会SYMPOSIUMON“CREDITREPORTINGANDRETAILSMEFINANCE”主办主办SPONSOREDBY中国人民银行中国人民银行THEPEOPLESBANKOFCHINA国际金融公司国际金融公司INTERNATIONALFINANCECORPORATION2007年年6月月2021日日中国天津中国天津2021JUNE2007TIANJING,CHINA如何在住房按揭贷款中有效地使用征信机构服务如何在住房按揭贷款中有效地使用征信机构服务HOWTOUSECREDITBUREAUSTODOBETTERMORTGAGELENDING主讲人主讲人BY国际金融公司住房融资咨询顾问国际金融公司住房融资咨询顾问N科库拉鲁潘科库拉鲁潘NKOKULARUPANCONSULTANT,HOUSINGFINANCEGROUP,INTERNATIONALFINANCECORPORATION本演讲内容系作者观点，并不代表国际金融公司的观点本演讲内容系作者观点，并不代表国际金融公司的观点VIEWSEXPRESSEDINTHISPAPERARETHATOFTHEAUTHORANDDOESNOTREPRESENTTHEVIEWSOFIFC导言导言INTRODUCTION什么是征信WHATISCREDITREPORTING对财务关系表现信息的收集、共享和分发的过程PROCESSOFGATHERING,SHARINGANDDISTRIBUTINGINFORMATIONREGARDINGPERFORMANCEOFFINANCIALRELATIONSHIPS征信服务可以由以下机构提供CREDITREPORTINGCANFALLUNDERA征信机构CREDITBUREAUSB公共信贷登记系统CREDITREGISTRIES征信机构和公共信贷登记系统在运营方面有区别OPERATIONALDIFFERENCESBETWEENACREDITBUREAUANDACREDITREGISTRY信用信息系统的特征信用信息系统的特征ATTRIBUTESOFACREDITINFORMATIONSYSTEM最好同时包括负面和正面信息CONTAINSBOTHNEGATIVEANDPOSITIVEINFORMATION可信赖TRUST可靠且全面的数据RELIABLEANDCOMPREHENSIVEDATA美国的征信机构美国的征信机构CREDITREPORTINGAGENCIESINUSA美国的3大征信机构USA3MAJORCREDITREPORTINGAGENCIESNAMELYEXPERIAN、EQUIFAX和TRANSUNIONEXPERIAN,EQUIFAXANDTRANSUNION属私营机构PRIVATECOMPANIES信贷评分信贷评分CREDITSCORES衡量逾期或违约风险的数值结果NUMBERSCALCULATEDTOMEASURERISKOFDELINQUENCYORDEFAULT被美国大多数住房按揭贷款人用于借款人评级USEDBYMOSTMORTGAGELENDERSINUSTORANKBORROWERS确定借款人是否符合借贷条件DETERMINEBORROWERSQUALIFICATIONSFORALOAN放贷额度QUANTUMOFLOAN按揭利率MORTGAGERATE信贷评分的使用日益普遍信贷评分的使用日益普遍GROWTHINUSEOFCREDITSCORES信贷评分使用率的增长源于INCREASINGUSEOFCREDITSCORESRESULTSFROM技术进步TECHNOLOGICALADVANCES风险定价RISKBASEDPRICING消费者越来越能够直接获得信贷评分INCREASINGDIRECTCONSUMERACCESSFORCREDITSCORES个人信用报告个人信用报告CONSUMERCREDITREPORT收录了个人信用偿还历史的实际记录CONTAINSFACTUALRECORDOFINDIVIDUALSCREDITPAYMENTHISTORY包括四大方面内容GENERALLYCOVERS4BROADAREAS身份识别信息IDENTIFYINGINFORMATION所有账户的信用信息CREDITINFORMATIONONALLACCOUNTS公共记录PUBLICRECORDS查询信息INQUIRIES住房按揭贷款和征信服务的使用住房按揭贷款和征信服务的使用MORTGAGELENDINGANDTHEUSEOFCREDITBUREAUS住房按揭贷款人面临来自盈利、合规和竞争方面的压力MORTGAGELENDERSFACEPRESSURESSUCHASNEEDTOACHIEVEPROFITABILITY,COMPLYWITHCOMPLEXREGULATORYFRAMEWORKANDCOMPETITION住房按揭贷款人的放贷政策反映了该机构自身的风险偏好、利润率要求和所处细分市场的特征MORTGAGELENDERSUNDERWRITINGPOLICIESWILLREFLECTINSTITUTIONSAPPETITEFORRISK,LEVELOFPROFITSANDITSMARKETSEGMENTATION信贷评分模型具有预测能力，使贷款人能够评估违约的可能性CREDITSCORINGMODELSHAVEPREDICTIVEPOWER,THUSENABLINGLENDERSTOASSESSTHELIKELIHOODOFDEFAULT通过使用信贷评分模型和自动化放贷流程，放贷速度和准确程度都得以提高，从而使更多的借款人受益INCREASINGNUMBEROFBORROWERSHAVEBENEFITTEDFROMTHESPEEDANDACCURACYPROVIDEDBYTHEUSEOFCREDITSCORINGMODELSANDAUTOMATEDUNDERWRITING住房按揭贷款和征信服务的使用（续）住房按揭贷款和征信服务的使用（续）MORTGAGELENDINGANDTHEUSEOFCREDITBUREAUSCONTINUED在美国，住房按揭贷款和住房按揭金融业已经历了几十年的发展历程INUS,MORTGAGELENDINGANDMORTGAGEFINANCEINDUSTRYEXPERIENCEDDECADESOFDEVELOPMENT随着中国住房按揭行业的发展有必要研究美国模式，找出适应中国现有法律体制和监管安排的内容ASRESIDENTIALMORTGAGEINDUSTRYDEVELOPSINCHINAUSEFULTOREVIEWTHEUSMODELTOSUITTHECURRENTINSTITUTIONALLEGALANDREGULATORYARRANGEMENTSINCHINA个人征信系统曾在美国住房按揭贷款行业的各个方面发挥了重要作用，而且还在继续发挥作用。要在中国创建一个先进的征信体系是一项艰巨的任务CONSUMERCREDITREPORTINGPLAYEDANDPLAYSACRUCIALROLEINEVERYFACETOFUSMORTGAGELENDINGNOTEASYTOESTABLISHANADVANCEDSYSTEMOFCREDITREPORTINGINCHINA住宅行业需要从银行和投资者那里获得资金。有必要在中国实行住房按揭贷款证券化，而要进行证券化，就需要准确的信贷模型以衡量按揭支持证券中蕴含的风险HOUSINGREQUIRESMONEYFROMBANKSANDINVESTORSNEEDTODEVELOPSECURITIZATIONOFMORTGAGELOANSINCHINAANDSECURITIZATIONREQUIRESACCURATECREDITMODELSTOMEASURERISKSEMBEDDEDINMORTGAGEBACKEDSECURITIES个人信贷评分和住房按揭贷款风险个人信贷评分和住房按揭贷款风险CONSUMERCREDITSCOREANDMORTGAGECREDITSCORERISK住房按揭贷款的主要风险因素分为以下3类MAINMORTGAGERISKFACTORSAREGROUPEDUNDER3CATEGORIES借款人特征BORROWERCHARACTERISTICS贷款特征LOANCHARACTERISTICS担保物特征COLLATERALCHARACTERISTICS以上均为静态变量，随着时间的推移，这些风险因素的相对重要性也可能产生变化ALLARESTATICVARIABLESWHICHCOULDCHANGETHERELATIVEIMPORTANCEOFRISKFACTORSOVERTIME住房按揭贷款总体风险模型住房按揭贷款总体风险模型MODELLINGTOTALRISKOFMORTGAGE提前还贷风险与信贷风险PREPAYMENTRISKVERSUSCREDITRISK当发生违约或提前还贷时，住房按揭贷款合同即告终止MORTGAGECONTRACTTERMINATESONDEFAULTORPREPAYMENTOFTHELOAN从住房按揭贷款人的角度看存在2种风险2TYPESOFRISKFROMMORTGAGEINVESTORSPERSPECTIVEA违约风险DEFAULTRISKB提前还贷风险PREPAYMENTRISK住房按揭贷款总体风险模型住房按揭贷款总体风险模型（续）（续）MODELLINGTOTALRISKOFMORTGAGECONTINUED导致借款人提前还贷的原因如下BORROWERPREPAYSFORFOLLOWINGREASONS市场按揭利率已经下降MARKETMORTGAGEINTERESTRATEHASDECLINED房屋所有人已积累了相当的家庭资产（住房价值已上升），希望借到比未偿还本金更多的钱HOUSEOWNERHASACCUMULATEDSUBSTANTIALHOMEEQUITYANDWANTSTOBORROWLARGERAMOUNTOFMONEYTHANUNPAIDPRINCIPAL家庭经济或人口状况发生改变CHANGEINTHEECONOMICORDEMOGRAPHICCONDITIONSINTHEHOUSEHOLD在亚洲国家存在”无债一身轻”的传统观念INASIANCOUNTRIESDEBTAVOIDANCECULTURE导致违约的原因则更为复杂DEFAULTISMOREDIFFICULTTOCOMPREHEND触发因素TRIGGEREDBY房屋价值下降NEGATIVEHOMEEQUITY家庭变故离异等STRESSFULFAMILYEVENTSDIVORCEETC被解雇LAYOFFFROMWORK生意不稳定或工薪阶层被减薪SWINGSINBUSINESSORCUTINSALARYFORFIXEDWAGEEARNERS住房按揭贷款总体风险模型住房按揭贷款总体风险模型（续）（续）MODELLINGTOTALRISKOFMORTGAGECONTINUED上世纪90年代之前采用人工放贷方式放贷流程运作缓慢，风险分析能力有限，贷款定价完全由风险因素决定。这对于拥有良好偿还历史记录的借款人较为不利。PRIORTO1990SMANUALUNDERWRITINGSLOWPROCESSANDLIMITEDABILITYTOANALYZERISKFACTORSINVOLVEDANDPRICELOANSBASEDONRISKFACTORSDISADVANTAGEOUSTOBORROWERSWITHEXCELLENTPAYMENTTRACKRECORD现在，诸如信贷风险模型和自动化放贷等强有力的工具使住房按揭贷款人能够更容易地评估和管理信贷风险NOW,POWERFULTOOLSSUCHASCREDITRISKMODELSANDAUTOMATEDUNDERWRITINGMAKEITEASIERFORMORTGAGELENDERSTOASSESSANDMANAGECREDITRISK使用征信机构产品服务时需要注意的几个使用征信机构产品服务时需要注意的几个问题问题ISSUESINUSINGCREDITBUREAUS放贷决策过程对信贷评分的依赖程度逐渐上升；贷款人，特别是住房按揭贷款人，需要考虑的问题INCREASEDRELIANCEONCREDITSCORESINLENDINGDECISIONS,ESPECIALLYBYMORTGAGELENDERSHAVERAISEDTHEFOLLOWINGISSUESA成本COSTB可获得性ACCESSC一致性CONSISTENCYD准确度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