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Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 10-* Types of Residential Mortgage Loans(continued) Loan Balances For government loans and the loans guaranteed by Freddie Mac and Fannie Mae, there are limits on the loan balance. The loan limits, referred to as conforming limits （合规限额）, for Freddie Mac and Fannie Mae are identical because they are specified by the same statute. Loans larger than the conforming limit for a given property type are referred to as jumbo loans.（巨额贷款） Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 10-* Types of Residential Mortgage Loans(continued) Prepayments and Prepayment Penalties 提前还款和罚金 Homeowners often repay all or part of their mortgage balance prior to the scheduled maturity date. The amount of the payment made in excess of the monthly mortgage payment is called a prepayment. This type of prepayment in which the entire mortgage balance is not paid off is called a partial payment or curtailment. When a curtailment is made, the loan is not recast. Instead, the borrower continues to make the same monthly mortgage payment. Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 10-* Types of Residential Mortgage Loans(continued) Prepayments and Prepayment Penalties The more common type of prepayment is one where the entire mortgage balance is paid off. All mortgage loans have a “due on sale” clause, which means that the remaining balance of the loan must be paid when the house is sold. Effectively, the borrower’s right to prepay a loan in whole or in part without a penalty is a called an option. A mortgage design that mitigates the borrower’s right to prepay is the prepayment penalty mortgage.提前还款惩罚贷款 提前还款会让贷款人面临什么风险？ Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 10-* Risks Associated with Investing in Mortgage Loans Investors face four main risks by investing in residential mortgage loans: credit risk 信用风险 liquidity risk 流动性风险 price risk 价格风险 prepay