인문학
사회과학
자연과학
공학
의약학
농수해양학
예술체육학
복합학
DBpia AI
AI 에이전트
AI 아이디어
AI 리더
AI 뷰어
Citeasy
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지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2015.6
- 수록면
- 183 - 197 (15page)
이용수
초록· 키워드
Banks’ inconsistent behavior to charge the interest rate spread in the floating-rate residential mortgages is ceaselessly controversial. Based upon 23,147 Seoul housing loans of a commercial bank originated from January 2009 to May 2013, the purpose of this study is to 1) estimate the credit score with 10 credit risk factors; 2) test the risk premium over the ten factors with base rate and liquidity; and then 3) examine the logical consistency of ‘higher risk, higher spread.’ Two dependants are loan rating score and interest rate spread. Risk factors include three numerical variables (LTV (loan-to-value) ratio, DTI (debt-to-income) ratio and borrower age) with seven dummies, i.e. newcomer borrower, senior debt, senior rent deposit, Kangnam area, condominium type, other liability (than mortgage) and gender. Three month CD (Certificate of Deposit) rate is quoted as base rate and each loan’s liquidity premium is calculated by its maturity and interest rate reset frequency.
Spread seems to increase by higher liquidity premium as well as lower base rate and credit score, and vice-versa. Senior legal rights to mortgage claim, location in Kangnam, condominium type residence, other debt service and gender are strongly correlated with the mechanism of ‘higher risk, higher spread.’ In contrast, not only newcomers without credit history but higher LTV and DTI ratios look to lower the interest spread though they are significantly hurting the credit grades.
Our results imply that the unequitable pricing of mortgages does not attribute to rating system but lending practices, such as cross bargain of insurance, credit card, etc. Also, we confirm the earlier studies’ findings that Korean banks raise the spreads in times of lower base rates.
Spread seems to increase by higher liquidity premium as well as lower base rate and credit score, and vice-versa. Senior legal rights to mortgage claim, location in Kangnam, condominium type residence, other debt service and gender are strongly correlated with the mechanism of ‘higher risk, higher spread.’ In contrast, not only newcomers without credit history but higher LTV and DTI ratios look to lower the interest spread though they are significantly hurting the credit grades.
Our results imply that the unequitable pricing of mortgages does not attribute to rating system but lending practices, such as cross bargain of insurance, credit card, etc. Also, we confirm the earlier studies’ findings that Korean banks raise the spreads in times of lower base rates.
#주택담보대출
#변동금리
#가산금리
#신용평정
#위험보상
#Residential Mortgage
#Floating Rate
#Interest Rate Spread
#Credit Rating
#Risk Premium
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목차
- Abstract
- Ⅰ. 서론
- Ⅱ. 선행연구의 고찰
- Ⅲ. 이론적 틀과 방법론
- Ⅳ. 실증분석의 결과
- Ⅴ. 결론 및 함의
- 참고문헌
참고문헌
참고문헌 신청최근 본 자료
UCI(KEPA) : I410-ECN-0101-2016-595-001617600
