FRM一级考试Residential Mortgage的相关内容有哪些？

Residential Mortgage是FRM一级考试中的内容，备考中的考生一定要了解相关的内容，这样对于备考是有很大的帮助的。下文是小编列举的详细内容，希望对你有所帮助！

Lien Status：

A first lien would give the lender the first right to receive proceeds on liquidation

Credit Classification：

Prime (A-grade) loans；

Subprime (B-grade) loans；

Alternative-A loans: are the loans in between prime and subprime.

Interest Rate Type：

Fixed-rate mortgages；

Adjustable-rate mortgages (ARMS): default risk is high；

Prepayments：

Prepayments reduce the mortgage balance and amortization period. They can occur because of the following reasons:

Home is sold

Refinancing due to lower rates

Partial prepayments

Credit Guarantees：

With agency MBSs, the investor bears no credit risk because the GSEs have been paid a fee to

guarantee the underlying mortgages.

With a non-agency MBS, there is some credit risk but that is mitigated through the process of subordination.

Fixed-Rated,Level-Payment Mortgages：

The amount of the principal payment increases as time passes.

The amount of interest decreases as time passes. Interest is calculated on a declining principal balance.

The ability of the borrower to repay results in prepayment risk.

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