Possible collateral for a mortgage loan. State support for mortgage lending. Income level and its documentary evidence

Mortgage - a type of property collateral that serves as security for the fulfillment of a monetary obligation in order to obtain a mortgage loan. At the same time, a mortgage is a type of collateral in which the pledged property is not transferred into the hands of the lender, but remains with the mortgagor (borrower).

The term "mortgage" refers to the security of real estate and is used in the laws of various countries to refer to the following three legal categories:

Collateral;
- mortgage;
- mortgage loan.

The current Russian civil legislation understands a pawn as a security that certifies the following rights of its legal owner:

The right to receive execution of a monetary obligation secured by a mortgage of the property specified in the mortgage agreement, without providing other evidence of the existence of this obligation;

The right of pledge over the property specified in the mortgage agreement.

In accordance with Art. 77 of the Federal Law “On Mortgage (Pledge of Real Estate)”, an apartment acquired through a bank loan into ownership is considered to be pledged from the moment of state registration of its purchase and sale agreement.

The funds received by the mortgagee (to whom the rights under the mortgage have been transferred or to whom the court has transferred) as a result of the sale of the subject of the mortgage are distributed in the following order:

Of these, amounts necessary to cover expenses incurred in connection with the foreclosure of the mortgaged property and its sale are withheld;

They are used to pay off the debt of the mortgage holder to the mortgage holder;

The remaining amount is transferred to the mortgage holder in repayment of the debt due to him under the loan agreement or other obligation secured by the mortgage;

Finally, the remainder is distributed among the mortgagor's other creditors and the mortgagor himself.

The distribution is carried out by the body that carried out the execution of the court decision, and if foreclosure on the pledged property was carried out extrajudicially - by a notary who certified the agreement on such collection procedure, in compliance with the rules of Art. 319, paragraph 1, art. 334 and paragraph 4. and 6 art. 350 Civil Code of the Russian Federation.

In this case, the mortgage holder is at a disadvantage compared to if the mortgage had not been issued and was not subsequently mortgaged. Thus, as a general rule, if the amount received from the sale of the pledged property exceeds the amount of the pledgee’s claim secured by the pledge, the difference is returned to the pledgor (clause “b” of Article 350 of the Civil Code of the Russian Federation). When pledging a mortgage, the subject of the mortgage serves as security for two practically unrelated obligations: the obligations of the debtor to the mortgage holder; obligations of the mortgage owner to the mortgagee. Moreover, the mortgagor did not give consent to secure the second obligation (at least, the current legislation does not contain a requirement for the owner of the mortgage to first obtain such consent from the mortgage mortgagor before concluding a transaction to pledge the mortgage).

If the debtor violates the terms of fulfillment of the main obligation, the proceeds from the sale of the subject of the mortgage are used to pay off two unrelated obligations (instead of one obligation of the debtor to the mortgagee in the absence of mortgage collateral). The chance for the mortgagor to receive the difference between the amount of money received from the sale of the subject of the mortgage and the amount of the obligations of the main debtor is sharply reduced.

For clarity, we will demonstrate the formula for calculating the amount to be transferred to the mortgage mortgagor:

ZD = S – OD – OZ

where ZD is the amount to be transferred to the mortgage mortgagor; C - the amount received from the sale of the subject of the mortgage, and reduced by the costs necessary to cover the costs in connection with the foreclosure of the subject of the mortgage and its sale; OD - the amount of obligations of the main debtor; OZ - the amount of obligations of the mortgage holder to the mortgage holder, withheld by the latter. This legal imbalance can lead to zero efforts to introduce into economic circulation an additional flexible and necessary financial instrument - a mortgage.

In contrast to the above formula, the following formula should take priority (the values ​​of the indicators are the same as in the previous one):

ZD = S - OZ

This formula is based on the general rules enshrined in clauses 5 and 6 of Art. 350 of the Civil Code of the Russian Federation, i.e. if the value of the mortgage is negative, then the mortgage holder has the right to demand this difference from the mortgage mortgagor (clause 5 of Article 350 of the Civil Code of the Russian Federation). If the value of the mortgage is positive, then this difference must be transferred by the mortgage holder to the mortgage mortgagor (Clause 6, Article 350 of the Civil Code of the Russian Federation).

The list of types of mortgages classified in accordance with the Guidelines for the application by professional participants of the securities market of the Federal Law “On Mortgages (Pledge of Real Estate)” (approved by the order of the Federal Securities Commission of Russia dated February 26, 1999 No. 195-r) is classified as high-risk:

Mortgages for which the mortgagors and debtors for the obligations secured by the mortgage are different persons, with the exception of cases when the Russian Federation, constituent entities of the Federation and municipalities act as mortgagors of real estate;

Mortgages, the pledge of real estate for which is secured not by obligations to repay received credits (loans), but by other civil obligations;

Mortgages, the legal owners and alienators of which are individuals;

Mortgages whose original legal owners are individuals;

Mortgages, the original legal owners of which are legal entities that are not granted the right to carry out mortgage lending by the legislation of the Russian Federation;

Mortgages in the absence of loan and mortgage agreements attached to them, the form and content of which comply with the requirements of the civil legislation of the Russian Federation, as well as legislation on the registration of rights to real estate and transactions with it;

Mortgages, the real estate of which belongs to the mortgagors with the right of economic management;

Mortgages, real estate under which, although owned by the mortgagors, can be the subject of civil transactions only with the consent of third parties, incl. with the consent of authorized state bodies or local government bodies;

Mortgages for which the mortgage is the right to lease or other right of ownership and use of real estate;

Mortgages on which the pledges are aircraft, sea vessels, and inland navigation vessels;

Mortgages, the real estate under which is in joint (common or shared) ownership of two or more mortgagors;

Mortgages for residential premises (apartments, individual residential buildings) without certificates attached to them on the characteristics of the living space, certificates on the number and composition of persons registered (registered) in the living space, documents on land allotment drawn up in the proper manner, land plot plans, object-by-object extracts from registers of registration of rights to real estate and transactions with it. Relations between subjects of mortgage housing lending are built on a contractual basis: between subjects of credit relations relevant agreements are concluded that define all parties to the credit transaction, including the rights, obligations and responsibilities of the parties.

A mortgage is the fastest and most convenient way to solve your housing problem.

Superficially, applying for such a loan looks quite simple, but the process has many subtleties that must be taken into account so that the loan does not become an unbearable burden.

The main regulatory act regulating the issuance of this type of loans is Federal Law-102 “On Mortgage (Pledge of Real Estate)”, as well as Federal Law-152 “On Mortgage-Based Securities”.

In addition, mortgage law is represented by legislative acts regarding alternative loans to resolve housing issues.

In addition to specialized standards, there are standards for assessing mortgages, which is an important condition for lending. These include Federal Law-135 dated July 29, 1998. “On appraisal activities in the Russian Federation.”

The current housing legislation regulating the participation of entities in shared construction (FZ-214 of December 30, 2004), as well as the procedure for registering the transfer of rights to real estate and transactions with them (FZ-122 of July 21, 1997), is also important for issuing mortgages .

Definition of the concept

A mortgage is a type of collateral that serves as insurance for the lender lending money. As collateral property may be the purchased object, mainly real estate.

The buyer has the right to own this property, but cannot dispose of it at his own discretion. In case of violation of loan obligations, it will become the property of the bank as compensation for the debt to the financial institution. The owner of a residential property cannot sell it without the permission of the bank.

Characteristic features mortgages are the following parameters:

Positive and negative sides

For many residents of the country, a mortgage loan is the only chance to become an apartment owner today. Therefore, such loans are very popular. They have both positive and negative characteristics.

To their pros can be attributed:

• Prompt solution to the issue of purchasing residential premises. You won’t need to save money for many years and pay for rented property;
• Preferential mortgage. Regulatory acts establish certain categories of citizens who are provided with housing loans on preferential terms with the participation of state support;
• Investing money. Real estate, as an asset, does not lose its value, but, on the contrary, increases it, and is a profitable financial investment.

In addition to its positive qualities, a mortgage also has minuses. These include:

• restriction of the owner’s rights to residential premises;
• significant overpayment on the loan. During the term of the agreement, the borrower pays an amount almost twice as much as was received;
• long payment period. Paying significant amounts of money each month for housing over a long period of time takes a heavy toll on the psyche and not everyone can stand it;
• a large number of requirements that must be met to obtain a loan;
• risk of losing your home. In the event of unforeseen circumstances and the inability to make regular contributions, the bank may file a lawsuit to collect the debt. The collateral property will act as the subject of foreclosure.

According to Rosstat, no more than 4% of the country’s residents take out housing loans in the country.

Who can get this loan

Today there are quite a lot of people wanting to get a mortgage loan. However, not everyone is given such loans, even on the security of the purchased apartment. What requirements do banks impose on today's borrowers?

First of all, we consider applicants having:

Types of preferential mortgage programs

Large financial institutions offer special conditions for obtaining loans to certain categories of clients, registered as special projects.

Housing loans for military

Its target is countries. Officers, warrant officers, midshipmen, privates, and contract employees can become its participants.

Those interested must join the savings mortgage system and, after three years, submit an application for the disbursement of funds. Then the bank issues a loan.

An initial fee is done by the Russian Ministry of Defense, and it also transfers timely loan payments. It turns out that the military purchases housing using budget funds.

In this case, there are restrictions on the cost of the purchased object; it should not exceed 2.4 million rubles. Above this amount, the cost must be covered from own funds.

Military personnel who have served at least 10 years receive certificates for the purchase of housing in the amount of its price. It should be used within a period of up to 9 months.

State program “Affordable housing for young families”

Mortgage is provided (participant age no more than 35 years) to those who have one or more children.

To receive it necessary:

• Join the queue as citizens who need improved housing conditions;
• The amount of footage per family member must be less than the established norm;
• The occupied living space is recognized as unsafe;
• The family must maintain an appropriate level of income.

Governmental support

The project has been operating since 2015 and allows all interested parties to take advantage of the preferential offer, regardless of their social status.

The goal of the program is to support the country's construction boom and revitalize the economy. It consists in partial payment state housing loan, which allows you to obtain a lower interest rate from a credit institution.

“Building Together” program

It is based on the issuance of a bank loan for the construction of a private house.

It is implemented by creating a mutual fund into which borrowers' money is deposited. When the required amount is collected, the construction cooperative contributes the missing funds and begins the paperwork process.

The residential premises become the collateral property of the housing cooperative. The loan is provided for a period of up to 20 years.

What kind of housing can be bought this way?

The main condition for the compliance of real estate purchased with a mortgage is its profitability.

If the debt is not paid, the bank must sell the object that serves as collateral.

The property must comply with the following provisions:

Legal status of residential premises

By registering the transaction, the new owner acquires rights to the apartment or house. However, until the mortgage is paid off, the property will be pledged to the bank and no transactions can be made with it. For example, sell, donate, exchange, etc.

Although such a possibility exists, provided that the bank issues permission for such a procedure. But financial organizations very rarely decide on such operations, since the risk of non-repayment of debt increases many times over.

To Rosreestr for registration surrender:

• Mortgage Loan Agreement;
• Collateral agreement.

It should be noted that there are still many people willing to take out a mortgage loan, even during the crisis, despite the reduction in wages and loss of jobs. But before taking such a step, it is necessary to weigh the pros and cons of such obligations. After all, they last for more than one year and can seriously fray the nerves of any person.

To learn about what a mortgage loan is and the rules for obtaining it, see the following video:

Unfortunately, only a small number of families can purchase housing with personal funds. Many people think about applying for a mortgage loan. What requirements must be met, and on what conditions can you get a mortgage in Russia? Of course, each loan for the purchase of housing from each bank has its own characteristics, but general points can still be highlighted. So, today we will talk about the main conditions for providing a mortgage loan.

Citizenship and registration

Almost all banks are ready to lend only to citizens of the Russian Federation. The first document that is contained in all lists of required documents is a passport. Having a permanent residence permit is not always a requirement. The mortgage loan itself implies the fact that the borrower will change his place of residence after the loan transaction. However, many lenders require at least temporary registration in the region where the bank's structural unit operates.

Age

On average, the borrower must be at least 21 years old and no more than 65 years old. But there are banks that are ready to expand these age limits. For example, you can get a loan from Sberbank even before your 75th birthday. But it is worth remembering that age restrictions apply to the expiration date of the loan agreement, and not to the date of its conclusion. Thus, if a borrower wants to get a loan for 20 years, then on the date of receiving the loan he should not be more than 45 years old.

Seniority

The requirements for length of work experience are related to the fact that the bank wants to assess the stability of the borrower’s income. Typically, the length of service in the last position should not be less than 6 months. The total length of service and its continuity are also important. This information gives the lender an understanding of the nature of the potential borrower's work history.

Income level and its documentary evidence

The required income depends on the amount of the loan requested. In this case, lenders can set a minimum threshold. You can often find a number in size 30,000 rubles.

The bank may require confirmation of wages both in the Personal Income Tax Form-2 and in its own form. The borrower must confirm his pension with a certificate from the pension fund. The only exceptions can be cases when transfers are made to a card opened in the same bank.

Other income may also be considered. For example, if we are talking about a lease, then it is necessary to provide a corresponding agreement. If there is a deposit with monthly interest payment - a bank deposit agreement. Banks can consider the client’s income on an individual basis, and also request additional documents.

The lack of official income is not an insurmountable obstacle to obtaining a mortgage. But in such a situation, as a rule, the bank will not provide more than 50% of the cost of housing.

Guarantors and co-borrowers

To increase the chances that the bank will approve the loan, it is better to involve co-borrowers or guarantors. Any solvent person who meets the bank’s requirements can act as a guarantor. As a rule, only a close relative can be a co-borrower. If the potential borrower is married, then drawing up a guarantee agreement or signing a loan agreement as a co-borrower for the spouse is mandatory in almost all banks.

An initial fee

IN The average down payment on mortgage loans in Russian banks is 20-30%. There are separate offers with a contribution of 15%. It is very difficult to get a classic mortgage in the amount of 100% of the loan value. Most likely, we will be talking about separate programs related to the purchase of an apartment in a new building, the construction of which took place with the participation of the same bank or affiliated structures.

The potential borrower may be offered an alternative option. The most common way to get a mortgage without personal funds is to provide additional collateral. This option is more suitable for people who already have some kind of real estate, but want to improve their living conditions using credit funds.

The second option is to take out a consumer loan to pay the fee. This method requires a considerable amount of income for the borrower and his family members, since they will have to service two loans for several years.

Interest rate

The interest rate is on average in the range of 12-14%. Banks offer lower interest rates as part of individual promotions, which mainly provide the opportunity to purchase new housing.

Today, the lowest interest rates can be found in banks that operate under the government support program for mortgage lending.

Credit term

The maximum possible loan term that Russian banks offer today is 30 years. But the borrower has the right to choose any term that corresponds to his age, and at which the size of payments is correlated with income. Typically, banks enter into agreements only for periods divisible by 12 months.

Insurance

​According to current legislation, the borrower must insure only real estate. The list of risks usually includes fire, flooding, destruction under other circumstances, as well as illegal actions of third parties.

Also, almost all financial institutions require the conclusion of a life and disability insurance agreement for the borrower. He has the right to refuse this. But then the bank issues a loan at a higher interest rate. Usually we are talking about 1-1.5% difference.

The third agreement that the bank may require to conclude is title insurance. It provides protection against loss of title to real estate. The question of such insurance arises when the statute of limitations has not passed after the acquisition of ownership by the seller.

Real estate

The most popular mortgage loan object is an apartment on the secondary market. The large and varied supply of such housing has led to the fact that potential borrowers most often turn to the bank specifically for the purpose of such a purchase.

There are also many banks operating in the primary real estate lending market. Moreover, we can talk about both houses that have been put into operation and those that are under construction. In the latter case, the bank will most likely offer a limited list of developers with whom partnerships have been established and who have been verified.

A loan for purchasing a house with land is not so popular among Russian banks. The only exceptions are new houses in cottage villages with fully completed documentation. The reluctance to lend to private buildings is largely due to land issues. Upon closer examination of the documents, problems often emerge that increase the bank’s risk of losing collateral.

Special cases

In addition to the usual mortgage on an apartment or house, money can also be taken to purchase other real estate. We are usually talking about purchasing a garage, a parking space, a room in a communal apartment or a share in an apartment. Few banks offer such programs. Obtaining them involves a lot of paperwork, since the credit operation cannot be called standard, and the bank can review the documents for a long time.

The objects of lending for investment projects are the following activities:

Construction, expansion and technical re-equipment of production and non-production facilities;

Acquisition of movable and immovable property (buildings, equipment, etc.).

The organization of the lending process is regulated by internal banking regulations. A distinctive feature of various banking technologies in this area is the sources of investment resources. Depending on the type of sources and form of attracting investment funds, different credit technologies are used: long-term investment loan or project lending (project financing). Banks can provide investment loans on a syndicated basis.

In Russia, project financing refers to the financing of investment projects that have a number of characteristics:

Significant participation of the project initiator (at least 30%);

In project financing, the bank is not satisfied with the return of the loaned value, but wants to share in the profits after the project is completed. Therefore, the loan agreement often provides for the bank’s right to purchase part of the shares of the enterprise that is the target. Project financing is used when a large volume of investment is required (construction of an airport, large enterprises, bridges, pipelines, financing the development of mineral deposits, etc.).

Banks can generate additional credit resources by issuing mortgage bonds placed on, secured by mortgage loans or mortgages, or banks organize municipal housing loans; thereby accumulating money from the population for financing construction and purchasing housing through the sale of housing certificates.

A mortgage is a registered security that certifies the rights of its legal owner to perform the following actions:

Obtaining execution of a monetary obligation secured by a mortgage of property specified in the mortgage agreement, without providing other evidence of the existence of this obligation;

Obtaining a mortgage on the property specified in the mortgage agreement.

The mortgage is subject to registration simultaneously with the registration of the pledge agreement.

Housing certificates are a special type of bonds with indexation, certifying the right of their owner:

Purchase an apartment (apartments) subject to the purchase of a package of housing certificates;

Receive from the first request the indexed nominal value of the housing certificate.

With the adoption of Federal Law No. 152FZ on mortgage-backed securities, two more types of securities appeared in the Russian Federation: mortgage-backed bonds and mortgage participation certificates.

Mortgage-backed bonds are secured securities, the owner of which has the right to receive from the issuer, at a specified time, the par value of these securities with interest. Bondholders are entitled to receive a fixed interest rate at least once a year.

2) borrowers - individuals and legal entities (construction and real estate companies) who received a mortgage loan;

3) lenders - mortgage lending institutions (commercial and specialized mortgage banks, construction organizations, etc.) providing mortgage loans to borrowers;

President of the Russian Federation, Russian Federation, Ministry of Finance of Russia, Federal Tax Service, Federal Agency for Construction and Housing and Communal Services.

4) investors - individuals and legal entities purchasing securities secured by mortgage loans issued by lenders or secondary market operators (pension funds, insurance companies, investment funds);

5) companies that determine the mortgage market (home sellers, appraisers, real estate firms, state registration authorities of rights to real estate and transactions with it, judicial authorities, notary offices, insurance companies, secondary market operators).

The objects of mortgage market transactions are mortgage loans and mortgage bonds, or mortgages. Mortgage bonds are traded in the primary and secondary markets.

In general, the mortgage lending system means organizing the interaction between the mortgage market, the real estate market and the financial market.

Consumer loans

Consumer loans are provided by banks to the population to meet various consumer needs. By increasing the effective demand of the population, credit allows you to obtain material goods and goods without prior accumulation of funds. On the other hand, credit accelerates the sale of inventories and services, thereby ensuring expanded reproduction in the country’s economy.

Classification of consumer loans issued by commercial banks is carried out according to the following criteria:

Loan term - short-term, long-term;

Target orientation - for investment needs, for the purchase of durable goods, for education, treatment, for urgent needs, etc.;

Type of borrower - all segments of the population, VIP clients, students, young families, etc.;

Collateral – secured loans, unsecured (blank) loans.

A consumer loan can be classified as a direct loan for consumer needs (urgent needs, express loans, car loans, etc.) and a loan of an investment nature (mortgage loans, education loans, farm loans, etc.). Currently, the fastest growing areas of lending include express loans, car loans and investment lending (including mortgage lending).

Currently, banks issue loans to the population for urgent needs for a period of up to four to five years for the purchase of vehicles, garages, expensive household items, for economic establishments, paid medical services and other purposes.

A prerequisite for obtaining a loan for urgent needs is permanent registration or place of work; work experience in one enterprise must be at least one year. Some banks require life and disability insurance for the borrower.

Sberbank of Russia issues loans for education up to 6 years. Its size is determined by the cost of training (the maximum loan size is 70% of the cost of training).

Express loans (loans for the purchase of durable goods) are distributed through the largest retail stores aimed at mass clients.

When providing express loans en masse, when assessing creditworthiness, banks use an automated analytical system that takes into account factors such as age, gender, marital status, level of education, monthly income, availability of movable and immovable property, the borrower’s credit history and a number of other factors. This technique is called the “scoring model for making decisions on lending to individuals.”

A short-term express loan secured by securities does not require a certificate of income of the borrower and his guarantors.

Investment loans to the population include loans for the acquisition, construction and reconstruction of real estate, and mortgage loans.

Sberbank provides long-term loans for the purchase of housing within the framework of the presidential program “State Housing Certificates” within 23% of the amount of subsidies for a period of 15 years at a preferential interest rate. The loan is provided to military personnel transferred to the reserve.

Lending to the population is carried out in accordance with the bank’s credit policy based on its intended use, security, urgency, payment, and repayment.

When making lending decisions, banks are guided by an assessment of the borrower's creditworthiness, since the primary source of loan repayment is the borrower's income, and the loan collateral is a secondary source of its repayment.

To assess the borrower’s creditworthiness, banks divide borrowers into two groups of individuals:

Employees;

Those engaged in private activities as entrepreneurs without forming a legal entity or owners of business entities.

If the borrower’s income is generated through entrepreneurial activity, then the stability of employment and the borrower’s employment in a steadily developing and potentially profitable market segment are analyzed.

The size of the borrower's earnings or income determines the maximum loan amount that can be granted to an individual. Banks determine calculation coefficients for each type of loan based on the average monthly earnings or income of lenders and borrowers.

A prerequisite for granting a loan is the availability of collateral.

Sberbank of Russia accepts the following as loan collateral:

Guarantee for citizens of the Russian Federation who have a permanent source of income. The number of guarantors depends on the loan amount;

Guarantee of a solvent enterprise and organizations - clients of Sberbank of Russia;

Liquid securities (certificates and shares of Sberbank of Russia and other securities in the form of separate documents sold through bank institutions, listed on stock exchanges or issued by issuers whose financial reliability is beyond doubt);

Real estate, vehicles and other property pledged.

The bank may refuse to issue a loan if more than 50% must be withheld from wages when repaying the loan.

At the moment, there are several points of view about the concept of mortgage. The Law of the Russian Federation dated May 29, 1992 No. 2872-1 (as amended on December 30, 2008, as amended on November 21, 2011) “On Pledge” (Pledge Law) (Article 42 “The Concept of Mortgage”) states: “Mortgage is recognized as pledge of an enterprise, structure, building, structure or other object directly related to land, together with the corresponding land plot or the right to use it.” In the Mortgage Law, “mortgage” means “mortgage over real property.” It is important to note that according to the Mortgage Law, a mortgage can be secured not only by the obligation to repay the loan, but also by a loan, lease, contract, damage and other obligations.

Special literature provides a wide range of definitions of this term - mortgage. In some cases, this definition, in contrast to the Mortgage Law, consists of several concepts: mortgage is explained as a pledge of real estate; a loan issued against such collateral, as well as the corresponding document (mortgage). This expanded interpretation of the term obviously reflects its practical use in speech and business, mainly in Western countries. In practice, we are talking about the translation of a concept inherent in the original words (the English words “hipothecation” and “mortgage” are translated into Russian by one word “mortgage”, and in the sense of “pledge” both words are used with some legal differences, and in the concept mortgage - "mortgage" only).

Other sources give a narrow concept of mortgage as “a pledge of real estate for the purpose of obtaining a loan, a mortgage” or, even more specifically, necessarily a “long-term loan.” It seems that in such definitions there is an unlawful limitation of the concept under consideration, “cutting off” part of its essence and making it difficult to consider.

The legal component of a mortgage is not always clearly defined. Thus, the Russian Banking Encyclopedia contains the following definition: “Mortgage (English: Hipothecation) is a form of pledge of goods in which the borrower retains possession and ownership of the pledged object." This interpretation is not typical for civil law countries (Russia is one of them), in which the concept of “mortgage” refers only to real estate.

Sometimes a mortgage is defined as a type of real estate pledge: “Mortgage is a type of pledge of real estate for the purpose of obtaining a loan.” Omitting unnecessary clarification of the purpose of a mortgage, we note that in Russia only one type of collateral is applied to real estate - a mortgage; Thus, at present there is no need to define a mortgage as a type of real estate pledge. However, in some civil law countries there are several types of rights to mortgaged real property.

It is necessary to distinguish between the concepts of “mortgage”, “mortgage lending”, “mortgage loan”.

Mortgage lending is an integral element of commercial bank operations. Mortgage lending aims to meet housing needs as a component of the standard of living of the population.

A mortgage loan is a long-term loan issued by a bank to a borrower for the purchase of real estate on its security or for participation in shared construction of a real estate project on the security of rights to participate in shared construction, issued in the manner prescribed by law, with the subsequent registration of a pledge of the real estate after commissioning.

The basis for the emergence of a mortgage is an agreement on the pledge of real estate, according to which one party - the mortgagee, who is a creditor under the obligation secured by the mortgage, has the right to receive satisfaction of its claims against the debtor under this obligation from the value of the pledged real estate of the other party - the mortgagor preferentially before other creditors of the mortgagor. It is necessary to distinguish a mortgage loan from the loan itself. A loan means the lending of money or goods on the terms of repayment and, as a rule, with the payment of interest. A mortgage loan is a way to attract financial resources in the form of loans secured by real estate. According to the Pledge Law, collateral for a mortgage loan can be: buildings and structures, institutional units of all sectors of the economy, considered as unified property complexes, residential buildings, apartments, parts of residential buildings, etc. The subject of collateral cannot be: state and forest funds, lands adjacent to the state border and other objects, the pledge of which is prohibited by federal law. Thus, a mortgage loan is a loan that is distinguished by a number of features related to the need to provide additional protection of the rights of the mortgagee through state registration of the mortgage and its ability to maintain consumer properties as a real estate object for a long time.

Traditionally, mortgage lending is considered a less risky business compared to conventional lending to businesses and individuals. At the same time, the main argument in favor of this statement is the “reliability” of collateral for loans - real estate, which is “always in value.” The risk does not really disappear when property is accepted as collateral, even if the value of the loan payments significantly exceeds the amount of payments on the loan: it can depreciate very quickly, while demand will react unpredictably, which increases the risk of difficulties with the sale of the collateral. The risks of mortgage activity are presented in table. 1.2 and in Fig. 2.

Table 1.2 - Mortgage risks on primary housing

There are four main actors in the mortgage market: the borrower, the lender, the investor and the government. Borrowers (mortgagors) are individuals and legal entities who applied for a loan and received it. Borrowers voluntarily provide housing they already own and purchased with loan funds as collateral. Lenders are banks (credit organizations) and other legal entities that provide mortgage loans to borrowers in accordance with the procedure established by law. Investors are legal entities and individuals who purchase mortgage-backed securities imitated by lenders or secondary market operators. These include investment funds, insurance companies, and mutual funds. The government creates conditions for the reliable functioning of the mortgage lending system, supervises the activities of lenders, and assists certain groups of the population in purchasing housing.

There are also many secondary participants in the mortgage loan market, such as home sellers, operators of the secondary mortgage loan market (home mortgage lending agencies), state registration authorities of rights to real estate and transactions with it, insurance companies, appraisers, and real estate firms. Housing sellers are individuals and legal entities who sell residential premises that they own or belong to other individuals or legal entities. Secondary market operators are specialized organizations that refinance loans. Insurance companies provide property insurance (mortgaged housing insurance), personal insurance for borrowers and civil liability insurance for mortgage market participants. Appraisers are legal entities and individuals who have the right to carry out a professional assessment of residential premises that are the subject of collateral for mortgage lending. Real estate firms are legal entities, professional intermediaries in the real estate purchase and sale market. Infrastructure links of the mortgage lending system - notaries, passport services, guardianship and trusteeship authorities, legal advice, etc.

The Russian mortgage lending scheme is close to the American two-tier model (discussed above), although it cannot be said that it completely copies it. However, shortly before the onset of the global crisis, dangerous trends began to appear in our country, for example, the offer of mortgage loans for 100% of the value of the collateral. We were saved from a situation similar to the American one by the fact that in Russia the volume of mortgages is only 2-3% of GDP, while in the USA it is many times more.

If we evaluate the mortgage loan system as a whole, we can highlight the following advantages: ? the opportunity to immediately live in a new apartment or house; ? housing immediately becomes property, you can register in it; ? security is ensured by insurance contracts; ? the borrower is provided with a property tax deduction; ? a long loan term makes payments not too large; ? In some areas there is a social mortgage. The disadvantages of a mortgage are: ? overpayment for an apartment can reach 100% or more (annual amounts of compulsory insurance, services of appraisal companies, notary, fee to the bank for processing the application, fee for maintaining a loan account, etc.); ? there are many requirements of mortgage banks for the borrower (confirmation of income, registration and citizenship, guarantors, a certain length of service in one place, etc.); And yet, the advantages of mortgage lending allowed this sector of the market to actively develop until September 2008. The global financial crisis that occurred in September 2008 primarily hit mortgages. Many banks curtailed their mortgage programs, those that continued to work with mortgages significantly revised the terms of the programs (rates and the size of the down payment were increased, requirements for the borrower were tightened, mainly only secondary market objects were financed, etc.). However, the state supported mortgage banks, which enabled banks to resolve the liquidity crisis and led already in 2009-2010. to the revival of mortgages as a tool for solving housing problems.

During the crisis, the share of housing purchased under mortgage programs on the primary market “fell” significantly: from 16-18% in 2008 to 8-10% in 2009. According to the AHML analytical center, now this ratio is 13-15%.

Currently, we can observe a steady upward trend in mortgage lending volumes. Now we can say that the pre-crisis level has not only been achieved, but also exceeded.

This growth is due to several trends at once: psychological tension has disappeared in society, people have become more confident in looking into the future, developers are increasing construction volumes, and financial institutions are bringing more and more new offers to the market. For example, in Volgograd alone, about 30 banks promote mortgage services, and most of them have several loan programs. Another factor that directly influenced the increase in the volume of mortgage loans issued was the easing of the requirements for borrowers. Among the new trends in the residential mortgage lending market, it is worth noting the fact that for the first time in quite a long time, the ratio of demand for primary and secondary housing is being compared. This is largely due to the aging of the secondary housing stock, and people, having decided to take out a mortgage, are increasingly choosing new apartments.

Based on the above, we come to the following conclusions.

The defining content of the concept of “mortgage” is “real estate pledge”, since the rest, both broad (“mortgage”, “loan secured by real estate”) and narrow (“pledge of property to secure a long-term loan”) interpretations are derivative actions or aspects of such content . Therefore, the most correct is the legally established concept of mortgage, and in the future in this work, when considering a mortgage loan, the legally established definition of mortgage as a pledge of real estate to secure any obligations will be used. Currently, the development of a mortgage lending system is the most promising way to solve the housing problem. A mortgage is a type of property collateral that serves as security for the use of the main monetary obligation; its subject is always real estate. Most often, mortgages are used to secure loan agreements with banks.