I. Mortgage valuation 1. Guiding Opinions on Real Estate Mortgage Valuation (Article 3): Real estate mortgage valuation refers to the activities of analyzing, estimating and judging the value of real estate mortgage in order to provide reference for determining the amount of real estate mortgage loans. 2. From the bank's point of view, the evaluation of mortgaged assets is a process of determining the value of mortgaged assets at a certain time in the future by analyzing and judging their category attributes, physical attributes, market attributes and specific risks. Second, the real estate appraisal agency bank 1. Give full play to their professional knowledge and information advantages. 2. Help financial institutions to eliminate information asymmetry. 3. Control the risk of default. 4. Ensure the legality and effectiveness of the second repayment source. At the same time: 5. Improve the credibility of real estate appraisal institutions. Improve service level 7. Improve professional level and management ability 8. Earn considerable business income. Establish and expand your own customer base 10. Form core competitiveness 1 1. Promoting the Healthy Development of Real Estate Appraisal Industry Part II Situation and Analysis 1. Fundamental Analysis of Real Estate Mortgage Appraisal Business: As of August 2008, there were about 4,500 real estate appraisal agencies in China, about one third of which served for Industrial and Commercial Bank of China. The landmark documents: Notice on Regulating the Management of Real Estate Mortgage Valuation Related to Bank Credit Business (Jian Jian [2006] No.8) and Guiding Opinions on Real Estate Mortgage Valuation, a large number of instructive administrative regulations or local regulations have played a considerable role. Although theoretically speaking, administrative regulations or local regulations are not legally binding, in fact, they fill many gaps in China's laws or break through many places where laws are incompatible with real economic development. These are the principles and policies that real estate appraisers must seriously study and consider in their practice. Second, the reality analysis (a) the quality is mixed, the sense of honesty, the competent authority, the disciplinary mechanism 1. False and untrue assessment reports are still repeatedly prohibited; 2. Charges are out of order and kickbacks are prevalent; 3. Lack of necessary management of branches; 4. Credit files exist in name only; 5. The penalties for illegal institutions and appraisers are not in place or opaque; 6. others. Manifestation of the problem: (1) Appraisal institutions and appraisers, individual institutions and individuals fail to abide by professional ethics, deliberately cater to customers' needs, provide false appraisal reports, and even collude with enterprises and banks to conduct false appraisal. (2) Banks lack necessary supervision and internal audit on collateral valuation, and a few account managers overestimate collateral in order to achieve business objectives, and even instruct intermediaries to issue false reports. (ii) Homogeneity of services, quality and pertinence of reports and bank acceptance 1. The value types, valuation methods, selection parameters and even assumptions of valuation reports with different economic behaviors and different valuation purposes are almost unchanged. 2. Slightly modify the previous assessment report to form a new "report". 3. The content of the report is often exaggerated. 4. The length of appraisal report is mostly pieced together from the internet or other channels, but the real appraisal calculation process is extremely rough and can't stand scrutiny. 5. The appraisal report does not reflect the characteristics of economic behavior or appraisal purpose, nor does it reflect the individual characteristics of the appraisal object. 6. Use inappropriate assumptions to restrict conditions and excessively evade responsibility. 7. Many appraisal reports are the key links of mortgage evaluation, and it is difficult to really help financial institutions guard against credit risks. (3) The research is lagging behind and the technical system needs to be improved. 1. Important concepts that need to be clarified in real estate mortgage valuation: * market value, liquidation value, realized value and discounted value. * Purpose of mortgage evaluation: Risk control is the last line of defense for the safety of bank financial assets. * Mortgage value: European evaluation standard, Basel II 2. Mortgage evaluation methods: advanced discounted cash flow method model, Monte Carlo method, option evaluation model and real option method. 3. Modern applied mathematics, statistics and other knowledge and tools have not been widely used. (four) the degree of informatization-transaction cases, evaluation criteria, subjectivity, etc. 1. Larger real estate appraisal institutions: gradually strengthen the informatization construction of appraisal, and accumulate many transaction cases, price indices, appraisal parameters, etc. , but generally only for internal use of the company, involving intellectual property rights, or with greater geographical restrictions and quantity restrictions, and its quality, content and reliability are quite different; 2. Large financial institutions: begin to pay attention to the collection, accumulation and collation of collateral value information, and gradually form a collateral value information database within banks; 3. Local government: release local real estate price index, housing replacement price standard, benchmark land price, etc. , but the content is very limited; 4. Real estate agency: real estate transaction information, but for the reasons of protecting trade secrets and customer privacy, it is generally not made public; 5. Real estate trading center: information is basically not released to the public; 6. Evaluate the organizational role of the industry. (V) Appraiser: knowledge structure, knowledge to master the basic knowledge of building engineering-building structure, building equipment, building decoration, project cost, building defects and quality hidden dangers. "Assumption Constraint" —— Assuming that there are no quality hidden dangers in the appraised object, this report is not responsible for the quality of the house. The highest and best use principle of architecture, engineering cost and civil building engineering —— Article 3.0. 1 (1) of the Code for Real Estate Appraisal (GB/T52091) —— The premise of changing use, rebuilding and maintaining the status quo (II) Bearing capacity of building structures: (3) Various evaluation methods: the development of real estate (land) market is unbalanced; Market method, income method, cost method and benchmark land price method; There is a big gap between the parameters and the actual situation, which can not be updated in time, and some technical problems can not be solved by real estate appraisers with solid professional skills. Technical specifications need to be updated and developed continuously. Three. Policy recommendations (1) Strengthen the construction of credit system, form a good industry environment, guide and encourage evaluation institutions and practitioners to practice in good faith, strengthen industry self-discipline, implement disciplinary mechanism, prevent moral hazard, and form a good industry environment. Only when the financial industry has confidence in the evaluation institutions can it dare to accept the evaluation services, so as to promote the healthy development of the industry and improve the credit environment of the whole society. (B) in-depth study of mortgage valuation theory, there are new innovations and breakthroughs in theory and technology, and technically guard against the types of real estate credit risk value. The most urgent problem is to keep pace with the times. Draw lessons from international advanced valuation theories and methods, and pay attention to business innovation in the financial field. For example, provide mortgage evaluation services that match the securitization of credit assets. Help banks to formulate relevant securities mortgage evaluation methods (III) * * * Promote the construction of basic database of evaluation industry and establish a standard value system of evaluation parameters. The basic database should include commercial housing and non-residential price information, land transaction price information, land benchmark land price, real estate development project information and so on. The database can be membership-based, and a large amount of bank collateral can be used for compensation. Re-evaluation: Changes in market trends (IV) Appraiser: Improve knowledge structure and improve business level. In order to meet the relevant regulatory requirements and the needs of its own steady operation, the collateral value evaluation of the financial industry has relatively independent value judgment standards and unique evaluation norms: for example, financial regulators require more training on new knowledge in the evaluation field and mortgage-related financial knowledge. The third part is the internal requirements for the evaluation institutions. The quality of mortgage evaluation report is related to the security of loans issued by financial institutions. I. Policies and regulations 1. Qualification management of appraisal industry: qualification: asset appraiser, real estate appraiser and land appraiser. Industry management departments: Ministry of Finance, Ministry of Housing and Urban-Rural Development, Ministry of Land and Resources. The evaluation qualifications of mining rights, second-hand motor vehicles and insurance are managed by Ministry of Land and Resources, Ministry of Commerce and CIRC respectively. 2. Grade of management of appraisal industry institutions (taking real estate appraisal institutions as an example): Grade I, Grade II, Grade III and Grade III qualifications within the temporary period (newly established). Appraisal scope: Real estate appraisal institutions engage in real estate appraisal activities according to law, and are not limited by administrative regions and industries. No organization or individual may illegally interfere with real estate appraisal activities and appraisal results. Management Department: Ministry of Housing and Urban-Rural Development, Construction Department of Provincial People's Government. Two. Qualification requirements and credit evaluation (1) Basic conditions: 4 (2) Special conditions: 5 (3) Credit evaluation banks adhere to the principle of "dynamic management and survival of the fittest" for cooperative intermediaries. Encourage the establishment of long-term cooperative relations with honest and high-quality evaluation institutions, and terminate the cooperative relations with evaluation institutions that do not meet the regulations and requirements of the Bank. Banks establish a conversation reminder system and a special list of intermediaries. 1. Talk reminder: 10 2. Special List: 12 Management scope: professional asset appraisal institutions such as asset appraisal, real estate appraisal and land appraisal. Management contents: identification of cooperative institutions, daily management and dynamic adjustment of annual appraisal. . . The fourth part is the internal requirements of the evaluation report. Appraisal Operation and Report Specification (1) System Standard 1. Asset appraisal: real estate: 3. Land valuation: (2) Operating principles 1. Legal ownership source, legal use, legal disposal, laws and regulations, contract agreement II. The principle of prudence is the possibility of realizing the real estate mortgage value, and the uncertainty of realizing the real estate mortgage value 3. The principle of justice (1) avoids the unintentional deviation in the evaluation process due to one-sided emphasis on the principle of prudence, thus damaging the interests of the mortgagor. (2) Blindly lowering the appraisal price may also harm the interests of the mortgagee. 4. The principle of appraisal time (1) helps the mortgagee to accurately judge the value of collateral when granting loans and realizing in the future. (2) A property may have more than two mortgages: it needs to be evaluated separately. (3) Basic conditions and report form requirements of mortgage appraisers 1. Knowledge reserve requirements: 2. Information reserve requirements: 3. Review the contents of the evaluation report form. Content Integrity Auditing Intermediary Qualification Auditing Legitimacy Validity Auditing Logical Auditing of Evaluation Report (IV) Formal Examination of Evaluation Report (Abnormal Situation) The special seal for evaluation, business and report shall be signed by one appraiser, and appraisers with different qualifications shall sign the validity period of the evaluation report: Does the appraisal institution issue a report within the validity period of the qualification certificate? Whether the report is reported within the validity period and base date: pay attention to the retrospective evaluation report, forward-looking evaluation report, ownership certification materials and their completeness, and whether the owner and mortgagor or pledger are consistent with the mortgage (pledge) registration. The purpose of logical review and evaluation of audit and evaluation reports, the consistency of value types, the premise of evaluation basis and the choice of evaluation methods; Matching of evaluation scope, object and evaluation purpose; Consistency between collateral and appraisal object II. Technical review of assessment report (1) appropriateness of technical points and methods; Accuracy of calculation process based on rationality of reliability parameters (II): Taking real estate appraisal as an example 1. Appraisal purpose: The main task of real estate mortgage appraisal is to determine the value realization ability of real estate collateral. 2. Pay attention to the realization method: (1) Transfer price: overall transfer and liquidation (only land price plus the residual value of the above-ground attachments) (2) The mortgagee obtains gains or benefits for his own use. (3) From the perspective of the future use of collateral: continue to maintain the current use and change the use. 3. Mortgage valuation: Real estate mortgage valuation is to analyze and measure the valuation around this possibility. It is necessary to fully consider the possibility of these aspects, which is the difference between mortgage valuation and other uses of real estate valuation. 4. Main evaluation methods (1) Market comparison method: conditional selection, comparable transaction examples and field investigation (2) Income method: income real estate, income, operating expenses, rate of return or capitalization rate (3) Cost method: If there is no market basis or insufficient market basis, market comparison method, income method and hypothetical development method are not suitable for evaluation, cost method can be used as the main evaluation method. Land acquisition cost, development cost, related taxes and fees, profit and depreciation. (4) Hypothetical development method: the future value, development cost, taxes and profits of real estate with investment development or redevelopment potential. (5) Benchmark land price correction method: land or real estate with an open and effective benchmark land price system. 5. Main evaluation method points (1) Market comparison method: application premise: there must be an active open market; There should be comparable assets and their trading activities in the open market. Applicable object: The real estate market is relatively developed and there are a lot of comparable real estate transactions. Comparability of selected examples: a. The reference object and the evaluated object are comparable in function, including the same or similar in use and performance; B the market conditions faced by the reference object and the assessed object are comparable, including market supply and demand, competition and trading conditions. ; C the interval between the transaction time of the reference object and the evaluation benchmark date cannot be too long. D. The transaction price of comparable examples shall not be adjusted by more than 20% each time, and the comprehensive adjustment shall not exceed 30%. (2) Income method: application premise: the expected future income of the appraised assets is predictable and can be measured in currency; The risks taken by the asset owners in obtaining the expected returns are also predictable and can be measured in money; The expected profit period is predictable. Applicable object: it has long-term stable income, a certain discount rate (capitalization rate) and predictable profit period, and is suitable for the value evaluation of commercial real estate that can make independent profits. Calculation formula: p = a/r * [1-1(1+r) n] Rationality of objective net income A (often involving the rationality of rental income and taxes) Rationality of capitalization rate R: (3) Cost method: application premise: the appraised assets are in continuous use or assumed to be in continuous use; Available historical data; The cost of forming asset value. Applicable object: the rationality of all expenses of the self-built real estate or the appraisal object that is not suitable for evaluation by other methods. (4) Hypothetical development method: application premise: the real estate value and development cost after development are predictable; Applicable object: the appraisal of real estate with investment development or redevelopment potential, which is often used for the appraisal of land to be developed, mature land to be developed and redeveloped real estate to be demolished and rebuilt. Rationality of real estate value, development cost and tax rate setting after development (5) Benchmark land price correction coefficient method: application premise: the government has published land classification and benchmark land price system, and the benchmark land price is reasonable and effective; the urban land valuation that has completed benchmark land price evaluation has benchmark land price achievement map and corresponding correction system results, and the valuation accuracy depends on the accuracy of benchmark land price and its correction coefficient, which is generally not used as the main method of parcel land price evaluation, but as an auxiliary method. The appropriateness of selecting the benchmark land price, the rationality of setting the plot ratio, matters needing attention and risk points (1) and matters needing attention in the appraisal report 1. Choose unreasonable assumption 2. Repeated calculation 3. Expand the scope of evaluation objects. The inflated plot ratio is 5. Inflated real estate rental income. Exaggerate the market value of the developed real estate. Select an incomparable transaction example as a reference (2) Risk point of the evaluation report 1. Mortgage price. Value 2. Collateral risk: (1) The mortgaged real estate must be legal, and the real estate owner can enjoy the corresponding conditions such as disposition right, income right, transferability and mortgage registration. (2) The scope of properties prohibited from mortgage: Are there any restrictions on the properties that developers have legally sold, pre-purchased commercial housing loans, properties mortgaged by * * *, properties prohibited from circulation by laws and regulations or non-transferable properties? 3. Pay attention to the following risks in the real estate appraisal for mortgage: (1) Pay attention to the expected risks. (2) Market liquidity risk. (3) Risk of loss during mortgage. (4) Other ... 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