Mortgage participation certificates with mortgage coverage “Ratio - mortgage coverage. Mortgage coverage Mortgage housing: what can you buy on credit

On December 24, 2014, the Central Bank of the Russian Federation (Bank of Russia) registered the rules for trust management of mortgage coverage "Ratio - Mortgage Coverage" - under the management of the Closed Joint Stock Company "Management Company "Ratio-Capital".

Mortgage participation certificate (MCC) is a registered security certifying its owner’s share in the right of common ownership of the mortgage coverage, the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to receive funds received in fulfillment of obligations, the requirements for which are mortgage coverage, as well as other rights provided for by Federal Law No. 152-FZ “On Mortgage Securities” dated November 11, 2003.

Mortgage coverage "Ratio - mortgage coverage" consists of the claims included in the register of mortgage coverage for obligations secured by a mortgage, provided for by credit agreements and loan agreements, including those certified by mortgages, funds received in fulfillment of obligations, the requirements for which constitute mortgage coverage, or in in connection with the foreclosure of the debtor's property in the event of non-fulfillment or improper fulfillment of such obligations, mortgage participation certificates certifying a share in the right of common ownership of the mortgage coverage, which is managed by other managers of the mortgage coverage.

Documents, messages, reporting

Here you can familiarize yourself with documents, messages and reports related to the trust management of mortgage coverage "Ratio - Mortgage Coverage".

Mortgage coverage

a set of claims secured by a mortgage for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements, which serves to ensure the issue of mortgage-backed securities.

Terminological dictionary of banking and financial terms. 2011 .

See what “Mortgage coverage” is in other dictionaries:

Mortgage coverage- can only constitute claims secured by a mortgage for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements, including those certified by mortgages, and (or) mortgage participation certificates certifying... ...

Mortgage coverage- rights of claim under loan agreements secured by mortgages. a set of claims secured by a mortgage for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements, which serves to secure the issue... ... Mortgage. Glossary of terms

Mortgage Basic terms Mortgage Mortgage securities Securitization Market participants Borrower Mortgage broker Bank Insurance company Service agent Appraisal company Rating agency Mortgage agencies: AHML Fannie Mae ... Wikipedia

Mortgage cover register- Accounting for claims and other property constituting the mortgage coverage is carried out by maintaining a register of mortgage coverage. Information about claims and other property constituting mortgage coverage is entered into the mortgage coverage register with... ... Vocabulary: accounting, taxes, business law

Housing Mortgage Lending Agency- For the first time, the concept of the Agency’s activities was developed on the initiative of the Ministry of Finance of the Russian Federation and the State Committee of the Russian Federation for Construction and Housing and Communal Sector in 1995-1996. The work was carried out by the united working team... ... Housing Encyclopedia

A registered security certifying its owner’s share in the common ownership of the mortgage coverage, the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to receive funds, ... ... Wikipedia

Financial Dictionary

Mortgage participation certificate- a registered security certifying its owner’s share in the right of common ownership of the mortgage coverage, the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to receive funds,... ... Official terminology

Mortgage participation certificate- a security that gives its holder the right to receive a share of financial proceeds from a pool of securitized mortgage assets. a registered security certifying its owner’s share in the right of common ownership of the mortgage coverage,... ... Mortgage. Glossary of terms

Mortgage participation certificate- A registered security certifying its owner’s share in the right of common ownership of the mortgage coverage, the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to receive funds,... ... Vocabulary: accounting, taxes, business law

On November 11, 2003, in connection with the entry into force of the Federal Law “On Mortgage Securities,” new financial instruments appeared on the Russian financial market - mortgage securities. It cannot be said that this is a completely new type of paper - covered bonds and various certificates have been used by investors for quite some time in their activities in the securities market. However, there is a fundamental difference: these securities are derivatives of mortgage activity, and without further development of mortgages they are unlikely to become full participants in the stock market.

The law defined two types of mortgage-backed securities.

Mortgage-backed bond

- is a bond, the fulfillment of obligations under which is secured by the mortgage collateral.

Mortgage participation certificate

- this is a registered security certifying the share of its owner in the right of common ownership of the mortgage coverage, as well as the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to funds received in fulfillment of obligations, the claims for which constitute the mortgage coverage, and as well as other rights provided for by the Federal Law “On Mortgage Securities”.
Before you understand what these securities are, you need to understand what mortgage coverage is.

Mortgage coverage

- claims secured by a mortgage for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements and (or) mortgage participation certificates certifying the share of their owners in the right of common ownership of another mortgage, funds in the currency of the Russian Federation or foreign currency, as well as government securities and real estate acquired (retained) by the issuer in the event of foreclosure in the event of non-fulfillment or improper fulfillment of the obligation secured by the mortgage.

The mortgage coverage may only include those requirements that comply with the terms of the current legislation, namely:

the amount of debt under an obligation secured by a mortgage under one agreement or mortgage must not exceed 70% of the value of the real estate that is the subject of the mortgage, as determined by an independent appraiser;
the mortgage agreement providing the relevant requirements must not provide for the possibility of replacement or alienation by the mortgagor of the mortgaged real estate that is the subject of the mortgage without the consent of the mortgagee;
property pledged to secure the fulfillment of the corresponding obligation must be insured against the risk of loss or damage in favor of the creditor under the obligation secured by the mortgage during the entire period of its validity, and if the debtor under the obligation secured by the mortgage is an individual, his life and health are necessary also insure for the entire duration of the obligation in favor of an individual. The insured amount must be no less than the amount (amount) of the claim secured by the mortgage;
The subject of the loan agreement, which is secured by a mortgage, can only be funds.

In addition, the share of claims secured by a pledge of unfinished real estate should not exceed 10% of the total mortgage coverage, which is determined by summing the size of the claims, the amount of cash and the value of other property owned by the issuing enterprise.

Only credit institutions and mortgage agents can issue mortgage-backed bonds (certificate of participation not issued by the Central Bank).

Everything is clear with credit institutions that issue mortgage-backed bonds. They are obliged to fulfill the requirements of the Central Bank of the Russian Federation established in accordance with federal laws, as well as comply with additional mandatory standards (ratio of assets and liabilities), the amount and methods for determining which are established by the Central Bank of the Russian Federation.

But a mortgage agent is a new participant in the securities market who bases his activities solely on the acquisition of claims on credits (loans) secured by mortgages and (or) mortgages that can be received by him on the basis of a purchase and sale agreement, exchange, assignment (assignment of claim), another transaction on the alienation of this property, including those related to the payment of the authorized capital (shares) of the mortgage agent with this property, as well as as a result of universal legal succession.

The legal requirements for a mortgage agent are quite strict. This rigidity implies a reduction in financial risks and abuses in the activities of a new participant in the securities market. It all starts with the fact that the type of activity of a mortgage agent - the acquisition of claims on credits (loans) secured by a mortgage - is exclusive. He may have civil rights and obligations necessary to carry out these activities, including issuing mortgage-backed bonds, bear obligations to third parties related to the issuance and fulfillment of obligations under mortgage-backed bonds, as well as ensuring the activities of a mortgage agent . It is prohibited to enter into paid contracts with individuals and carry out types of business activities not provided for by law. Violation of this requirement serves as the basis for the federal executive body in charge of the securities market to apply to the court with a demand to liquidate the mortgage agent.

The agent is registered only in the form of a joint stock company. An exhaustive list of activities, enshrined in current legislation and necessarily prescribed in the charter, cannot be changed or supplemented.
A mortgage agent has no staff.
The powers of the sole executive body of the mortgage agent must be transferred to a commercial organization, and the maintenance of accounting records of the mortgage agent must be transferred to a specialized organization, and the combination of these functions in a single person is prohibited.

Following the Law “On Mortgage Securities” (the practice is insignificant today), the mechanism of activity of a mortgage agent is as follows:

A group of persons (both legal entities and individuals), creating a specialized mortgage organization, makes cash, mortgage claims (including participation certificates), as well as other property as a contribution to the authorized capital of the joint-stock company in accordance with current legislation.
At the first general meeting, shareholders appoint a sole executive body and a specialized organization to maintain accounting records.
As a result of its activities, enshrined in the charter, the mortgage agent, on the basis of purchase and sale agreements, exchange, assignment, and so on, acquires claims for credits (loans) secured by a mortgage from third parties.
Issues bonds, guided by the Federal Law “On the Securities Market” dated April 22, 1996 No. 39-FZ, with a total nominal value of no more than the cost of mortgage coverage minus interest on bond payments. At the same time, the amount of payments on mortgage-backed bonds should not exceed the amount of payments received to fulfill obligations, the requirements for which constitute the mortgage coverage of such bonds.
The funds received from the sale of bonds, in turn, are used exclusively to purchase claims on credits (loans) secured by mortgages and (or) mortgages, as well as to pay for the services of the sole executive body and a specialized organization.

Of course, this activity is not without its drawbacks. Firstly, the yield on mortgage-backed bonds will be lower than on claims secured by a mortgage, since there are additional costs for issue, management and maintenance of the register, accounting support and taxes. Secondly, in order to maintain profitability at the level of the primary mortgage, it is necessary to obtain additional profit, and this, with activities strictly regulated by law, can only be the acquisition of mortgage claims at prices significantly lower than their market value, which in today’s undeveloped market is at least unreasonable for the seller ( except in circumstances of force majeure).

But not everything is so bad, there are some positive aspects:

averaged “spread out” risk across various mortgage requirements;
mortgage loan rates are falling, which means that bonds with earlier mortgage coverage (on a previously issued loan) can be more profitable than the same deposit in a bank today, and less risky, which is much more attractive for investors;
The mortgage loan market is developing, which means that competition is growing among sellers who want to exchange “tomorrow’s” money for “today’s”, albeit in a smaller amount.

The following is indisputable: the sharp corners, shortcomings and rough edges, which are visible even from the first reading of the Federal Law “On Mortgage-Based Securities” of November 11, 2003, will be smoothed out as a result of practical application, securities market participants will receive additional and, hopefully, reliable financial instrument, and investors - an intermediary for the profitable placement of their funds in the person of a mortgage agent.

rights of claim under loan agreements secured by mortgages.

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"Mortgage Covering" in books

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From the book Banking Law. Cheat sheets author Kanovskaya Maria Borisovna

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The Federal Law on Mortgage-Based Securities regulates relations arising during the issuance, issue, delivery and circulation of mortgage-backed securities, with the exception of mortgages, as well as during the fulfillment of obligations under these mortgage-backed securities.

Mortgage-backed securities are divided into two types:

1) mortgage-backed bond,

2) mortgage participation certificate.

The Federal Mortgage Securities Act introduced the concept of mortgage coverage for the first time.

Mortgage coverage is property, including claims, which are foreclosed on in the event of non-fulfillment or improper fulfillment of obligations certified by a mortgage-backed security. There are certain requirements for the property that constitutes the mortgage collateral.

Mortgage coverage can only consist of claims secured by a mortgage for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements, including those certified by mortgages, and (or) mortgage participation certificates certifying the share of their owners in the right of common ownership of another mortgage coverage , funds in the currency of the Russian Federation or foreign currency, as well as government securities and real estate that meets the requirements of the Federal Law on Mortgage-Based Securities.

The same property, including claims on the same obligations, can be included in only one mortgage coverage. Mortgage participation certificates cannot be part of the mortgage coverage, the share in the right of common ownership for which they certify. There are specific requirements for the mortgage coverage of one or another type of mortgage-backed securities. In order to ensure the interests of owners of mortgage-backed securities, records are kept of claims and other property constituting the mortgage coverage. Accounting for claims and other property constituting the mortgage coverage is carried out by maintaining a register of mortgage coverage.

Foreclosure of claims and other property constituting the mortgage coverage of bonds, including their sale, is carried out in the manner prescribed by Federal Law No. 102-FZ of July 16, 1998 “On Mortgage (Pledge of Real Estate)”, taking into account the specifics established by the Federal Law on mortgage-backed securities. How the foreclosure of claims and other property constituting the mortgage coverage of mortgage participation certificates is carried out is not regulated by law. However, it can be assumed that the rules should be established generally, taking into account the specifics provided for in the Federal Law on Mortgage-Based Securities relating to mortgage participation certificates.

A mortgage-backed bond is an issue-grade security, the fulfillment of obligations under which is secured by the pledge of mortgage coverage.

There are a number of features of mortgage-backed bonds that distinguish this type from other securities.

The fulfillment of obligations under mortgage-backed bonds is ensured by the pledge of mortgage coverage from the moment the rights to such bonds arise with their first owner. A mortgage-backed bond gives its owner all the rights arising from the mortgage security. With the transfer of rights to a mortgage-backed bond, all rights arising from the pledge of mortgage coverage are transferred to the new owner (acquirer). The transfer of rights arising from the mortgage collateral without the transfer of rights to the mortgage-backed bond is invalid.

This security certifies the rights of its owner to receive from the issuer its price (face value) within a specified period, as well as interest on it, the amount of which is determined by the decision to issue mortgage-backed bonds.

The issue of mortgage-backed bonds can only be carried out by mortgage agents and credit institutions. The subject of activity of a mortgage agent can only be the acquisition of claims for credits (loans) secured by a mortgage and (or) mortgage; a mortgage agent cannot have a staff; there are also a number of other requirements that limit their activities.

Owners of mortgage-backed bonds have the right to demand from their issuer early repayment of such bonds in the event that the amount of liabilities on outstanding mortgage-backed bonds exceeds the amount of the mortgage coverage of the bonds; the established procedure for replacing the property constituting the mortgage coverage has been violated; the established conditions ensuring the completeness and timeliness of fulfillment of obligations under mortgage-backed bonds have been violated, and (or) the issuer of such bonds carries out business activities or carries out transactions that are not permitted to it, as well as in other cases provided for by the decision to issue mortgage-backed bonds.

If an arbitration court makes a decision to recognize the organization issuing mortgage-backed bonds as insolvent (bankrupt) and to open bankruptcy proceedings, the property constituting the mortgage coverage, the pledge of which secures the fulfillment of obligations under the mortgage-backed bonds, is excluded from the property of the said organization constituting the bankruptcy estate. . The claims of creditors who own mortgage-backed bonds are not included in the register of creditor claims of the organization issuing the said bonds.

A mortgage participation certificate is a registered non-issue security certifying its owner’s share in the right of common ownership of the mortgage coverage, the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to receive funds received in fulfillment of obligations, the claims for which constitute a mortgage coverage, as well as other rights provided for by the Federal Mortgage Securities Act. Unlike a bond, a mortgage participation certificate has no face value.

Features of mortgage participation certificates:

The issuance of mortgage participation certificates can only be carried out by commercial organizations that have licenses to carry out activities related to the management of investment funds, mutual funds and non-state pension funds.

The issuance of mortgage participation certificates is carried out to the person who owns the rights of claim constituting the mortgage coverage. Each mortgage participation certificate certifies the same amount of rights, including an equal share of the common ownership of the mortgage security.

Owners of mortgage participation certificates bear the risk of non-fulfillment or improper fulfillment of obligations, the requirements for which constitute mortgage coverage.

The issuance of mortgage participation certificates is the basis for the emergence of common shared ownership of the owners of mortgage participation certificates for the mortgage coverage under which they are issued, and the establishment of trust management of such mortgage coverage. Common shared ownership of the mortgage coverage arises simultaneously with the establishment of trust management of this mortgage coverage.

Trust management of mortgage coverage is established by concluding a trust management agreement for mortgage coverage. This agreement is a contract of adhesion. Joining a mortgage cover trust management agreement is carried out by purchasing mortgage participation certificates issued by the mortgage cover manager. The mortgage coverage manager carries out trust management of the mortgage coverage by receiving (accepting) payments for obligations, the requirements for which constitute the mortgage coverage, transferring (payments) to the owners of mortgage participation certificates of funds at the expense of these payments, ensuring the proper fulfillment of the obligations, the requirements for which constitute the mortgage coverage , including foreclosure on the debtor’s property, including that pledged as security for these obligations, in the event of failure to fulfill or improper fulfillment of such obligations, as well as by performing other related actions that do not contradict the Federal Law on Mortgage-Based Securities and the rules of trust management of mortgage coverage. The mortgage coverage manager has the right to issue mortgage participation certificates only subject to the registration by the federal executive body for the securities market of the rules for trust management of the mortgage coverage, the share in the common ownership of which these certificates certify.

The income of owners of mortgage participation certificates is cash payments received from borrowers, minus fees to the trustee and the bank servicing mortgage loans.

Rights certified by a mortgage participation certificate are recorded in non-documentary form.

The number of mortgage participation certificates certifying the share in the right of common ownership of the mortgage coverage is indicated in the rules of trust management of this mortgage coverage.

The issuance of securities derived from mortgage participation certificates is not permitted.

Mortgage participation certificates are freely circulated, including through trade organizers on the securities market.

Accounting of rights to mortgage participation certificates is carried out on personal accounts in the register of owners of mortgage participation certificates. Register of owners of mortgage participation certificates - a system of records about mortgage participation certificates issued in accordance with the relevant rules of trust management of mortgage coverage, about the total number of issued and redeemed mortgage participation certificates, about the owners of mortgage participation certificates and about the number of mortgage participation certificates they own, about nominee holders, about other registered persons and the number of mortgage participation certificates registered on them, as well as records of the acquisition, transfer, encumbrance or redemption of mortgage participation certificates. Only a legal entity that has a license to carry out professional activities in the securities market to maintain a register of owners of registered securities has the right to maintain the register of owners of mortgage participation certificates. The mortgagees of this property and data about them provided for by the Federal Law “On State Registration of Rights to Real Estate and Transactions with It” are established on the basis of data from the personal accounts of owners of mortgage certificates of participation in the register of owners of mortgage certificates of participation and depository accounts of owners of mortgage certificates of participation.

The mortgage coverage of mortgage participation certificates may only include claims on obligations secured by a mortgage, mortgage participation certificates certifying a share in the right of common ownership of another mortgage coverage, and funds received in connection with the fulfillment of obligations, the claims for which constitute mortgage coverage, circulation collection of such claims and fulfillment of obligations under mortgage participation certificates constituting the mortgage coverage. Replacement of claims and other property constituting the mortgage coverage of mortgage participation certificates is not permitted.

The claims and other property constituting the mortgage coverage are the common property of the owners of the mortgage participation certificates and belong to them by the right of common shared ownership. The division of the property constituting the mortgage coverage and the allocation of a share in kind from it are not allowed. A condition of the trust management agreement for mortgage coverage is the refusal of an individual or legal entity to exercise the preemptive right to acquire a share in the right of common shared ownership of the property constituting the mortgage coverage. In this case, the corresponding right is terminated.

Claims and other property constituting the mortgage coverage are separated from the property of the mortgage coverage manager, the property of owners of mortgage participation certificates, property constituting other mortgage coverage that is in the trust management of the said manager, as well as from other property that is in trust management or for other reasons. from the specified manager. The property constituting the mortgage coverage is accounted for by the mortgage coverage manager on a separate balance sheet, and independent accounting is maintained for it. For settlements on transactions related to the trust management of mortgage coverage, a separate bank account (separate bank accounts) is opened, and to record rights to securities constituting the mortgage coverage, separate custody accounts are opened.

For the debts of owners of mortgage participation certificates, including in the event of their insolvency (bankruptcy), foreclosure on the property constituting the mortgage coverage is not permitted. For the debts of owners of mortgage participation certificates, foreclosure is applied to their mortgage participation certificates. In the event of insolvency (bankruptcy) of the owners of mortgage participation certificates, the mortgage participation certificates belonging to them are included in the bankruptcy estate.

If mortgage participation certificates constitute the mortgage coverage of other mortgage participation certificates and belong to their owners on the right of common ownership, the debts of such owners are foreclosed on and, accordingly, mortgage participation certificates certifying a share in the common ownership of such mortgage coverage are included in the bankruptcy estate. .

If the manager of the mortgage coverage is declared insolvent (bankrupt), the property constituting the mortgage coverage is not included in the bankruptcy estate. If the mortgage coverage manager is declared insolvent (bankrupt) or the license of the mortgage coverage manager is revoked, the property constituting the mortgage coverage is subject to transfer into trust management of a state management company determined in accordance with the legislation of the Russian Federation on the investment of pension savings. The specified trust management is established due to the need for constant management of mortgage coverage in the interests of ensuring the rights of owners of mortgage participation certificates. The conclusion of a new trust management agreement for mortgage coverage is not required.

Accounting and storage of the property constituting the mortgage collateral, as well as control over the disposal of this property, is carried out by a specialized depository, unless otherwise provided by the Federal Law on Mortgage-Based Securities. A specialized depository must be a commercial organization that has a license to carry out the activities of specialized depositories of investment funds, mutual funds and non-state pension funds and a license to carry out depository activities in the securities market.

The property constituting the mortgage coverage is accounted for by a specialized depository by maintaining a register of mortgage coverage.

Issuers of mortgage-backed bonds are required to disclose and provide information about mortgage-backed bonds in accordance with the Federal Law “On the Securities Market”, taking into account the requirements of the Federal Law on Mortgage-Backed Securities.