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- David Newman
- viesturs.lenss (Unlicensed)
- Maxwell Gillmore (Unlicensed)
- Lucy Opsitnik (Unlicensed)
- Michael
- Lynn Calahan [X] (Unlicensed)
- Jennifer Bond-Caswell (Unlicensed)
Agenda
FIBO Loans FCT Meeting Agenda_022516.doc
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6) For next week.
Proceedings
20160225 FIBO-Loans FCT
DW: introducing new person: Marc Alvarez, will be doing bonds and debt instruments, sat in on SEC meetings. Reporting now. This FCT is in earlier stage. Asked Marc to sit in on our FCT.
Regulatory reporting and compliance. Creating data architecture, date models, fixed income key. Published some books on data modeling. Looking forward to doing bonds one more time.
Lynn showing updated spreadsheet, reorganized, also includes status. Going through the items one by one, making sure status is updated.
Jennifer: let’s look at definitions of Conforming and Conventional loans. DN: convention, don’t use the names of the properties and classes in the text definitions.
MU to check with EK or whoever Also my convention of using e.g. in a definition.
Lenss: number of entries. LC: not reviewed yet, will come back to it.
MU: change nonPrimary to ‘subordinate’ for LienPosition instance.
MG: is this synonymous to seniority? LC: only with respect to underlying asset.
Lenss: … never mind
Pre-Approval: to be updated, see spreadsheet Also change name to not have dash.
PropertyAppraisal: correct spelling error. logicial
Ø completed the status updates
NOW go back to review process. Start with ReverseMortgageLoanContract.
MG: did some research on this, asked other folk. From Australia point of view, the interested is capitalized.
MU: what does that mean? MG: no pay interest, just added to principal. LC: analogous when not pay CC balance, keeps compounding?
LC: difference between reverse mortgage and evergreen? MG: difference. Evergreen means no termination date, there is a review date and it can go on. A reverse mortgage explicitly has a date. Consumer protection wary of these loans, easy to misunderstand. Need better exposure statement. Expectation that house is sold to pay off loan. But a bit vague, the term ‘reverse mortgage’ more of a product category that having a precise legal definition. Legalities change, name stays the same.
MU: can we have core definition that is stable? LC: lets add idea of capitalizing interest. ‘reverse’ a bit vague. Can we make this more clear? MG: aside for MU, people usually pay $ to get house, now using house to get $.
Lenss: notion of interest capitalized, is that accurate? Interest added to principal balance. LC: that is saying the same thing. Negative curtailment.
MU: reverse is like closed ended, i.e. credit limit? MG: not quite, Lenss: idea is fixed length of time.
MG: MortgageLoanContract should be subclass of SecuredLoanContract. MU: it is inferred, LC demoed it along with the explanation.
MG: I like this inference, not so much like looking at the asserted hierarchy. MU: agree.
LC: credit report, is not a document, is an information-bearing object. MG: there is notion of creditworthiness. The report reports on it. There is credit enhancement, which is to get the credit status to be satisfactory. MU: creditworthiness is something that is measured, has a value. MG: this goes well beyond loans, part of risk itself credit report is represent of information on a borrower. Credit risk is about past history of borrower.
MG: do not conflate with concept of lending, there are more general concepts about risk, e.g. Basel. LC: types of risk.
MU: lets nail the key ideas. credit report, capacity to pay, 3rd piece is the appraisal.
MG: which relates to credit enhancement. Concept of credit risk, and of credit risk mitigation,
Lenss: reminds me of the diagram for key things about loans.
LC: I will pull out that picture, and start next time looking at credit next time.
TODO:
1. MU to check with EK or whoever about conventions for writing definitions. Specifically:
a. how and when to refer to other classes and properties. For example, a property is often defined relative to one or more classes. Classes are often defined in terms of other classes.
2. Ontology:
a. change nonPrimary to ‘subordinate’ for LienPosition instance.
b. see other changes in the updated annotations spreadsheet.
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Decisions
Action items
- Michael MU to check with EK or whoever about conventions for writing definitions
.Jira Legacy showSummary false server jira.edmcouncil.org serverId 6465cde0-d6c9-34a0-a506-4d4ac3461fe5 key LOAN-68
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