Private Loan Capital Curve Into The Market Path Secret: Consumer Loan, Mortgage Loan Monitoring Still Exist Problems

Recently, the A-share market has been experiencing a rapid rise.

"Whether there may be some new off-site capital allocation or the possibility of some credit funds entering the market through special ways is being concerned by the regulatory authorities." One person close to the regulator pointed out.

The 21st century economic report reporter learned that since the rectification of over-the-counter financing in 2015, the space for bank funds to participate in secondary market transactions through structured products has been relatively limited.

However, in the process of falling market interest rates, some consumer loans and mortgage loans for individual customers have created new possibilities for some investors to raise the investment leverage of the stock market in disguised form; however, some bank people close to the regulatory level disclosed that it is still difficult to monitor and inspect the flow of such credit funds into the stock market.

How does credit enter the market

Credit funds may be becoming an "auxiliary force" in the active market of a shares.

The 21st century economic reporter has learned from many investigations that the continuous marketing and promotion of consumer loans, mortgage loans and other products of many banks are likely to lead to the inflow of credit funds into the stock market.

For example, consumer loan is one of the most commonly used leverage tools, and the credit line of consumer loan usually ranges from 200000 yuan to 500000 yuan.

"Some customers can borrow money from the stock market at least once every five years, and then they will be able to borrow money at least once every five years." Retail shares.

"After cash out of this part of funds, not only is the cost lower than the two financing, but also there is no need to maintain a guarantee ratio like the two financing, so it is more flexible. Indeed, some customers operate in this way, but this situation is beyond the control of the securities business department, because the bank securities transfer is the customer's personal behavior." A Huijin Department of securities business pointed out that.

Compared with the small-scale admission of consumer loans, mortgage operating loans have greater capital potential.

"To speculate in stocks with mortgage business loans, in a sense, is similar to that of real estate speculation. It requires customers to have a set of real estate with no loans or loans but a high proportion of net worth as collateral, and then apply for operating loans in the name of the company." A North China stock bank individual gold Department said, "because some first tier cities have higher housing prices, so the loan line converted from net worth is also very large."

"Mortgage business loans are not as small as consumer loans. They mainly follow the net value of houses. We made the largest list of tens of millions before this year." Another bank credit source also pointed out, "however, banks are more worried about the problem of excessive personal leverage. Therefore, banks will carefully check the credit of such large loans."

It is understood that mortgage loans were previously used by some loan customers to purchase houses with leverage. In the context of the resurgence of A-share trading enthusiasm, some credit intermediaries also solicited customers in the name of "entering the stock market", according to a credit intermediary.

"I've seen some loan agencies in the circle of friends send some slogans of" don't sell houses to speculate in stocks, but operate loans to help you increase positions "to attract customers. Because there are too many restrictions on real estate investment, many intermediaries have taken up the idea of stock market." A bank loan customer in Beijing said frankly.

Many people in the industry believe that the increase in the phenomenon of personal loans flowing into the stock market is mainly related to the relatively low interest rate of individual loans.

"The main reason is that after the market interest rate has dropped, the cost of consumer loans for some individuals is also falling. However, affected by the epidemic situation and other factors, the actual demand for loans such as personal consumption is not strong. On the contrary, after the stock market turns warm, the investment demand may be even greater." "People used these loans to buy houses a few years ago, but now they use these products to leverage stocks," said the credit intermediary

Challenges of effective monitoring

In view of the illegal entry of personal loan funds into the market, it has always been the difficulty of supervision.

People can control the flow of funds through the bank.

"In theory, we can monitor the flow of credit funds to a certain extent." According to an analysis of a listed stock bank, "some big data methods can be used in the inspection tools, such as whether the loan customers have large-scale bank securities transfer phenomenon after granting loans from the data."

In fact, such monitoring methods have also been used to prevent credit funds from flowing into the real estate market. According to the bank's monitoring standards, if the relevant credit funds flow back or flow into the accounts of related parties, it may be judged as abnormal flow direction.

"One of our previous customers found that the operating loans granted to him had been entrusted to pay to the customers, but it turned out that the loans flowed back to their own account from this customer. This is a typical credit backflow." "Usually in this case, we will require it to repay in advance according to the regulations," said the stock bank

But in the view of the above-mentioned credit intermediaries, similar monitoring methods are not difficult to avoid.

"Just find a third-party collection account with no related party." The above-mentioned credit intermediary explained, "another is that in the use of funds, do not let loan customers receive a large amount of cash in a short period of time, or ensure that the receipt of such cash is reasonable. However, sometimes banks will turn a blind eye, because they need to make money through lending."

Behind this difficulty, there is also the embarrassment that the division of labor among different departments cannot be effectively connected under the supervision mechanism of financial separation.

"The banks responsible for the approval and issuance of loans are supervised by the CIRC, while securities companies are supervised by the CSRC. If credit funds enter the market in this way, it is really difficult to monitor." "Moreover, it is difficult to define the specific amount of money to determine whether it is investment or consumption, because the amount of money customers can invest in increases, but more funds can be released for consumption," said the business department

In the face of similar problems, some people in the industry believe that it should be solved by upgrading technology in the future.

"In fact, we can reform the account system and learn from the decentralized mode of digital token. In this way, each bookkeeping unit is an independent individual, and the flow direction of each credit fund can be clearly checked and traceable. No matter how many third parties reverse the account, it will be seen." An IT person who provides technical services for the bank account system said.

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