On April 19, official website, a Beijing online loan industry association, issued the Notice on Clearing Down Payment Loans (hereinafter referred to as the Notice), requiring members and observers of the association to clear up and stop adding down payment loans, properly digest and dispose of existing loans, and the association will organize special inspections in due course.
Some insiders told the National Business Daily that the Beijing Online Loan Industry Association stopped the down payment business mainly from the perspective of reducing financial risks and deleveraging, and also to cooperate with the macro-control of the regulatory authorities and promote the healthy development of the industry.
Many places have stopped the down payment business.
According to the notice, in order to guide and urge all members and observer institutions of the association to strictly observe the positioning of information intermediary, operate in compliance with laws and prevent various risks such as laws, compliance and operation, all institutions are required to immediately carry out self-examination and self-correction, and comprehensively clean up and stop adding "down payment" business from now on, and properly digest and dispose of existing business.
The "Notice" requires all members and observer institutions of the Association to report the business situation of "down payment loan" business, such as transaction volume, stock and number of investors, as well as self-examination and self-correction. From the date of issuance, institutions that still carry out or carry out "down payment loans" in disguise will hand over relevant clues to the regulatory authorities for disposal according to the articles of association and the industry self-discipline convention.
The so-called down payment loan, as the name implies, is the first time to buy a house and borrow money through some channels. These loans are mainly provided by intermediaries, internet financial platforms, small loan companies and guarantee companies. Due to the uncertain sources of these loans, there are certain financial risks, which have attracted the attention of the regulatory authorities.
In March, Zhou Xiaochuan, governor of the central bank, and Pan, deputy governor, respectively analyzed the risks and problems of down payment loan business of some P2P peer-to-peer lending platforms from the perspectives of exhibition industry qualification, capital source, risk disclosure, bank KYC and risk control, and made a clear statement to stop the business.
Since then, the Shenzhen Financial Office and the Internet Finance Association have issued notices to find out the down payment situation in Shenzhen, and it is strictly forbidden for enterprises to carry out highly leveraged mortgage business; On March 9, Shanghai Internet Finance Industry Association issued a notice, requiring member units to report the specific situation involving "down payment loans" or other highly leveraged mortgages as soon as possible; On the same day, the Beijing Financial Work Bureau found out the suspected high-leverage mortgage through the monitoring and early warning platform, and investigated and controlled risks; On March 25, Shanghai's new property market policy "Shanghai Nine Articles" proposed that banks should strengthen the verification of down payment for buyers. When applying for a loan, the buyer should promise that the down payment will be his own funds, and violation of the promise will be included in the public credit information service platform as an act of dishonesty.
"The down payment loan can double the leverage of the financing radius, especially in first-tier cities, which will aggravate the real estate bubble, which may eventually lead to systemic financial risks and ultimately damage the interests of investors." 9 1 Wu, co-founder of finance, told the National Business Daily that timely suspension can effectively promote industry self-discipline, and it is also beneficial to the State Council to carry out Internet finance rectification actions, and is also conducive to the state's macro-control of the real estate market.
There is no similar product on the member platform.
In fact, with the promotion of local regulatory authorities and industry associations, the down payment loan business of P2P platform has been removed one after another.
Yingcan Consulting Research Report shows that the main business of 20 P2P online lending platforms is docking down payment assets. However, after the central bank made a clear statement, 17 companies stopped the down payment related business.
It is understood that at present, the only platforms for issuing down payment products in Beijing are Search Easy Loan and Financial Management Mode. The reporter logged on the websites of these platforms on April 19 and found that similar target projects were gone. Insiders of Search Easy Loan told the reporter of National Business Daily that the platform has stopped and removed down payment related products.
The reporter also inquired about the 18 member units and 43 observer organizations displayed on the website of Beijing Online Loan Industry Association, and found that there were no similar down payment products on these platforms.
"From the understanding, the down payment business involved in Beijing is not very large, and the suspension will not have much impact on the asset side of the online loan industry." Lin Linmin, president of Yin Ke. Com said that Beijing Online Loan Industry Association stopped the "down payment loan" business mainly from the perspective of reducing the financial risks and deleveraging of the industry, and also hoped to contain and prevent risks in time, which had a positive role in promoting the healthy development of the industry.
Although there is no similar business, as a member unit, many platforms have expressed their support for the practice of Beijing Online Loan Industry Association.
Wei Wei, chairman of the Financial Workshop, told the National Business Daily that the Beijing Online Lending Industry Association issued a document stressing the need to stop the down payment business, which reflected the attitude of the online lending industry in Beijing to some extent.
Shen Zhongxiang, an analyst at the Financial Industry Research Center of Analysys think tank, believes that stopping the down payment loan business is conducive to the regulation of the whole industry, and it is essentially a ban on the irregular behavior of the industry. Of course, the measures may be a little radical, but they are still of positive significance to the standardized development of the whole industry.