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      "text": "Refer to \"Swiss mortgage loan portfolio\" in this section for more information about LTV in our Swiss mortgage portfolio",
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      "text": "We similarly apply underwriting guidelines for our Global Wealth Management Region Americas mortgage loan portfolio, taking into account loan affordability and collateral sufficiency.",
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      "text": "We actively manage credit risk in our portfolios by taking collateral against exposures and by utilizing credit hedging.",
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      "text": "The value we assign to each property is based on the lowest value determined from model-derived valuations, the purchase price, an asset value for income-producing real estate (IPRE), and, in some cases, an additional external valuation.",
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      "text": "For residential properties occupied by the borrower, the maximum LTV for the standard approval process is 80% and 60% for holiday homes and luxury real estate.",
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      "text": "Two separate models provided by a market-leading external vendor are used to derive property valuations for ORPs and IPRE.",
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      "text": "A risk limit framework is applied to the Global Wealth Management Region Americas mortgage loan portfolio. Limits are set to govern exposures within LTV categories, geographic concentrations, portfolio growth and high-risk mortgage segments.",
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      "text": "Lending secured by real estate: We use a scoring model as part of a standardized front-to-back process for credit decisions on originating or modifying Swiss mortgage loans.",
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      "text": "For our mortgage loan portfolio in the Global Wealth Management regions of EMEA and Asia Pacific, we apply global underwriting guidelines with regional variations to allow for regulatory and market differentials.",
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