FirstMac Mortgage Funding Trust 4, Series 1-2017: 26 March 2017

Another RMBS transaction from originator FirstMac, where the housing loans and the related securities have been originated by the originators in the ordinary course of their mortgage lending businesses across a range of geographic regions and demographic sectors. The housing loans have been made to Australian resident and non-resident borrowers and are secured by first ranking mortgages over residential property located in a state or territory of Australia.

The pool consists of 4,793 fully documented and insured housing loans, where the average consolidated loan size is A$365,935 and there are 55 loans of +A$1mln. Owner type: owner-occupied 62.97%, investment 37.03%. Repayment method: principal & interest 58.77%, interest only 41.23%. Rate type (by current value): floating 97.87%, fixed 2.13%. LMI Provider: Genworth 66.74% and QBE 33.26%. Regional concentration: NSW 31.32%, Victoria 25.99%, Queensland 23.27% and WA 10.07%.

CRR 405: No Originator nor any other party to the transaction undertakes to retain, either initially or on an ongoing basis, an economic interest in this transaction in accordance with the requirements of the EU Retention Rules or take any other action which may be required by investors for the purposes of their compliance with the EU Retention Rules.

Compare/contrast: FirstMac Mortgage Funding Trust 2-2016