FirstMac Mortgage Funding Trust 4, Series 2-2017: 08 October 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 (as at 30 July 2017) consists of 2,767 fully documented and insured housing loans. The pool includes 40 loans of +A$1mln, which account for 5.44% of total current value. Owner type: owner-occupied 67.54%, investment 32.46%. Repayment method: principal & interest 70.55%, interest only 29.45%. Rate type (by current value): floating 87.45%, fixed 12.55%. LMI Provider: Genworth 85.02% and QBE 14.98%. Regional concentration: NSW 38.22%, Victoria 25.79% and Queensland 24.25%.

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 1-2017