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National RMBS Trust 2018-1: 21 February 2018

Another domestic RMBS transaction from originator NAB, where the underlying pool consists of 6,092 mortgage loans. All loans were originated by NAB themselves, are 100% fully verified and are all secured by registered first ranking mortgages on properties located in Australia.

The portfolio consists of 7,006 full-doc loans, where the average loan balance is A$277,563 and the largest is for AS1.358mln. Occupancy type (by current balances): owner-occupied 79.32%, investment 20.68%. Product type: Principal & Interest 86.56%, IAR 13.29% and IAD 0.15%. Mortgage Insurer: Uninsured 86.69%, QBE 8.99% and Genworth 4.32%. The WA current LVR is 57.02%. Regional concentration: Victoria 36.75%, NSW 32.93%, Queensland 15.32% and Western Australia 7.29%.

CRR 405: NAB (as sponsor) will undertake to hold, in accordance with the CRR, a net economic interest in this securitisation transaction. As at the Closing Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the aggregate principal balance of the securitised exposures in accordance with paragraph 1(d) of Article 405 of the CRR.

Compare/contrast: National RMBS Trust 2016-1, FirstMac Mortgage Funding Trust 4, Series 3-2017