Progress 2020-1: 04 October 2020
Another RMBS transaction from AMP Bank, where the mortgage loans will be sourced from a pool of loans originated by the originator (or previously acquired by the originator from the other permitted originators). AMP Financial Services provides a range of products and services to customers in Australia and New Zealand. These products and services are primarily distributed through self-employed financial planners and advisers.
Eligibility criteria (includes): the loan must have been fully drawn prior to the cut-off date; must be secured by a valid and enforceable first ranking registered mortgage over the debtor’s residential property or properties; the LVR of the mortgage loan must be less than or equal to 95%; the loan must be covered by a Mortgage Insurance Policy; is not a construction loan; must be denominated in A$; must not be Delinquent for more than 30 consecutive days.
At the cut-off date the portfolio consists of 3,202 unconsolidated mortgage loans (2,280 consolidated split loans) secured by a first ranking mortgage over 2,387 residential properties located in Australia. There are no Lo-doc loans in the portfolio. The average loan part balance is A$438,584 and the largest loan in the pool is for A$1.041mln. Occupancy: Owner Occupied – 75.22%, Investment - 24.78%. Interest type: variable - 82.27%, fixed – 17.73%. Amortisation type (by current balance): P&I - 88.16%, interest-only - 11.84%. Insurance provider: Not insured – 49.18%, QBE – 31.62% and Genworth – 19.20%. The WA current LVR is 66.49% and WA seasoning is 32.33 mnths. Regional concentration (by balance outstanding): New South Wales - 44.95%, Victoria - 25.36%, Queensland - 13.34% and Western Australia -9.42%.
EU Securitisation Regulation: On the Closing Date and thereafter for so long as any Notes remain outstanding, AMP Bank Limited will, as an “originator” for the purposes of Regulation (EU) 2017/2402, retain a material net economic interest of not less than 5% in this securitisation transaction in accordance with the text of Article 6(1) of the EU Securitisation Regulation.
Compare/contrast: Progress 2019-1 Trust