In the case of (a) missing postcodes or (b) multiple post codes, and only one of these can be found in the ABS Australian Statistical Geography Standard, please use the ASGS Boundaries Online tool from the ABS: http://www.abs.gov.au/geography.
The latest information for that entity should be provided in this field. For example, if Originator A changed its name to Originator AB following a merger with another originator to the deal, Originator B, then Originator AB should be recorded for the loans from both originators.
All relevant nodes will need to be reported on a monthly basis. Loan and pool information is expected to be updated every month. Tranche data should reflect the distribution cycle of the trust. For a quarterly or semi-annual paying security, a 0 should be reported for any values in non-distribution months which would otherwise be applicable in a distribution month. For example, the Coupon Distribution field should be recorded as 0 when no coupon payment has occurred in that month. On the other hand, fields that are not applicable to the deal or tranche should be reported as ND5 (e.g. Scheduled Principal where the tranche is not a controlled amortisation bond). Deal level fields should be updated monthly for those fields that are required to be updated on a monthly basis (e.g. Report Date) or which are based on loan level data (e.g. Loans Originated). Deal level fields not related to loan data can be updated in line with distributions (e.g. Trigger State and Key Role Fee).
Timely Payment Cover (TPC) is any sort of insurance coverage provided by an insurance provider to the lender covering the timely payment of interest on loans. While standard LMI policies usually only cover the principal component of the loan, the inclusion of TPC in the policy also provides the lender with some comfort that interest payments will continue to be received, for the period as defined in the policy, even if the borrower were to default on the loan.
Please report arrears measures on an unconsolidated basis.
For RL067 if there has been no revaluation use ND5. In this instance a validation rule will check that the original property value (RL064) is equal to the most recent property value (RL067). ND5 will not be an acceptable response if these two values are not equal. For RL068 if there has been no revaluation please enter the date the property was initially valued. There is no data field for ‘original property valuation date’ so there is no repetition in this instance.
Please provide, at a minimum, the formula used to specify the debt serviceability metric and the associated threshold attached to the metric if applicable. Also provide a description of how each term in the formula is broadly defined. There is no maximum field length, though we would not expect responses to exceed 1000 characters.
For example:
Serviceability passes if: {repayments/[Income - living costs]*0.x} < 1
Followed by detailed description of how repayments, income and living costs are defined.
Please use the current valuation to calculate the scheduled LTV.
As the borrower has ceased to have an interest in the mortgaged property, option 4 (Foreclosure) should be selected.
A dwelling type which had not been previously occupied would be considered as ‘new’.
Flag the loan as ‘True’ if the loan has ever been restructured.
No, please report to 2 decimal places. To convert days of seasoning to months of seasoning, divide days of seasoning by 30.
Please use the channel used at the time the loan was initially originated. So in this example the origination channel would be ‘broker’.
If a loan was ever restructured during its life, the answer to RL046 should be ‘True’.
Yes. The date the funds from the original loan became available to the borrower.
Yes. For example if a loan has a scheduled balance of $80,000 a current balance of $30,000 and an offset account balance of $50,000, then the offset account balance is greater than the current loan balance. On the other hand, the offset account balance cannot be greater than the scheduled balance.
At the implementation date, when a bankruptcy/ discharge history is not available past 7 years prior to the loan settlement date, the RBA is willing to accept answers based on 7-year history. However, industry must begin to collect data on Last Credit Discharge Date in order to capture borrowers who have been discharged from bankruptcy within 10 years prior to the loan settlement date (as set out in the reporting guidelines). If a 7-year history is not available please refer to the 'No Data' policy in the table outlining implementation arrangements.
If an insurer assesses that the loan is ‘insurable’, the loan therefore conforms to the underwriting standards of the mortgage insurer(s) used by the lender.
The LTV at the latest approval (including approval reassessments) should be recorded in data field RL030. Should the LTV change due to other (non-approval related) reasons, this new LTV should be recorded in RL031.
Regardless of whether the loan has LMI or not, the RBA wants to know in this data field whether the loan would meet the underwriting standards of the mortgage insurer(s) usually used by the lender.
Information providers can report any metric in RL088 and RL089 that is used in assessing the borrwer's ability to service the loan, such as the net income surplus method.
Data field RL036 refers to the frequency between loan payments.
Foreclosure of a loan occurs when the borrower has ceased to have an interest in the mortgaged property. The lender has the ability to sell the collateral, is attempting to sell the collateral, or is settling the transfer of the collateral. For RL051, the foreclosure amount to specify is the total cumulative sale receipts from the properties securing the loan. Where the total cumulative amount by which the money received by the lender for selling securing properties that have been foreclosed falls short of the amount owed on the loan, this should be reported in RL053.
The amount in arrears is requested in RL055, which is the amount of principal, interest, fees and charges in arrears.
No. Only amounts that fall short of the loan amount owed should be reported in RL053.
Unless the second loan is replacing the original loan, the approved amount of both loans should be taken into consideration when calculating original LTV.
Yes, report all amounts in default.
For RL052, use the date of sale of the foreclosed property. Where there are multiple properties, record the sale date of the most recently sold property.
The most recent settlement date should be applied in the case where further approvals have been granted.
Please use the option 1. Variable rate loan set at lenders' discretion for life of the loan in this case. This option still holds true when a discount has been offered on more permanent basis.
The loan identifier should remain the same (unless the loan is discharged).
Where additional or new notes are to be issued from an existing repo-eligible trust to fund the purchase of new loans, the RBA has to be notified of the upcoming transaction prior to its execution. The full suite of templates reflecting the new note balances and the entire collateral pool should be submitted as soon as possible after the transaction has been executed.
If a loan exits the pool then limited fields for that loan must still be reported for the period in which the loan exited the pool. The fields to be reported are: RL001, RL002, RL003, RL004, RL009, RL010, RL012, RL013, RL026, RL049, RL054 and RL055. If the loan enters a new pool which is also subject to RBA reporting requirements then all loan level fields for the loan would need to be reported for the loan in its new pool. In other words, the loan would be reported for both pools: with limited fields for the old pool, and with all fields for the new pool.
The RBA will make an allowance for a small amount of missing data in information providers' reporting. This will be determined case by case.
While there are grandfathering arrangements, information providers are welcome to submit loan-level data to the RBA. Whenever a particular data field is not submitted, please use one of the six ‘No data’ (ND) options to indicate the reason.
If any proportion of a loan balance is not covered by LMI, this should be reflected on RL038. To do this, please calculate and report the ratio of the amount that is not covered by LMI to the sum of the Original Property Values of all the properties used as security for the loan (denominator in LTV calculation).
When a bankruptcy history is not available past 7 years prior to the loan settlement date, the RBA is willing to accept an answer based on 7-year history. In this situation, please mark ‘True’ if a borrower was bankrupt at any point within 7 years prior to the loan settlement date, otherwise indicate ‘False’. If a 7-year history is not available please refer to the 'No Data' policy in the table outlining implementation arrangements.
Please refer to the ‘No Data’ policy in the table outlining implementation arrangements.
When a bankruptcy/ discharge history is not available past 7 years prior to the loan settlement date, the RBA is willing to accept answers based on 7-year history. In this situation, mark ‘N/A’ if none of the borrowers to the loan have recorded a default or bankruptcy within 7 years prior to the loan settlement. If a 7-year history is not available please refer to the ‘No Data’ policy in the table outlining implementation arrangements.
For variable loans explicitly benchmarked, either temporarily or permanently, against another interest rate or index with a spread, please enter the reset frequency of the benchmark rate. For all the other loans, please enter N/A for this data field. For example, a loan explicitly benchmarked to the RBA's cash rate target with a spread should have 1 for this data field. If the cash rate change is a mere consideration in setting mortgage rate (i.e. not a benchmark), this data field should be N/A.
To address privacy concerns regarding the data field, information providers will be required to replace the actual discharge date with the first calendar date of the relevant quarter (that the discharge happened) when templates are made available to permitted users. However, the actual discharge date should still be reported to the RBA.
For non-individual borrowers (i.e. RL080 is not 1− individual), such as companies or trusts, please use ND5, not applicable, to complete these data fields.
While the complete four-digit postcode is required to be reported to the RBA for RL062 Property Postcode, the last three digits of the postcode should be redacted when the data templates are made available to permitted users. That is, the data field will have a value of ‘0’ for permitted users if the postcode in question is starting with ‘0’ (e.g. postcode 0822).
Yes. For this data field, all balances should be included.
Yes. Please use the total level of debt considered at time of most recent approval to fill out RL011.
As per the ‘No Data’ template, if certain data are not collected in the loan origination process then ‘ND1’ would be an accepted response. If the data are collected at loan origination but are not loaded into the reporting system, then ‘ND2’ would be an accepted response.
If the borrower has applied for a FHOG through the originator, ‘True’ must be reported for RL073. If the borrower did not apply for a FHOG through the originator and the originator did not identify if the borrower was a first home buyer in the application process, ‘ND1’ must be reported for RL073. ND1 should be reported for any data not collected at loan origination. If the originator has documented in the loan origination process that the borrower is not a first home buyer, ‘False’ must be recorded in RL073.
The RBA would expect information providers to report data in the loan level template at the account level. The RBA recognises that a lot of borrower information may be repeated using this method when multiple accounts are within a facility. Information providers should also be mindful that multiple accounts within a facility must share a common Group Loan ID (RL009).
If the original LTV is recorded at loan origination and initially stored in a reporting system, the RBA would expect this data to be reported for RL030. More up-to-date LTVs should be reported for RL031 (Current LTV).
Report the lien for the main security property.
The RBA is willing to accept the method that information providers choose when allocating income (including investment income) of multiple borrowers across the borrower income data fields; so long as all income used to assess the loan application is reported across the borrower income data fields.
Yes. Information providers can report any metric in RL088/089 that is used in assessing the borrwer's ability to service the loan, such as net income surplus.
Yes, if the Scheduled Balance of the loan is equal to the Variable Loan Amount, then enter the Scheduled Balance for RL040. If, however, there is any undrawn balance on the loan then this must be reflected in RL040.
Information providers are welcome to use their own internal definitions to classify loans as being in ‘Default’ or ‘Foreclosure’ so long as the classification of any such loan would not be different under the definitions provided by the RBA in the guidance notes to RL049.
The ‘No data’ 1 (ND1) option can be used in such a case since the data are not collected at the loan origination and processing stages. Please refer to the ‘No data’ policy in the table outlining implementation arrangements.
When calculating LTV for a loan included in RMBS pool, any non-securitised loan backed by the same property should be taken into consideration. That is, the LTV should be reported on a consolidated basis.
If the data are not collected at loan origination, ‘ND1’ would be an acceptable ‘No Data’ response.
The mortgage's reference interest rate is the interest rate that a borrower pays on the mortgage.
If the data are collected at loan origination but are not stored in any electronic system, ‘ND2’ would be an acceptable ‘No Data’ response.
The scheduled balance of a loan can be estimated as long as it is consistent with the description provided by the RBA in the loan-level template.
Even though certain data fields, such as Maturity Date, have a ‘static’ reporting frequency, related data should be amended when there is updated information available.
No, the RBA will not accept day ranges for this data field. The number of days in arrears must be reported.
Yes. In the absence of an external credit score the RBA will accept internal credit scores as an acceptable response.
The RBA would accept whichever score the originator deems as most appropriate in determining the credit worthiness of the applicant.
Where more than one option is applicable, please choose the option that represents the greatest portion of income.
Lien is the seniority on liquidation of the property. In the event of liquidation of a property, proceeds from the sale of the property(ies) would first be used to meet the all unpaid borrowings secured by the property(ies) to the 1st lien. To the extent that the proceeds from the sale of the property(ies) meet the borrower's obligations to the 1st lien lender, any additional proceeds from the sale of the property(ies) are made available to the 2nd lien and so on and so forth.
A loan guarantee is where the loan is secured wholly or in part by a guarantee given by a third party to the loan for the purposes of providing additional security or serviceability.
A bulk policy should be categorised as a Group (pool) insurance policy.
For the purpose of reporting to the RBA. Part-time workers should be categorised as PAYG employees and contract workers as self-employed. Part-time contract workers should be categorised as self-employed.
No. N/A will not be an acceptable answer to RL020. Regardless of whether the loan has LMI or not, the RBA wants to know in this data field whether the loan would meet the underwriting standards of the mortgage insurer(s) usually used by the lender.
No. The Unique Borrower ID must not correspond to any other sensitive identifiers such as actual account or customer numbers. The ID should be distinctive.