1: Introduction
The Bank accepts loan portfolios as collateral in the Sterling Monetary Framework (SMF). To be eligible, loan portfolios need the relevant data audit Agreed Upon Procedures (AUPs) tests set out on this page to be completed by your selected third-party audit firm. The AUPs are listed in the tables below under the relevant asset class heading.
The data audit results should be completed in line with the relevant results table for the associated asset class, these can also be found linked under the relevant asset class heading. The results table should be shared with your collateral contact in both PDF and excel formats.
Please read section ‘3.1.5 Data audit’ of the Guide to Pre-positioning Loan Collateral for information on our confidence level and sampling requirements for data audits. Please also be aware of the following data audit requirements:
- all tests should be completed unless otherwise agreed with your collateral contact or are clearly not applicable to the type of loan;
- all audits must explicitly state the number of loan files in the population as well as the sample size taken (the specific number of loans alongside the statistical accuracy);
- unless otherwise agreed with your collateral contact, data should be provided on a disaggregated, sub-account basis and audited as such; and
- any field that is untested during the audit requires an explicit explanation in the report as to why this was the case.
2: Residential mortgage loans
2.1: Table of AUPs
Number | Criterion | Level of Assurance | AR Code |
|---|---|---|---|
1. | Loan Identifier, Borrower Identifier and Property Identifier | The unique loan identifier, borrower identifier and property identifier must agree to the primary system of record for the mortgage. | AR3, AR7 and AR8 |
2. | Name | All borrower names on the primary system of record for the mortgage must be agreed to:
| n/a |
3. | Address | The address on the primary system of record for the mortgage must be agreed to:
The address must be confirmed to be in England, Scotland, Wales or Northern Ireland. | n/a |
4. | Date of Birth | For owner occupied mortgages – the date of birth for the primary borrower must agree to the primary system of record for the mortgage. | AR18 |
5. | Purpose | The purpose must agree to the primary system of record for the mortgage. | AR59 |
6. | First Time Buyer | Whether the borrower is a first-time buyer must agree to the primary system of record for the mortgage. | AR22 |
7. | Income Verification | For owner occupied mortgages – unless the mortgage is clearly classified as a ‘self-certification’ mortgage, confirm whether there is any evidence of income verification or validation of affordability criteria at the time of origination. Borrower income amount at origination (primary and secondary) must be agreed to:
| AR26, AR27, AR28 and AR29 |
8. | Adverse Credit Events | The following items must be agreed to the primary system of record for the mortgage (or original credit file if the primary system of record does not store this data):
| AR31, AR32, AR33, AR34, AR35 and AR36 |
9. | Valuation | The last full valuation amount, type and date must be agreed to:
For buy to let mortgages – confirm that the valuation report included a valuer’s opinion on the suitability for buy-to-let and/or the likely rental income. The rental amount at origination must be agreed to the primary system of record for the mortgage. | AR136, AR137, AR138 and AR154 |
10. | Title | The mortgage file must be reviewed to confirm that a solicitor, licensed conveyancer or (in Scotland) qualified conveyancer was instructed in relation to the loan. | n/a |
11. | Signatures | The original mortgage application should be checked to ensure that it has been signed in the correct space. | n/a |
12. | Original Balance / Amount Advanced | The original amount advanced should be agreed to:
| AR66 |
13. | Currency | For non-Sterling mortgages – where the primary system of record can support mortgages in different currencies, the currency must be agreed to the primary system of record. | AR65 |
14. | Origination Date | The origination date must be agreed to the primary system of record for the mortgage. | AR55 |
15. | Maturity Date | The maturity date must be agreed to the primary system of record for the mortgage. | AR56 |
16. | Current Balance | The current balance must be agreed to the primary system of record for the mortgage. As per the data template definition, Current Balance should include any amounts that are secured by the mortgage and will be classed as principal. For example, if fees have been added to the loan balance and are part of the principal in the transaction, these should be added. It should exclude any interest arrears, non-capitalised arrears or penalty amounts. | AR67 |
17. | Payment Method | The repayment method must be agreed to the primary system of record for the mortgage. | AR69 |
18. | Interest Rate | The following items must be agreed to the primary system of record for the mortgage:
| AR107, AR108, AR109 and AR110 |
19. | Arrears | The value of arrears must be agreed to the primary system of record for the mortgage to a value within 1%. The number of months in arrears should be agreed to the primary system of record for the mortgage, including fractions. | AR169 and AR170 |
20. | Offset Savings Balance | For offset mortgages – the offset savings balance must be agreed to the primary system of record for the savings account. | AR102 |
21. | Maximum Balance | For mortgages with flexible re-draw facilities – the maximum loan amount potentially outstanding must be agreed to the primary system of record for the mortgage. | AR87 |
22. | Shared Ownership % | For shared ownership or shared equity mortgages:
| AR103 and AR104 |
23. | Property Type | The property type must be agreed to the original record of the valuation. | AR131 |
24. | Geographic Region | The ILT regional code must map to the postcode of the property address as per the data tape. | AR128 |
25. | EPC Rating | The current and potential EPC rating for the property should be agreed to the latest EPC certificate. Where the EPC certificate is not available, the use of the public EPC database is permitted (modelled ratings should not be used). | AR162 and AR163 |
26. | Occupancy Type | The occupancy type should be agreed to the original record of the application. | AR130 |
2.2: Results table
3: Consumer loans
3.1: Table of AUPs
Number | Criterion | Level of Assurance | AN Code |
|---|---|---|---|
1. | Loan Identifier and Borrower Identifier | The loan identifier and borrower identifier must agree to the primary system of record for the loan. | AN17 and AN18 |
2. | Originator | The originator must agree to the primary system of record for the loan. | AN3 |
3. | Name | The borrower’s name held on the primary system of record for the loan must be agreed to the original credit agreement. | n/a |
4. | Address | The borrower’s address held on the primary system of record for the loan must be agreed to the original credit agreement. The borrower’s address must be confirmed to be in England, Scotland, Wales or Northern Ireland. | n/a |
5. | Loan Purpose | The purpose of the loan must agree to the primary system of record for the loan. | AN37 |
6. | Income Verification | Unless the loan is clearly classified as a ‘self-certified’ loan, confirm whether there is any evidence of income verification or validation of affordability criteria at the time of origination. | AN25 |
7. | Borrower income | The borrower’s income must agree with the income confirmation in the files relating to each loan. This test is to be carried out at the 95/5 confidence level, and a 5% tolerance is admissible. For the avoidance of doubt, where an original record could not be found (for example, where income was automatically verified), this should be marked as N/A. Please add specific loan ID information where applicable in appendix. | AN23 |
8. | Credit Assessment | Confirm that a credit assessment of the obligor has been performed in accordance with the lending criteria extant at the time of loan origination. | n/a |
9. | Adverse Credit Events | The following items must be agreed to the primary system of record for the loan:
| AN73, AN74, AN75, AN76, AN77 and AN78 |
10. | Signatures | For each file, the original loan application should be checked to ensure it has been signed (or e-signed via signature or tick box). | n/a |
11. | Amount Advanced | The original amount advanced should be agreed to:
| AN31 |
12. | Scheduled Payment Due
| The next contractual scheduled payment due should be agreed to the credit agreement in the files relating to each loan. | AN36 |
13. | Currency | The currency must be agreed to the system of record. | AN5 |
14. | Original Term | The original term must agree to the primary system of record for the loan. | AN29 |
15. | Origination Date | The origination date must be agreed to the primary system of record for the loan. | AN27 |
16. | Maturity Date | The maturity date must be agreed to the primary system of record for the loan. | AN28 |
17. | Remaining Term | The remaining term of the loan must be agreed to the primary system of record. | AN30 |
18. | Current Principal Balance | The current principal outstanding balance must be agreed to the primary system of record for the loan. | AN32 |
19. | Current Balance (inc. Principal, Accrued Interest and Fees) | The current outstanding balance including principal, accrued interest and fees must be agreed to the primary system of record for the loan. | AN33 |
20. | Payment Type | The repayment type must be agreed to the primary system of record for the loan. | AR72 |
21. | Interest Rate | The following items must be agreed to the primary system of record for the loan:
| AN39, AN41 and AN52
|
22. | Credit Score | The bureau score value must be agreed to the primary system of record for the loan. | AN82 |
23. | Arrears Balance | The current arrears balance (less total payments received to date and any amounts capitalised) must be agreed to the primary system of record for the loan. | AN43 |
3.2: Results table
4: Corporate loans
4.1: Table of AUPs
Number | Criterion | Level of Assurance | AC Code |
|---|---|---|---|
1. | Loan Identifier, Borrower Identifier and Facility Identifier | The loan identifier, borrower identifier and facility identifier must agree to the primary system of record for the loan. | AC3, AC7 and AC10 |
2. | Originator | The originator must agree to the primary system of record for the loan. | AC4 |
3. | Borrower Name | The borrower’s name must be agreed to:
| AC8 |
4. | Borrower Country / Postcode | The country of incorporation and the postcode of the main trading office must be agreed to:
| AC11 and AC12 |
5. | Obligor Incorporation Date | The borrower’s incorporation date must be agreed to the primary system of record for the loan. | AC15 |
6. | Purpose | The purpose must agree to the primary system of record and relevant loan documentation. | AC21 |
7. | Syndicated | Confirm if the loan is shown as syndicated in the primary system of record and loan documentation. | AC23 |
8. | Loan Origination Date | The loan origination date should be checked against the primary system of record and loan facility agreement. The loan must be at least three months old. | AC29 |
9. | Loan Final Maturity Date | The loan maturity date must be agreed to the facility letter. | AC30 |
10. | Original Loan Balance | The amount advanced on the loan must be agreed to:
| AC31 |
11. | Current Loan Balance | The current loan balance must be agreed to the primary system of record for the loan. The current balance must be less than or equal to the total facility limit. | AC32 |
12. | Bank Internal Rating | Agree the current risk rating to the primary system of record. | AC37 |
13. | Last Internal Obligor Rating Review | Confirm that the date of the last internal obligor rating review in the data tape is the same as per the primary system of record. | AC38 |
14. | Industry Code | Confirm the industry code against that recorded in the primary system of record. This should also be assessed against the relevant reference (eg rating agency or NACE) provided in the data tape. | AC46, AC47, AC48, AC49 and AC50 |
15. | Bank Internal Loss Given Default (Estimate) | Agree the bank internal LGD recorded in the data tape is the same as the LGD (unstressed) agreed as per the latest internal obligor rating review on the primary loan system. | AC44 |
16. | Loan Denomination Currency | The loan currency must be agreed to the primary system of record and loan documentation. | AC51 |
17. | Principal Payment Frequency | The principal payment frequency shown in the loan tape is compared against the primary system of record and loan documentation. | AC55 |
18. | Amortisation Type | The capital amortisation type shown in the loan tape is compared against the primary system of record and loan documentation. | AC58 |
19. | Type of Loan | The debit instrument type (eg term / revolving / overdraft) must be agreed to the facility letter. | AC61 |
20. | Current Interest Rate | The current interest rate must be agreed to the primary system of record for the loan. | AC71 |
21. | Interest Rate Type | The interest rate type must be agreed to the primary system of record for the loan. | AC74 |
22. | Current Interest Rate Index | The current interest rate index must be agreed to the primary system of record for the loan. | AC75 |
23. | Current Interest Rate Margin | The current interest rate margin must be agreed to the primary system of record for the loan. | AC76 |
24. | Scheme Type | If the facility was originated under one of HM Treasury’s Covid government guaranteed loan schemes (ie BBLS, CBILS or CLBILS), confirm the scheme type against the primary system of record and loan documentation. If N/A is selected as the scheme type, confirm that either a) the facility was originated under one of the government guaranteed loan schemes and the guarantee was either cancelled by the guarantor, claimed against by the lender or terminated by either party; or b) the facility was not originated under any of these schemes. | AC90 |
25. | Principal Arrears Amount | The value of principal arrears must be agreed to the primary system of record for the loan. | AC104 |
For secured loans, the below AUPs should also be completed.
Number | Criterion | Level of Assurance | AC Code |
|---|---|---|---|
26. | Collateral Value | For security, the gross value is agreed to the value shown in the primary system and any professional valuation. For security not subject to professional valuation, the security gross value is compared against the value in the credit reporting system. | AC148, AC149, AC150 and AC151 |
27. | Collateral Sub Type | The classification of security type provided in the data tape should be confirmed against the loan documentation. | AC154 |
28. | Valuation Date | The valuation date should be agreed to that shown on the professional valuation. For security not subject to a professional valuation no procedures are performed. | AC173 |
29. | Ranking | The nature of the security should be checked against the relevant security documentation. | AC163 |
4.2: Results template
5: SME loans
5.1: Table of AUPs
Number | Criterion | Level of Assurance | AS Code |
|---|---|---|---|
1. | Loan Identifier and Borrower Identifier | The loan identifier and borrower identifier must be agreed to the primary system of record for the loan. | AS3 and AS7 |
2. | Originator | The originator must agree to the primary system of record for the loan. | AS4 |
3. | Borrower Name | The borrower’s name on the primary system of record must be agreed to:
| n/a |
4. | Borrower Postcode | The borrower’s postcode must be agreed to:
The address must be confirmed to be in England, Scotland, Wales or Northern Ireland. | AS15 |
5. | Obligor Incorporation Date | The borrower’s incorporation date must be agreed to the primary system of record for the loan. | AS18 |
6. | Syndicated | Confirm if the loan is shown as syndicated in the primary system of record and loan documentation. | AS28 |
7. | Bank Internal Rating | Agree the current risk rating to the primary system of record. | AS29 |
8. | Last Internal Obligor Rating Review | Confirm that the date of the last internal obligor rating review in the data tape is the same as per the primary system of record. | AS30 |
9. | Bank Internal Loss Given Default (Estimate) | Agree the bank internal LGD recorded in the data tape is the same as the LGD (unstressed) agreed as per the latest internal obligor rating review on the primary loan system. | AS36 |
10. | Industry Code | Confirm the industry code against that recorded in the primary system of record. This should also be assessed against the relevant reference (eg rating agency or NACE) provided in the data tape. | AS38, AS39, AS40, AS41 and AS42 |
11. | Loan Origination Date | The loan origination date should be checked against the primary system of record and loan facility agreement. The loan must be at least three months old. | AS49 |
12. | Loan Final Maturity Date | The loan maturity date must be agreed to the facility letter. | AS50 |
13. | Loan Denomination Currency | The loan currency must be agreed to the primary system of record and loan documentation. | AS51 |
14. | Original Loan Balance | The amount advanced on the loan must be agreed to:
| AS53 |
15. | Current Loan Balance | The current loan balance must be agreed to the primary system of record for the loan. The current balance must be less than or equal to the total facility limit. | AS54 |
16. | Purpose | The purpose must agree to the primary system of record for the mortgage and relevant loan documentation. | AS56 |
17. | Principal Payment Frequency | The principal payment frequency shown in the loan tape is compared against the primary system of record and loan documentation. | AS57 |
18. | Maximum Balance | The original maximum balance must agree to the facility letter. | AS59 |
19. | Amortisation Type | The capital amortisation type shown in the loan tape is compared against the primary system of record and loan documentation. | AS61 |
20. | Type of Loan | The debit instrument type (eg term / revolving / overdraft) must be agreed to the facility letter. | AS64 |
21. | Scheme Type | If the facility was originated under one of HM Treasury’s Covid government guaranteed loan schemes (ie BBLS, CBILS or CLBILS), confirm the scheme type against the primary system of record and loan documentation. If N/A is selected as the scheme type, confirm that either a) the facility was originated under one of the government guaranteed loan schemes and the guarantee was either cancelled by the guarantor, claimed against by the lender or terminated by either party; or b) the facility was not originated under any of these schemes. | AS71 |
22. | Current Interest Rate | The current interest rate must be agreed to the primary system of record for the loan. | AS76 |
23. | Interest Rate Type | The interest rate type must be agreed to the primary system of record for the loan. | AS79 |
24. | Current Interest Rate Index | The current interest rate index must be agreed to the primary system of record for the loan. | AS80 |
25. | Current Interest Rate Margin | The current interest rate margin must be agreed to the primary system of record for the loan. | AS81 |
26. | Turnover of Obligor | The data in the pool tape to be checked against the primary system of record and the latest information provided by the obligor. | AS128 |
27. | Number of Employees | The data in the pool tape to be checked against the primary system of record and the latest information provided by the obligor. | AS138 |
28. | Principal Arrears Amount | The value of principal arrears must be agreed to the primary system of record for the loan. | AS146 |
For loans secured on property, the below AUPs should also be completed.
Number | Criterion | Level of Assurance | AC Code |
|---|---|---|---|
29. | Collateral Code | The collateral code must agree to the primary system of record for the loan. | AS97 |
30. | Collateral Value (Real Estate) | For property security, the gross value is agreed to the value shown in the primary system and any professional valuation. For property security not subject to professional valuation, the property security gross value is compared against the value in the credit reporting system. | AS98 |
31. | Property / Collateral Sub Type | The classification of property type provided in the data tape should be confirmed against the loan documentation. | AS104 |
32. | Date of Updated Property Appraisal | The valuation date should be agreed to that shown on the professional valuation. For property security not subject to a professional valuation, no procedures are performed. | AS123 |
33. | Property Postcode | The property postcode should be agreed to that shown in the property valuation. For property security not subject to a professional valuation, no procedures are performed. For the purpose of this test, a postcode area is determined by the letter or letters before the first number in the postcode. | AS115 |
34. | Ranking | The nature of the security should be checked against the relevant security documentation. | AS113 |
5.2: Results table
6: Asset finance loans
6.1: Table of AUPs
Number | Criterion | Level of Assurance | AL Code |
|---|---|---|---|
1. | Lease Identifier and Lessee Identifier | The lease identifier and lessee identifier must agree to the primary system of record for the loan. | AL3 and AL8 |
2. | Originator | The originator must agree to the primary system of record for the loan. | AL4 |
3. | Borrower Name | The borrower’s name must agree to:
| AL7 |
4. | Borrower Postcode | The borrower’s postcode must be agreed to:
The address must be confirmed to be in England, Scotland, Wales or Northern Ireland. | AL16 |
5. | Obligor Incorporation Date | The borrower’s incorporation date must be agreed to the primary system of record for the loan. | AL18 |
6. | Obligor Customer Since | Confirm that the date provided in the data tape aligns to the primary system of record. | AL19 |
7. | Loan Origination Date | The loan origination date should be agreed to the primary system of record and credit / lease agreement. | AL50 |
8. | Final Maturity Date | The loan maturity date must be agreed to the primary system of record and credit / lease agreement. | AL51 |
9. | Loan Term Months | The loan term in months should be checked against the primary system of record and credit / lease agreement. | AL53 |
10. | Loan Denomination Currency | The loan currency must be agreed to the primary system of record and credit / lease agreement | AL55 |
11. | Original Loan Balance | The amount advanced on the loan must be agreed to the primary system of record for the loan and the credit / lease agreement | AL56 |
12. | Current Balance | The current loan balance must be agreed to the balance held on the primary system of record for the loan and the current balance must be less than or equal to the total drawable limit. | AL57 |
13. | Deposit Amount | The borrower’s deposit amount with the entity must be agreed to the primary system of record for the loan. | AL39 |
14. | Current Interest Rate | The current interest rate must be agreed to the primary system of record for the loan. | AL82 |
15. | Interest Rate Type | The interest rate type must be agreed to the primary system of record for the loan. | AL80 |
16. | Scheduled Payment Due | The next contractual scheduled payment due should be agreed to the credit / lease agreement in the files relating to each loan. | AL70 |
17. | Arrears Balance | The current arrears balance (less total payments received to date and any amounts capitalised) must be agreed to the primary system of record for the loan. | AL143 |
18. | Balloon Payment Amount | The balloon payment amount must be agreed to the primary system of record for the loan and credit / lease agreement. | AL69 |
19. | Scheme Type | If the facility was originated under one of HM Treasury’s Covid government guaranteed loan schemes (ie BBLS, CBILS or CLBILS), confirm the scheme type against the primary system of record and credit / lease agreement. If N/A is selected as the scheme type, confirm that either a) the facility was originated under one of the government guaranteed loan schemes and the guarantee was either cancelled by the guarantor, claimed against by the lender or terminated by either party; or b) the facility was not originated under any of these schemes. | AL75 |
20. | Industry Code | Confirm the industry code against that recorded in the primary system of record. | AL37 |
21. | Bank Internal Rating | Confirm that the last internal probability of default in the data tape is the same as per the primary system. | AL25 |
22. | Asset Type | The classification of asset type provided in the data tape should be confirmed against the credit / lease agreement. | AL121 |
23. | Year of Manufacture | The year of manufacture provided in the data tape should be confirmed against the credit / lease agreement. | AL118 |
24. | Original Valuation | The original valuation of the underlying asset provided in the data tape should be confirmed against the value shown in the primary system of record and valuation report / original invoice. | AL126 |
25. | Current valuation | The current valuation of the underlying should be checked against the primary system of record. | AL129 |
26. | New / Used | The data tape should agree with the primary system of record and the credit / lease agreement. | AL119 |
6.2: Results table
7: Social housing loans
7.1: Table of AUPs
Number | Criterion | Level of Assurance | SH Code |
|---|---|---|---|
1. | Facility Identifier, Loan Identifier and Borrower Identifier | The facility identifier, loan identifier and borrower identifier must agree to the primary system of record for the loan. | SH05, SH06 and SH09 |
2. | Originator | The originator must agree to the primary system of record for the loan. | SH04 |
3. | Borrower Name | The borrower’s name must agree to:
| SH08 |
4. | Borrower Deposit Amount | The amount held by the borrower on deposit must agree to the primary system of record. | SH12 |
5. | Geographic Region | The geographic region must agree to the primary system of record. | SH10 |
6. | Facility Name | The facility name (eg term / revolving / overdraft) must be agreed to the primary system of record and the loan facility agreement. | SH27 |
7. | Loan Origination Date | The loan origination date should be checked against the primary system of record and loan facility agreement. | SH24 |
8. | Facility Maturity Date | The loan maturity date must be agreed to the primary system of record for the loan and the loan facility agreement. | SH28 |
9. | Loan Denomination Currency | The loan currency must be agreed to the primary system of record and the loan documentation. | SH26 |
10. | Total Facility Amount | The total facility amount must be agreed to:
| SH32 |
11. | Drawn Amount | The drawn amount (current loan balance) must be agreed to the balance held on the primary system of record for the loan. The current balance must be less than or equal to the total facility amount. | SH30 |
12. | Syndicated / Bilateral Loan | Confirm if the loan is shown as syndicated in the primary system of record and the loan documentation. | SH34 |
13. | Security Trustee | The name of the security trustee (if applicable) must be agreed to the primary system of record. | SH36 |
14. | Default Grade / Risk Grade | The following must agree to the primary system of record:
| SH42, SH43, SH44 and SH45 |
15. | Last Internal Obligor Rating Review | Confirm that the date of the last internal obligor rating review in the data tape is the same as per the primary system of record. | SH46 |
16. | EUV-SH Valuation Date / Date Range | Range of valuation dates must be agreed to the primary system of record and the valuation documents. | SH85 |
17. | MVST Valuation Date / Date Range | Range of valuation dates must be agreed to the primary system of record and the valuation documents. | SH86 |
18. | EUV-SH Charged Property Valuation | Current aggregate valuation amount must be agreed to the primary system of record and the valuation documents. | SH87 |
19. | MVST Charged Property Valuation | Current aggregate valuation amount must be agreed to the primary system of record and the valuation documents. | SH88 |
20. | Minimum Asset Cover Ratio (EUV-SH) | The minimum asset cover ratio must be agreed to the primary system of record and the loan documentation. | SH71 |
21. | Minimum Asset Cover Ratio (MVST) | The minimum asset cover ratio must be agreed to the primary system of record and the loan documentation. | SH72 |
22. | Interest Rate | The following items must be agreed to the primary system of record for the loan:
| SH53, SH54, SH55 and SH56 |
23. | Amount in Arrears | The value of principal arrears must be agreed to the primary system of record for the loan. | SH95 |
7.2: Results table
8: Auto loans
8.1: Table of AUPs
Number | Criterion | Level of Assurance | AA Code |
|---|---|---|---|
1. | Loan Identifier and Corporate Identifier | The loan identifier and corporate identifier must agree to the primary system of record for the loan. | AA15 and AA16 |
2. | Originator | The originator must agree to the primary system of record for the loan. | AA3 |
3. | Name | The borrower’s name held on the primary system of record for the loan must be agreed to the paper record of the application and offer. | n/a |
4. | Address | The borrower’s address held on the primary system of record for the loan must be agreed to the paper record of the application and offer. The borrower’s address must be confirmed to be in England, Scotland, Wales or Northern Ireland. | n/a |
5. | Date of Birth | The date of birth held on the primary system of record for the loan must be agreed to the paper record of the application. | n/a |
6. | Customer Type | The customer type must agree to the primary system of record for the loan. | AA20 |
7. | Borrower Income / Revenue | For individuals, the borrower’s income must agree with the income confirmation in the files relating to each loan. For corporates, the revenue of the corporate must agree with the income confirmation in the files relating to each loan. | AA23 and AA26 |
8. | Income Verification | Unless the loan is clearly classified as a ‘self-certified’ loan, confirm whether there is any evidence of income verification or validation of affordability criteria at the time of origination. | AA25 |
9. | Product Type | The product type must agree to the primary system of record for the loan. | AA40 |
10. | Credit Assessment | Confirm that a credit assessment of the obligor has been performed in accordance with the lending criteria extant at the time of loan origination. | n/a |
11. | Adverse Credit Events | The following items must be agreed to the primary system of record for the loan:
| AA82, AA83, AA84, AA85, AA86, and AA87 |
12. | Signatures | For each file, the original loan application should be checked to ensure it has been signed (or e-signed via signature or tick box). | n/a |
13. | Original Principal Balance | The original principal balance should be agreed to:
| AA34 |
14. | Scheduled Payment Due | The next contractual scheduled payment due should be agreed to the credit agreement in the files relating to each loan. | AA36 |
15. | Currency | Where the system of record can support loans in different currencies, the currency must be agreed to the primary system of record. | AA7 |
16. | Original Term | The original term must agree to the primary system of record for the loan. | AA33 |
17. | Origination Date | The origination date must be agreed to the primary system of record for the loan. | AA31 |
18. | Maturity Date | The maturity date must be agreed to the primary system of record for the loan. | AA32 |
19. | Current Principal Outstanding Balance | The current principal outstanding balance must be agreed to the primary system of record for the loan. | AA35 |
20. | Interest Rate | The following items must be agreed to the primary system of record for the loan:
| AA42 and AA44 |
21. | Credit Score | The bureau score value must be agreed to the primary system of record for the loan. | AA91 |
22. | Account Status | The account status must agree to the primary system of record for the loan. | AA53 |
23. | Arrears Balance | The current arrears balance (less total payments received to date and any amounts capitalised) must be agreed to the primary system of record for the loan. | AA55 |
24. | Payments in Arrears | The number of payments in arrears must be agreed to the primary system of record for the loan. | AA54 |
25. | Balloon Payment Amount | The balloon payment amount must be agreed to the primary system of record for the loan and loan documentation. | AA41 |
26. | Car Manufacturer | The car manufacturer must agree to the primary system of record for the loan. | AA45 |
27. | Original List Price | The original list price at origination must be agreed to the primary system of record for the loan. | AA50 |
28. | Residual Value | Residual value at end of contract must be agreed to the primary system of record for the loan and loan documentation. | AA51 |
29. | New or Used Car | The condition of the vehicle when it went into the pool must be agreed to the primary system of record for the loan. | AA49 |
8.2: Results table
9: PFI loans
9.1: Table of AUPs
Number | Criterion | Level of Assurance | PF Code |
|---|---|---|---|
1. | Facility Identifier, Loan Identifier and Borrower Identifier | The facility identifier, loan identifier and borrower identifier must agree to the primary system of record for the loan. | PF05, PF06 and PF09 |
2. | Originator | The originator must agree to the primary system of record for the loan. | PF04 |
3. | Borrower Name | The borrower’s name must be agreed to:
| PF08 |
4. | Geographic Region | The geographic region must agree to the primary system of record for the loan. | PF10 |
5. | Facility Type | The facility type (eg term/revolving) must be agreed to the primary system of record for the loan and the loan facility agreement. | PF27 |
6. | Facility Origination Date | The facility origination date should be checked against the primary system of record for the loan and the loan facility agreement. | PF24 |
7. | Facility Maturity Date | The loan maturity date must be agreed to the primary system of record for the loan and the loan facility agreement. | PF28 |
8. | Facility Denomination Currency | The facility currency must be agreed to the primary system of record and the loan documentation. | PF26 |
9. | Total Facility Amount | The total facility amount must be agreed to the primary system of record for the loan and the loan documentation. | PF32 |
10. | Loan Drawn Amount | The drawn amount (current loan balance) must be agreed to the balance held on the primary system of record for the loan. The current balance must be less than or equal to the total facility amount. | PF23 |
11. | Syndicated / Bilateral Loan | Confirm if the deal is shown as syndicated in the primary system of record for the loan and loan documentation. | PF34 |
12. | Sector | The sector must be agreed to the primary system of record for the loan. | PF11 |
13. | Default Grade / Risk Grade | The following must agree to the primary system of record for the loan (as applicable):
| PF42, PF43, PF44, PF45, PF47, PF48, and PF84 |
14. | Last Internal Borrower Rating Review | Confirm that the date of the last internal borrower rating review in the data tape is the same as per the primary system of record for the loan. | PF46 |
15. | Minimum DSCR / LLCR | Minimum covenanted Debt Service Coverage Ratio and Loan Life Coverage Ratio must be agreed to the primary system of record for the loan and the loan documentation. | PF71 and PF72 |
16. | Actual DSCR / LLCR | Actual Debt Service Coverage Ratio and Loan Life Coverage Ratio must be agreed to the primary system of record for the loan. | PF73 and PF74 |
17. | Interest Rate | The following items must be agreed to the primary system of record for the loan:
| PF53, PF54, PF55 and PF56 |
18. | Amount in Arrears | The value of principal arrears must be agreed to the primary system of record for the loan. | PF95 |