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Criterion A4: Consistency of Underwriting (Transaction Level)
No: 44047144
Date(g): 27/12/2022 | Date(h): 4/6/1444
Status: In-Force
Effective from Jan 01 2023 - Dec 31 2022 To view other versions open the versions tab on the right
18.114
The sponsor should ensure that sellers (in their capacity of original lenders) intransactions with the conduit demonstrate to it that:
(1)
Any credit claims or receivables being transferred to or through a transaction held by the conduit have been originated in the ordinary course of the seller’s business subject to materially non-deteriorating underwriting standards. Those underwriting standards should also not be less stringent than those applied to credit claims and receivables retained on the balance sheet of theseller and not financed by the conduit; and
(2)
The obligors have been assessed as having the ability and volition to make timely payments on obligations.
18.115
The sponsor should also ensure that sellers disclose to it the timing and purpose of material changes to underwriting standards.
