PET - Plain English Taxonomy

Label: Financial Risk Credit Claims Secured Against Non Standard Eligible Residential Mortgages No Mortgage Insurance Amount
TREF ID: DE8154
Data Type: xbrli:monetaryItemType
Period Type: instant
Balance Type: debit
Business Description & Guidance:
This is the value, as at the relevant date, of loans and all other claims secured against non-standard eligible residential mortgages, and which are not insured with an acceptable Lenders Mortgage Insurer (LMI). For the purposes of this item, lenders mortgage insurance must provide cover for all losses up to at least 40 percent of the higher of the original loan amount and outstanding loan amount. An acceptable LMI must meet APRA's requirements or those of the overseas host supervisor, as detailed in relevant prudential standards.For the purposes of this item, the repayment of funds advanced must have been secured through a non-standard eligible residential mortgage to satisfy the debt in the case of default by the borrower, as determined in accordance with relevant prudential standards.A non-standard eligible mortgage is an eligible mortgage that does not meet the requirements of a standard eligible mortgage, as detailed below.A standard eligible mortgage is defined as a residential mortgage where the reporting party has:- prior to loan approval and as part of the loan origination and approval process, documented, assessed and verified the ability of the borrowers to meet their repayment obligation;- valued any residential property offered as security; and- established that any property offered as security for the loan is readily marketable.The reporting party must also revalue any property offered as security for such loans when it becomes aware of a material change in the market value of property in an area or region. 

Usage
Form Labels
Label:
Claims secured against non-standard eligible residential mortgages, and which are not insured with an acceptable Lenders Mortgage Insurer (LMI)