KBRA Assigns Ratings to Shamrock Residential 2024-1 DAC
11 Dec 2024 | Dublin
KBRA Europe (KBRA) assigns ratings to six classes of notes issued by Shamrock Residential 2024-1 DAC. The transaction is a static RMBS securitisation collateralised by predominantly reperforming mortgage loans (RPL). The underlying collateral consists of a 304 million mixed portfolio of seasoned first lien performing and re-performing mortgages a majority of which are secured by owner occupied (78.1%) properties. 6.9% of the portfolio is secured by commercial properties. The vast majority (99.99%) of the loans are secured by properties located in Ireland.
The Shamrock 2024-1 portfolio was originated mainly by Permanent TSB, Allied Irish Banks Plc and EBS DAC (EBS), while the remaining (26.8%) was originated by multiple originators, the largest of which accounts for 11.9% of the portfolio.
The loans are serviced by Mars Capital Finance Ireland DAC and BCMGlobal ASI Limited. Everyday Finance DAC (Everyday) will be the master servicer for 15.24% of the portfolio where BCM are the primary servicer (together with Mars Capital and BCM, the Servicers).
The Servicers have a meaningful number of years of experience servicing performing and re-performing loans and implementing restructuring solutions to loans deep in arrears, secured by owner-occupied properties, as per the Code of Conduct on Mortgages in Arrears (CCMA) and the Mortgage Arrears Resolution Process (MARP).
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