Agreement on common data attributes also necessitates an agreement on their definitions. During the process of identifying attributes for retail mortgages, definitions were sourced from either the respective jurisdictional frameworks or third-party sources where existing definitions did not meet the needs of the respective reporting requirements.
These definitions are solely to inform the data attributes of the POC and are not reflective of the actual prescribed definitions found in either reporting regime. However, it is intended to illustrate the exercise of agreeing to a definition “in principle” for the modelled attributes, as well as to highlight the importance in a cross-border context of definitions that are applicable in other jurisdictions for similar products. Converging on a common understanding of products and their definitions is an important step towards normalising their use in a standardised manner.
Ellipse POC definition
Unique identifier (ID) for each loan: the loan ID should not change through the life of the transaction, if the original loan ID cannot be maintained in future in this field enter the original ID followed by the new ID
The reason for taking the mortgage loan. Buy a first home; Buy another home; Re-mortgage from another lender
The original balance when the mortgage was completed. Amount of loan approved (and currency of loan) - (in UK also including fees + charges). In the case of loans where the amount advanced is less than the total amount of the loan which the firm has agreed to lend, this should be the amount of the committed advance (including any committed drawing facilities).
Main/First Borrower ID
Unique identifier (ID) per borrower (not showing the real name) to identify the point of contact amongst the borrowers or the largest borrower (in terms of liabilities) in a group of borrowers. Should not change over the life of the transaction. If more than one borrower list the Borrower ID's with comma delimitation with primary borrower first.
Date mortgage matures based on contract date
The date the loan contract is due to mature if it goes to full term. (This can then be used to calculate the remaining loan tenure at any point in time.)
The rate of interest reported should be the initial gross nominal rate charged on the loan and should take into account any discount being provided.
Reversionary interest rate
Type of interest rate at end of initial incentivised rate period. Could be fixed rate, discount, capped rate, standard variable rate, base rate tracker, reference rate tracker, other tracker, other or not applicable.
Date of first drawdown
Date on which the initial tranche or complete amount of the mortgage loan is transferred from the lender to the borrower or their agent.
Unique identifier per property to enable properties with multiple loans in the pool to be identified (e.g. further advances / second lines are shown as separate entries).
Country where Collateral Property is Located
The ISO code of the country where the land/ property which is subject to mortgage is located.
For POC limited to Private residential which refers to privately owned property for occupation of at least 40% as a dwelling by the borrower(s) and/or dependent(s).
One option from list below per mortgaged property. A dwelling is a self-contained room or suite of rooms, including cooking and bathing facilities, intended for long-term residential use. A dwelling is private (not generally accessible by the public) and is contained within a building that is an immobile structure. A dwelling may comprise part of a building or the whole of a building. Regardless of whether they are self-contained or not, rooms within buildings offering institutional care (e.g. hospitals) or temporary accommodation (e.g. hotels, motels or hostels) are not defined as dwellings.
A single storey dwelling, usually detached.
A standalone residential structure of more than one storey that does not share any outside walls with another residential property.
A residential dwelling of more than one story in height attached to another building or dwelling by one common party wall.
A dwelling of more than one storey attached to another house on two sides forming part of a row of similar houses each with its own frontage to a road.
An apartment/ flat /condominium is a separate and self-contained premise constructed or adapted for use for residential purposes and forming part of a building from some other part of which it is divided horizontally. Flats have to be contained within a dwelling with at least two storeys. These dwellings do not have their own private grounds and usually share a common entrance foyer or stairwell. Does not include duplexes, townhouses or a detached residence that includes a flat (such as a granny flat) on the same property. Also includes Maisonettes - in the case of the UK, which refer to a set of rooms for living in typically on two storeys as part of a larger building with a separate entrance from rest of the building. Can be one level or split level. include both purpose built and converted buildings.
Any other type of residential dwelling property.
Value of Property
The market value of the property which is subject to the mortgage. The value reported should be based on the surveyor’s valuation, a valuation index, or other method that the product provider used to determine the market value. [In the case of staged construction or self build schemes, value means ‘expected final value of property at the time the lending decision is made’.]
Purchase Price of Property
The purchase price of the land/buildings which are the subject of the mortgage as stated on the mortgage application.
Format of this will be country specific.
[In UK, for new build/self build properties only, firms may report only the first half of the postcode, e.g. XY45, if the full postcode has not yet been assigned. For all other properties, the full postcode of the property must be reported, e.g. XY45 6XX. ]
Unique identifier (ID) per borrower (not showing the real name) - to enable borrowers with multiple loans in the pool to be identified (e.g. further advances / second liens are shown as separate entries). Should not change over the life of the transaction. If more than one borrower list the Borrower ID's comma delimited with primary borrower first.
An individual or natural person (may be more than 1) - in UK can also have a trustee but this is out of scope for the POC. An entity/firm/corporate is also out of scope for the POC.
One option from list below per individual. Where the borrower has more than one employment status, report status that makes up largest portion of verified income.
An individual who works under an employment contract. They are usually required to work regularly, required to do a minimum number of hours and expect to be paid for time worked. A manager or supervisor is responsible for their workload, defining when a piece of work should be finished and how it should be done. Work is done at the business's premises or at an address specified by the business. The business provides the materials, tools and equipment for their work.
An individual is self-employed if they run their business for themselves and take responsibility for its success or failure. They can decide what work they do and when, where and how to do it and can work for more than one client.
An individual who has reach the official retirement age or other specified age and is usually no longer undertaking paid employment.
Examples include company directors.
A borrower may have income of more than one type. (As from the list below)
Gross annual income from employment before tax or other deductions. This should be evidenced, either document based (e.g. payslips, bank statements or tax returns) or derived through the use of automated systems.
From self employment
Gross annual income from self-employment before tax or other deductions. this should be evidenced, either document based (e.g. bank statements or tax returns) or derived through the use of automated systems.
Income from sources other than employment such as pensions or investments.
"Gross monthly income, in relation to a Borrower, shall be the aggregate of:
(a) in the case where the Borrower has a fixed monthly income only, his monthly income (in the case of SG, excluding any contributions made to the Central Provident Fund account of the Borrower by the Borrower’s employer, where applicable) at the time of applying for a credit facility or a e-financing
(b) in the case where the Borrower has a variable income only, such as commission, bonus or allowance from his employer
(i) the average of the monthly variable income earned in the preceding 12 months
(ii) the employment income reflected in the latest available assessment of taxable income from the tax authority, at the time of applying for a credit facility or a re-financing
(c) in the case where the Borrower has a fixed and variable monthly income.
(i) the aggregate of his fixed monthly income as determined in accordance with sub-paragraph (a) above and his variable monthly income as determined in accordance with sub-paragraph (b)(ii) above; or
(ii) the aggregate of his fixed employment income and his variable employment income reflected in the latest available assessment at the time of applying for a credit facility or a re-financing
(d) the monthly rental income received by the Borrower (in the case of SG), if any; and
(e) the value of the eligible financial assets of the Borrower (in the case of SG), if any.
Currency of denomination
GBP = United Kingdom Pound; EUR = Euro; USD = US dollars; JPY = Japanese Yen; OTH = other. If more than one applies, report the currency that applies to the largest proportion of the mortgage.
The frequency in which gross basic pay from employment (whether from one or more jobs), gross income from self-employment insurance or pensions, and state benefits is paid out.
Type of debt
Report only where the borrower is consolidating debt into the new mortgage. Type of debt shall be anything where the borrower is obliged to make payments in the future.
Debt Servicing Amount
Refers to the amount of outflows per period that the borrower is subject too at the point of applying for a credit facility or a re-financing.
Frequency of Payments
The frequency in which the bank is deducting money from your provided bank account to serve your mortgage loan.