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Main Areas of intervention

The main areas of intervention, based on the agreements in effect and on the type of securitisation, are:

Preliminary analysis of the securitisation transaction structure

Loading of information and documentation (On-Boarding)
Activities linked to management of the securitised portfolio
Activities connected to closure of the securitisation

The activities assigned to the Master Servicer include management of the portfolio of securitised assets, based on any criteria established by contract or by the prospectus, taking into consideration the interest of ABS holders.

The Master Servicer:

  • Monitors:
    • activities relating to the timely notification of debtors
    • expiries of the securitised assets
    • initiation and implementation of enforcement procedures
    • rescheduling of loans, where permitted, and assignment of receivables included in the portfolio
  • Checks the overall performance of collections, also in order to verify the achievement of any trigger events defined in the transaction prospectus and compliance of the transaction with the Business Plan
  • Monitors the due dates of ABS payments, ensuring they are met in the order of priority set out in the prospectus (known as the “cascade of payments”), using, where necessary the liquidity facilities
  • Manages and coordinates the other parties involved in the securitisation transaction (Special Servicer, Sub-Servicer, Corporate Service Provider and Administrative Servicer Provider) and monitors compliance with SLAs.

Italfondiario contributes to mitigating the legal and operational risks of securitisation by constantly monitoring portfolio management carried out by Special Servicers or sub-Servicers.
Italfondiario offers Investors a structured and timely report that illustrates the performance of portfolio management and collections.