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Cautious Athena tops loan size

Athena Mortgage may be a relatively new name in non-bank mortgage origination, but it looks to be a highly disciplined operator.

Athena in coming days will close its third sale of mortgage-backed securities, a A$400 million deal, and commentary from Fitch Ratings sheds light on the progress of the five year old funder.

One standout detail is that the average loan size in this RMBS deal (dubbed the Olympus 2022-1 Trust) is $456,000.

This compares to an average loan size in recent competitor RMBS deals of $314,000 for Firstmac and $235,000 for Resimac.

Athena’s loan book is heavily skewed to Victoria.

It has zero arrears.

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