ALBA 2007 – 1 plc - Irish Stock Exchange

Approximately 49.74 per cent. by loan count and 50.36 per cent. by value of the Mortgage Loans (the
"Fixed Reverting to SVR Mortgage Loans ") comprised in the Preliminary Completion Mortgage
Pool are Mortgage Loans under which interest accrues at a fixed rate of interest for a specific period
and thereafter reverts to SVR at the expiry of the relevant fixed rate period. The fixed rate period
expires on one of several dates ending between 1 January 2008 and 1 January 2010.
Mortgage Payment Dates
All Borrowers are obliged to make monthly payments of interest and, if applicable, principal as
required by the conditions of the Mortgage Loans (the "Mortgage Conditions"). Each of the Mortgage
Loans has its payment date on the 1 st , 15 th or the 28 th day of each calendar month (the "Mortgage
Payment Dates"). All payments by direct debit are made on one of these days. Payments by methods
other than direct debit are received throughout the month.
Mortgage Early Repayment Charges
The Mortgage Loans may be prepaid in full or in part at any time and early redemption will generally
take place in certain circumstances. The Borrowers may voluntarily redeem the Mortgage Loan when,
for example, remortgaging or selling the underlying property or the Mortgage Loan may be redeemed
as a result of enforcement proceedings following default by the Borrowers in making scheduled
payments. In particular, an early redemption payment will be charged to a Borrower in connection
with any repayment if the Mortgage Loan is prepaid within the first few years of its term. The level of
early repayment charges depends upon the terms of the relevant Mortgage Loan but is typically on a
decreasing sliding scale over the first two to five years. Early redemption payments, once received by
the Issuer, constitute the Mortgage Early Repayment Charges and will, other than the Ported Mortgage
Early Repayment Charges, be distributed to MERC Holders. Mortgage Early Repayment Charges
(including any Ported Mortgage Early Repayment Charges) will not be available to Noteholders.
As all Mortgage Loans comprised in the Preliminary Completion Mortgage Pool were completed by 23
January 2007, few Mortgage Early Repayment Charges in respect of the Completion Mortgage Pool are
expected to arise after 1 February 2010.
Origination Procedures and Monitoring of Brokers
GMAC-RFC may derive its mortgage business from a network of authorised packagers that have been
approved by GMAC-RFC (the "Packagers") who may be remote processors. None of the Mortgage
Loans in the Completion Mortgage Pool are derived from direct dealings with consumers. GMAC-
RFC regularly monitors the performance of all its partners during the course of its business.
GMAC-RFC sources its mortgage business primarily through the Packagers for the submission of loan
applications and the introduction of potential borrowers to GMAC-RFC and its mortgage and related
financial products. GMAC-RFC has approximately 90 such Packagers operating throughout the United
Kingdom, and many of these Packagers have their own network of mortgage intermediaries attracting
business on their behalf. GMAC-RFC has sourced and will source business direct from mortgage
intermediaries that are authorised by the FSA to conduct mortgage business in so far as may be
required under the FSMA. See "Regulation of the UK Residential Mortgage Market". This business is
processed through GMAC-RFC's headquarters in Bracknell. From time to time, a number of these
intermediaries also carry on packaging activities for GMAC-RFC.
GMAC-RFC requires professional and business standards to be met as a precondition to becoming one
of its Packagers or Remote Processors. Before becoming a GMAC-RFC Packager or Remote
Processor, a packager or remote processor must, among other things, confirm that: (a) it holds all