Rural Hipotecario XX, Fondo de Titulizacion (Rural Hipotecario XX) is a static RMBS transaction that securitizes a portfolio of €650 million prime first-lien mortgage loans secured on residential properties in Spain. The loans in the pool were originated by Cajasiete, Caja Rural, S.C.C., Caja Rural de Zamora, C.C., Caja Rural de Aragón, S.C.C., Caja Rural de Extremadura, S.C.C., and Caja Rural de Gijon, S.C.A.C. At closing, the issuer used the class A and B-Dfrd notes' issuance proceeds to purchase the "participaciones hipotecarias" (PHs) and "certificados de transmisión hipotecaria" (CTHs) from the sellers. We consider the collateral to be prime, based on the overall performance of the originators' residential mortgage book and their lending criteria, and the absence of loans in