Exhibit 99.1
NOVASTAR FINANCIAL, INC.
MONTHLY LOAN ORIGINATION DATA
(dollars in thousands)
(unaudited)
For the Month Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||||||||||
2004 | As a % of Total | 2003 | As a % of Total | 2004 | As a % of Total | 2003 | As a % of Total | |||||||||||||||||
Non-conforming production volume | ||||||||||||||||||||||||
Non-conforming | ||||||||||||||||||||||||
Wholesale | $ | 529,634 | 73 | % | $ | 392,503 | 68 | % | $ | 5,513,841 | 65 | % | $ | 3,507,481 | 67 | % | ||||||||
Correspondent/Bulk | 72,842 | 10 | % | 26,311 | 4 | % | 845,557 | 10 | % | 279,853 | 5 | % | ||||||||||||
Retail * | 126,238 | 17 | % | 161,034 | 28 | % | 2,064,963 | 25 | % | 1,463,644 | 28 | % | ||||||||||||
Total non-conforming production volume | $ | 728,714 | 100 | % | $ | 579,848 | 100 | % | $ | 8,424,361 | 100 | % | $ | 5,250,978 | 100 | % | ||||||||
# of funding days in the month | 22 | 22 | 250 | 250 | ||||||||||||||||||||
Average originations per funding day | $ | 33,123 | $ | 26,357 | $ | 33,697 | $ | 21,004 | ||||||||||||||||
Retail production volume * | ||||||||||||||||||||||||
Non-conforming | ||||||||||||||||||||||||
Sold to non-affiliates | $ | 145,699 | 34 | % | $ | 122,290 | 20 | % | $ | 2,031,420 | 29 | % | $ | 1,049,388 | 15 | % | ||||||||
Retained by NMI | 126,238 | 29 | % | 161,034 | 26 | % | 2,064,963 | 30 | % | 1,463,644 | 21 | % | ||||||||||||
Total non-conforming | 271,937 | 63 | % | 283,324 | 46 | % | 4,096,383 | 59 | % | 2,513,032 | 36 | % | ||||||||||||
Conforming/Government | 158,900 | 37 | % | 327,448 | 54 | % | 2,845,146 | 41 | % | 4,556,105 | 64 | % | ||||||||||||
Total retail production volume | $ | 430,837 | 100 | % | $ | 610,772 | 100 | % | $ | 6,941,529 | 100 | % | $ | 7,069,137 | 100 | % | ||||||||
* | Branch production volumes are considered a part of our retail operations and are included within the retail production volumes shown above. |
NOVASTAR FINANCIAL, INC.
SELECTED NON-CONFORMING LOAN ORIGINATION DATA
(Unaudited)
For the Month Ended 12/31/2004 | For the Month Ended 11/30/2004 | For the Month Ended 10/31/04 | |||||||||||||||||||||||||||||||
Weighted Average Coupon | Weighted Average LTV (A) | Weighted Average FICO | Percent of Total | Weighted Average Coupon | Weighted Average LTV (A) | Weighted Average FICO | Percent of Total | Weighted Average Coupon | Weighted Average LTV (A) | Weighted Average FICO | Percent of Total | ||||||||||||||||||||||
Summary by Credit Grade | |||||||||||||||||||||||||||||||||
660 and above | 7.12 | % | 85.3 | % | 702 | 32 | % | 7.01 | % | 84.7 | % | 700 | 28 | % | 7.06 | % | 85.6 | % | 699 | 29 | % | ||||||||||||
620 to 659 | 7.41 | % | 83.5 | % | 639 | 23 | % | 7.30 | % | 82.8 | % | 639 | 24 | % | 7.37 | % | 83.7 | % | 639 | 24 | % | ||||||||||||
580 to 619 | 7.81 | % | 82.3 | % | 599 | 19 | % | 7.80 | % | 82.4 | % | 599 | 19 | % | 7.79 | % | 81.6 | % | 600 | 19 | % | ||||||||||||
540 to 579 | 8.35 | % | 79.8 | % | 560 | 16 | % | 8.29 | % | 79.2 | % | 559 | 19 | % | 8.28 | % | 78.0 | % | 559 | 18 | % | ||||||||||||
539 and below | 8.82 | % | 78.2 | % | 527 | 10 | % | 8.87 | % | 77.0 | % | 527 | 10 | % | 8.83 | % | 77.9 | % | 528 | 10 | % | ||||||||||||
7.67 | % | 82.8 | % | 628 | 100 | % | 7.65 | % | 82.0 | % | 623 | 100 | % | 7.66 | % | 82.3 | % | 624 | 100 | % | |||||||||||||
Summary by Program Type | |||||||||||||||||||||||||||||||||
2-Year Fixed | 7.80 | % | 83.5 | % | 615 | 69 | % | 7.79 | % | 82.7 | % | 609 | 68 | % | 7.81 | % | 82.6 | % | 610 | 64 | % | ||||||||||||
2-Year Fixed Interest-only | 6.82 | % | 82.1 | % | 673 | 15 | % | 6.87 | % | 82.3 | % | 667 | 14 | % | 7.03 | % | 83.9 | % | 662 | 17 | % | ||||||||||||
3-Year Fixed | 7.58 | % | 80.8 | % | 606 | 2 | % | 7.35 | % | 79.6 | % | 619 | 3 | % | 7.24 | % | 80.6 | % | 631 | 3 | % | ||||||||||||
3-Year Fixed Interest-only | 6.63 | % | 76.6 | % | 666 | 1 | % | 6.42 | % | 79.4 | % | 651 | 1 | % | 6.82 | % | 85.2 | % | 673 | 1 | % | ||||||||||||
5-Year Fixed | 6.81 | % | 77.9 | % | 648 | 1 | % | 6.93 | % | 74.1 | % | 651 | 1 | % | 7.13 | % | 73.7 | % | 636 | 1 | % | ||||||||||||
5-Year Fixed Interest-only | 6.67 | % | 80.6 | % | 683 | 0 | % | 6.89 | % | 76.5 | % | 671 | 0 | % | 6.78 | % | 79.3 | % | 671 | 0 | % | ||||||||||||
15-Year Fixed | 8.11 | % | 75.9 | % | 648 | 2 | % | 7.78 | % | 73.4 | % | 638 | 2 | % | 7.96 | % | 73.8 | % | 630 | 2 | % | ||||||||||||
30-Year Fixed | 7.52 | % | 76.9 | % | 639 | 8 | % | 7.60 | % | 77.9 | % | 635 | 8 | % | 7.62 | % | 78.6 | % | 632 | 10 | % | ||||||||||||
30-Year Fixed Interest-only | 7.60 | % | 75.9 | % | 669 | 0 | % | 7.19 | % | 75.3 | % | 668 | 0 | % | 7.59 | % | 76.8 | % | 637 | 0 | % | ||||||||||||
Other Products | 10.13 | % | 95.6 | % | 676 | 2 | % | 9.74 | % | 92.9 | % | 673 | 3 | % | 9.59 | % | 91.7 | % | 669 | 2 | % | ||||||||||||
7.67 | % | 82.8 | % | 629 | 100 | % | 7.65 | % | 82.0 | % | 623 | 100 | % | 7.66 | % | 82.3 | % | 624 | 100 | % | |||||||||||||
(A) | Beginning in January 2004, we changed the way we treat the LTV on second mortgages in our computation of the weighted average LTV. Prior to 2004, we included second mortgage LTV’s on a stand-alone basis in our computation. Typically, these second mortgages have LTV’s of approximately 20%. |
We now are combining all second mortgages with their corresponding first mortgages and using a combined LTV (CLTV) in our weighted average calculation.